Have you ever heard of a No Spend month?
I saw the idea in a magazine, and I was intrigued. I decided this would be a perfect 30-Day Challenge!
Simply put, a no-spend month is an opportunity to stop buying stuff! It’s a way to focus your attention on your finances and make you even more mindful of your spending habits. It’s also a way to jumpstart an emergency fund, pay extra toward your mortgage, pay off debt, or work on any other financial goal you might have for 2013.
If you’ve been with me since the beginning of this blog, you know we’ve gotten really intentional about spending our money wisely, paying off our home mortgage as quickly as possible, and trying to be wise stewards of what we have been given. I keep to a budget and watch our bank account closely, but I wanted to try something new this month. And my husband said okay! 🙂
As we were talking about it, we both felt that we don’t really buy much extra or make impulse purchases…but we also agreed it may turn out to be an eye-opening experiment! It’s really going to take some self-discipline and even some self-denial.
What does a No Spend Month look like?
Though opinions and ideas about what to do for a no spend month vary, we decided we want to keep our spending as low as we can. We didn’t set an overall budget, but we’re just not going to do the activities and buy things we normally do. We’re shaking things up!
Obviously, bills (heating, water, health insurance, etc.) will be paid and any emergency health problems that may come up will be treated. Other than that, we’re just trying to avoid spending!
What that looks like for us:
- No eating out
- Limited car trips (We do have two longer trips already on the schedule, so we’ll have to buy gas for those. I’m starting the month with a quarter tank of gas.)
- Eating from the pantry (There will be some grocery bills for fresh items, but I will be planning my meals around what we have on hand.)
- No clothing or shoe purchases.
- No book or educational purchases.
- No Amazon purchases (except foods and the t.p. I just bought that will ship mid-month)
- Essential purchases only!
Obviously things will come up, and I can’t predict what they will be. Since I’ve never tried this before, I’m not sure what to expect, so it will be interesting to see how it all plays out!
We’ll be doing the challenge for the month of February 2013!
Have you ever tried a No Spend Month? Feel free to join me–even if it’s only for a week! Want to post about your journey? Leave your link in the comments and I’ll share it on a future post! If you don’t have a blog, please comment with your ideas or goals!