Can a no spend month benefit you?

Have you ever taken part in this?

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I’ve been reading this morning and found a few great articles about the “no spend month”, It intrigued me.  Taking a month and only putting the money where it is needed, housing, grocery, bills, etc.  So, no extra spending at all.  One entire month of dedication to saving the cash you’d be spending freely.  This is a great way to save money and put in a little extra before the holidays!

It does not need to be hard as Michelle points out in her post and I quote:

  • Look for free days. There are many days where businesses will offer items for free. There’s National Coffee Day, Donut Day, Ice Cream Day, and more.
  • Look for coupons for free stuff. Similar to the above, you may be able to find free treats, free movie rentals, and more.
  • Play board games with friends and/or family.
  • Finally, complete a DIY project that you’ve been pushing off.
  • Have a potluck.
  • Get your friends to join in so that it is more competitive. Plus, everyone can help each other out!
  • Visit your local library. The libraries in Colorado are even giving away free state park passes! Besides books, you can also borrow movies, magazines, and more.
  • Go to free events around your town.
  • Go to a national park, when they are free. There are a few days each year when they’re free!
  • Take part in mystery shopping so that you can get items and meals for free.
  • Explore your town and the outdoors.
  • Avoid stores which may tempt you to shop, such as Target or the mall.

Those are great examples of ways to do this!  I especially love the one about the library, I am a Mother of 4 and I definitely love the library items.  As she points out, there are DVDs too!  Our local library has Disney movies and things that the kids love.  We pop some popcorn and sit down to a family movie night that costs nothing!

How can we start a no spend month?

  1. What are some things you can cut out on? Some categories that people try to work on include restaurants, grocery shopping (do you need the candy lol)  clothing, cosmetics/nails, and entertainment.
  2. Understand why you want to take part in this challenge. To continue to be motivated, you will want to think about this. Are you trying to save more money? Do you have a spending issue? Are you trying to save more money for a particular goal?
  3. Set a time for yourself.  Will you do a no spend week, month, year? Designate a time that you decide so you have a way to see your progress through.
  4. Decide on rules for yourself. Last but not least, you’ll want to set some rules for yourself and whoever else may be taking part in the no spend challenge with you, such as your spouse, children or a friend. You may want to set rules about what items you can buy, how you will keep track of your spending if you can still use gift cards that you may already have to purchase things if you can “get ready” for a no spend challenge, and so on.

Here’s a list of a few articles that may help you with this! 

 

Do you think this could work for you?  Have you ever taken part in this challenge or one like it?

One thought on “Can a no spend month benefit you?

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