Will you join me in a No-Spend January 2023?
You might be thinking… how exactly do I spend no $ for an entire month? I have to buy groceries, pay my utilities, rent/mortgage etc.
The no-spend challenge isn’t about not buying necessities in your life, but rather that excess stuff that are “wants” rather than “needs”. This might be clothing, children’s toys, beauty products, books, craft supplies, dining out – whatever those things are that you find yourself buying and not really needing.
The trick is that each person’s situation is different, so each person’s spending cuts will be different. But you need to be realistic with yourself, and decide “do I actually need to buy a new shirt right now, or can it wait until next month”.
I feel like we all need a reset after the EXCESS of the holidays. We received a bunch of gifts, and we’ve spent a lot on gifts, food, and decorations over the last couple months. So let’s do a RESET!
Here are 10 tips to do a No-Spend Month:
1. Don’t bring your wallet with you when you’re going out, or only bring a certain amount of money in cash when buying groceries – keeps you in budget! You can also move your money into different accounts, so you only have the exact amount you need when grocery shopping.
2. If you see something you really want and think that you NEED, take a photo of it, or create a list in your phone of those items. At the end of the month, take a look at your list – you may find that you changed your mind and don’t feel the need to HAVE that item anymore.
3. If you find yourself needing or wanting something, see if you can borrow it from a friend/family member instead. This can give you a “test run” of something before bringing it into your own home. You can also try posting on Buy Nothing groups online or on Facebook to see if you can get that item for free!
4. Repair rather than buy new. If you have a hole in your jeans, see if you can sew it rather than buy a entire new pair. Or if your blender is malfunctioning, see if you can find the solution online – you may only need to buy a replacement part rather than buying a new unit!
5. Instead of going out for a coffee with a friend at a cafe, go for a walk, or go to one of your houses so you can make coffee from ingredients you already have. It’s about the quality time with that friend, not the purchase of coffee!
6. Take some time off social media and other channels – they are constantly bombarding you with ads for things, and that bombardment makes you feel that you NEED something, when you probably don’t.
7. Even though food is a necessity, see how you can cut those costs as well, since you’re on a roll! Eat up the stuff in your pantry first, and see what you can make from scratch rather than buying packaged.
8. Don’t go shopping for fun, or to kill time. Bring a book with you everywhere (e-book or audiobook if you don’t have the room for a physical book), so you have something to do when waiting.
9. Utilize free resources in your town: public library, little free libraries, museums with no admission (or by donation), parks, art exhibits, trails, free events etc. Have a movie night at home rather than going to the cinema. Try to do a free version of the ways you typically spend money. Get creative with it!
10. Make sure to track your progress. Keep all your receipts, or write a list of all the items you purchased. Or even track by the items you DIDN’T purchase that you normally would have! You can move this money into a savings account. Keep on top of your habits and expenses, and see where you can improve. And remember, if you slip and buy something, it’s not the end of the world! You can try again the next day or the next month. Every item not purchased brings you closer to your goal.
You may have noticed that a lot of these actions would be helpful to do in your everyday life, not just during a no-spend challenge. Finding alternatives to buying “stuff” can really limit the amount of clutter coming into your home, and also allows you to pay off debt and save for something important.
Join me in my no-spend month!
