Deciding to do a no spend month is a great way to take control of your spending and cut make on unnecessary purchases. With that said, it helps to take the proper steps to prepare and not jump in to a no spend challenge right away. Here are some things you should do to prepare for a no spend month:
Pick your month in advance
If you are just now deciding to do a no spend month and say tomorrow is the first day of a new month, it might not be the best way to start this no spend challenge. Chances are you haven’t thought things through and within a week you might realize that not spending money was harder than you thought, and you may just give up. Don’t do it! Pick you month, plan ahead, and continue reading these tips to see how to prepare.
Make your exceptions known
Obviously you still need to buy gas, groceries, etc. But what items are completely off limits? Does your monthly gym membership count? How about your Hulu of Netflix subscription? Think about this now so you don’t have to question it during your no spend month. If you really want to make it a no spend month, then you should really cut out everything that’s not 100% essential.
To keep yourself inline, I recommend creating a strict budget for things like groceries. That way, you don’t wander aimlessly down the ice-cream aisle spending all this unnecessary money. A good idea for this is to use cash only when making your purchases this month. This strategy is from Dave Ramsey and it keeps you from over spending.
Unsubscribe from store emails
It’s tedious, but worth it. How many times have you started online shopping because you got an email from your favorite store about a sale they are having? Do yourself a favor and just unsubscribe, at least for the month, so you won’t be tempted to buy anything.
Mute your favorite Instagrammers/Youtubers
This is similar to the one above and probably doesn’t apply to you if you have self control. But, think about all the clothing, home décor, and amazon finds you constantly see your favorite influencers talk about throughout the day. And then , think about how many times you buy something they recommend. Good for them for doing their job well, but bad for you for spending more money.
Really hoping my favorite Instagrammers and Youtubers don’t hate me for this one, but it will help you during your no spend month.
Brain storm ways to spend your time
Since you won’t be spending your time browsing the aisle of Home Goods and Target, think of other ways to occupy your time. If you need some ideas, here are some productive things to do that won’t cost you any money.
Ask a friend to join you in your no spend month
Having a friend join you for your no spend challenge will not only make it a little more fun, but it will also hold you accountable. Rather than going out on the weekend for happy hour, the two of you can save your money and get together for a movie night at home with a frozen pizza.
Looking for some ways to spend money in addition to how to prepare for a no spend month? Check out theses easy tips for saving money to that you can include during your no spend challenge.
Love the tip on how to occupy your time. So much idle time goes to me looking at random sites saying “that’s cute” lol. Great blog.
I know what you mean, I’m guilt of that as well!
Interesting concept to help build money management skills and discipline.
Personally I don’t fall to influencer promotions etc but I can imagine this will be helpful for those that do!
Hi Emily,
This is a great post that I enjoyed reading. I especially liked the part about making a strict Dave Ramsey style budget to document your exceptions for spending. This whole exercise takes us back to the challenge of needs vs. wants. Eliminating the distractions of store emails and social media buying temptation is also good advice to reduce distractions.
One thing I would add is to use your “no spend month” strict budget to determine how much less money you will spend. When you reach that goal at the end of the month, take 10% to reward yourself with a nice dinner out or something similar and then use the other 90% to beef up your emergency fund, pay down debt, invest, or something else that is financially prudent.
Hi John, I’m glad you enjoyed the post.
I love the idea of rewarding yourself and then putting the other 90% toward something important that will help you in the long run. That tip is definitely worth implementing.
That’s a great idea! Especially in times like we are having now! Great plan and great way to make it happen!