"No Spend Month" Challenge
The holidays can quickly become an expensive time of year; from parties with friends and families to holiday gifts and travel, your finances may be stretched thin. You may want to consider a “no spend month” challenge to help set small goals for yourself. A “no spend month” is when you set a goal for yourself to not spend money on a certain category of things for the month, such as clothes, eating out, or other miscellaneous items. Smaller, monthly goals can help you challenge yourself but are also achievable and less daunting than a year-long resolution.
To successfully complete a “no spend month” read below for some tips and benefits:
Set a goal. One of the most important things is to set a goal for what you want to achieve in
this challenge. Don’t think broadly. By having small, specific goals you are more
likely to be able to achieve your goal and feel less overwhelmed in the process.
Recruit others to join. Completing a “No Spend Month” is difficult. Bringing friends into the challenge can
help hold you accountable to achieving your goal. It can also help motivate you by
making it a competition for who can stick to their goal the longest. It can also help
you find new things to try with friends outside of spending money.
Plan for exceptions. Sometimes things don’t go as planned and an extra bill or emergency pops up. You can
plan for these exceptions by setting aside a portion of money called an emergency
fund. This fund can be added to and can be used to cover unplanned expenses during
the challenge.
Plan a reward. Planning a small reward at the end of the “no spend month” will give you something
to look forward to. Whether it’s an ice cream party with friends or an item of clothing
you’ve had your eye on, a small prize at the end will encourage you to begin a new
“no spend month”.
A “no spend month” can help change bad habits. “No spend months” can help you see where you may be overspending or impulse buying.
This can allow you to address any budgeting issues and provide a motivational and
fun way of saving money.
Starting a “no spend month” doesn’t have to be difficult. By looking for coupons or checking company websites for free-days you can successfully save money while still doing the things you enjoy in life.
