It January! As our festive decorations begin to be packed away and a new year begins there is no better way to start a financially frugal year than a no spend month.
As me and my partner plan on purchasing a house within the next two years we have agreed that 2 months a year we will take a break from our debit cards and only spend on the necessities. Think of it as a cleanse for all out bad spending habits, like a juice diet, but in a financial sense.
It is quite possibly the hardest thing a shopaholic can do, however after the knock we suffered to our savings caused by the dreaded C word (COVID) I was reminded of how much of a difference a month can make…
Like any diet I’ve got goals to achieve:
1. Reevaluate what I am spending and how much is impulsive.
2. Save more than our normal monthly goal.
3. Learn restraint.
So for anything like this to work there’s obviously some guidelines mine are simple £10 for the month to spend on anything I want, this is almost like a cheat meal to keep my purchase cravings at bay. The rest follows:
DO NOT SPEND ON:
Taxis (unless for work purposes)
DO SPEND ON:
Groceries (only for cooking – not lunchtime purchases)
I have been planning this no spend month since before Christmas which I think is super important as it has allowed us to note 1 item each which we will not cut. This has also allowed me to plan our down time so we do not get tempted to spend!
This is the first time since 2019 that I have done no spend month and I know I’ve picked up some bad habits since then. Now to lock my debit cards away and binge watch any Netflix series I may have missed during our two previous lockdowns!
Have you ever tried a no spend month? Let me know how it went?