There’s a new trend that I saw floating around promoting no-spend January. I was very intrigued by this idea, having had spent a fair enough of money this Christmas on family. I think it’s on almost every adult’s agenda to slow down after the end of December to recuperate from the Holiday season. I know it is for me. I decided to look into it – what are the rules? How does one go about spending less to make up for money lost?
Why do you want to participate?
What I liked most about this challenge is to look into what you prioritize, what your habits are, and where your weak points are. For myself, I smoke cigarettes and drink a lot of red bull, which really eat into my money throughout the week. I also have expensive food tastes, even though I cook at home often. I want to see where the needs meet the must haves so I can differentiate and improve on my impulse buys.
I also want to be less attached to things. After the commercialism of STUFF on Christmas, I need to learn what I can live without. Less is definitely more.
Write down the exceptions
Of course, there are things you MUST spend money on to live. I.e. gas to get to work, food to eat, rent and bills. Also, looking at subscriptions that tend to come out of my account without even noticing, I really looked at what I used. I was being charged $10 a month on a frozen bank account from a year ago that I never went to. Cancelled. Everything I’ve wanted to see on Netflix, I have. Cancelled. Amazon prime gifts were already sent and mailed. Cancelled (until next year, obviously!) Those small things add up, and I don’t need them. I can always use my sister’s hulu account. 😉
Track your Progress
Don’t obsess over every single penny, but seeing how much you’re saving up vs. spending is a good, solid way to physically see how much you’re saving. This isn’t necessary, but there are plenty of money managing apps out there, or even your bank app that can accurately track your spending and progress.
Have others join you!
Accountability is important, so finding someone to do it with you will make it all the more fun and satisfying. Even better if you can hang out together for a “no-spend day” where you watch some free hulu and do facial masks while eating food (that you already have in your fridge!) Everything is better with a buddy, and it will feel less like you’re missing out if you choose to skip going out to a restaurant that night.
Buy your groceries
Speaking of eating out – it’s incredibly expensive, so don’t do it! Planning your meals ahead of time and making a sensible and flexible grocery list is a smart idea. Ingredient that aren’t completely specific to one dish are preferable and recipes that can come in cheap, large quantities as well. I usually make one pot meals that last me 3-4 days, easy for about $20. A big chili pot, soup, pasta, or casseroles really save you in a pinch!
Find some FREE activities
If you look on Facebook events, or even google a calander for your area, there are a lot of things going on – and many of them for free. You would be surprised how many park festivals, art events, and sports are going on in your area if you just look. Love going to the movies? A cheap alternative is finding a dollar theatre, or going to $5 Tuesday nights at the AMC. There are ways to work around your regular social life in a way that doesn’t break the bank.
What are some January no-spend month ideas that you have? Share them below in the comments!
