Is your bank account busted from cyber week deals and holiday shopping? Maybe you went extra hard on the food shopping to make things special during such a turbulent year. Either way, I know how it feels to need a little financial recovery. That’s why I’m going to try a no-spend month, and you should, too! It should help us catch up on credit card payments and save a little to start this new year off on the right foot.
What’s a no-spend month?
A no-spend month is almost exactly what it sounds like. Of course, you can’t spend zero dollars in a month because there are still necessities such as food, heat, wifi and electricity. The goal is to stop any unnecessary spending for at least a month. For me, that means deleting my DoorDash and Uber Eats apps to avoid buying late-night snacks and desserts. Plus, my real weakness, mindless scrolling on Amazon and clothing store websites.
Why this challenge?
It can feel like a lot of pressure to commit to a no-spend challenge, but it could be worth it. For one, it allows you to get creative and find new ways to have fun instead of meeting for drinks or going to the movies. Not to mention the creative solutions you’ll find for the food in your pantry once going out to eat is off the table. A no-spend challenge also allows you to take a hard look at your budgeting to realize what you absolutely need, and what you tend to spend on that isn’t necessary. This way, you can start to save more money in the long-term by eliminating or cutting down on bad spending habits. Of course, it’s alright to splurge every now and then, but you shouldn’t spend constantly and uncontrollably. Once the challenge is over, you may have a better idea of how you should handle your finances going forward.
Learn more about financial literacy here.