Can You Stop Spending Money for a Whole Month?Heather Sokol
Wanna know the greatest secret to saving money? Don’t spend it. Seriously. It really is that simple.
Even if you have already made drastic budget cuts, chances are you’re still spending money regularly. Daily, weekly, monthly — little purchases can add up faster than we think! If you eliminate the leaks and stop spending money, you can watch your savings add up.
The question is — can you do it?
With a No Spend Month challenge, you pay your bills — and that’s it! No spending money at the store. No eating at restaurants. No online shopping. You just don’t spend any money. Period.
It’s a great way to reset the family budget, and really find out where your leaks are. When I did my No Spend Month last year, I setup a few exclusions for our family. Our pantry was not full enough to include groceries, so I continued to shop as usual.
I also excluded fuel — not much you can do about that one — but we did limit travel. Other exclusions included date night (we take it when we can get it!) and my niece’s first birthday. Our budget exercise was not going to affect her special weekend.
Of course, it was my challenge so, my rules. If you want to give it a try for yourself, feel free to setup your own rules. Eat from the pantry as much as possible to eliminate grocery expenses. Allow a small budget for categories that are a high priority for your family. It’s your game. Set your own rules!
The basic idea is to put the brakes on spending habits. Stop buying deals just because they were a good price. End shopping momentum. Quit mindlessly spending money — by not spending any money at all.
It’s just for a month. (And, February is the shortest month of the year!) Can you do it?
Photo Credit: Flickr