I mentioned in my May Aims this month that I am hoping to have a No Spend Month. A couple of people have commented on it, asking what that means. So, it seemed only right to make it into a blog post!
Basically, a No Spend Month is where you only spend on the necessities.
Most people have fixed outgoings that need to be every month, like clockwork. Things like rent/mortgage, council tax, water rates and gas/electricity are bills that occur each month. These aren’t affected during a No Spend Month. Most of the time, these bills are a fixed amount and so don’t change. You pay these, regardless.
There are other things that need spending on each month. Grocery shopping, petrol/travel, entertainment and anything else that might fit into your miscellaneous category. However, these are numbers that can be tweaked. They are changeable, dependent on circumstances. In a No Spend Month, you should aim to spend as little as possible on these.
Now, you need food, that’s not in question. However, could you make some meals from your store cupboard? Look at what you have first and see how many meals that could be from that. Then, your food shopping should be necessities and that’s it; nothing overly frivolous. The point of a No Spend Month is to save money!
Entertainment wise, try and find things to do that are free. Go for walks, play some games (make them up if you have to!), borrow dvds from friends. Things to entertain you that don’t cost anything. This makes you be more inventive and creative, which can’t be a bad thing. That book that you keep meaning to read? Start it! Do some drawing, or write something. There are so many options to choose from that don’t cost you anything at all.
Travel can be a tricky one. Most people need to travel by some means to get to work each day. Whether that’s driving a car, getting the train/bus or indeed by foot. In a No Spend Month try and do as little unnecessary travel as possible. Especially if you are using petrol or have to pay fares each time. Travel is ridiculously expensive and some people end up spending a lot on travel each month. It might not be easy to reduce your travel spends, but see how you get on.
The aim of a No Spend Month is to save money. Whether that’s money to pay off debt, pay it off your mortgage, start your own Ultimate Dream Fund 😉 or holiday spending money. It’s entirely up to you what you do with the money that you save during it! In fact, the stricter you are with your spending during your No Spend Month, you might be surprised at the end of it by just how much money you have left over.
I said in my May aims that it would be a No Spend Month for us. Unfortunately, I forgot that our car insurance and car MOT was due during the month so it’s not gone entirely to plan so far. That’s my own fault for not being more organised. I do think that, done well, a No Spend Month can be a great thing to do to get back on track. I might try and do one again in June, to see what happens.
*I’ve now set up a Facebook group all about having a No Spend Month challenge!*
Have you ever done a No Spend Month? Would you be tempted to try one?
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