I’m sure I’m not the only one who needs to come up for air after holiday spending. Gifts, cards, postage, holiday foods, etc. Our budget can really take a beating at the end of the year. That’s why I find January to be a great time for a no-spend month. It helps get things back on track and offsets the expensive month of December.
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No-Spend January
It seems there were Amazon packages on my porch every day throughout December. And goodness only knows, groceries are expensive enough even before you add in holiday meals and treats. There are also annual expenses such as property taxes, as well. Even if you have set aside money for these things throughout the year, it seems there are always some unexpected expenses.
Even though I like to do this in January, you can do a no-spend month any time that suits you. In fact, I’d like to schedule a second one mid-year.
5 Benefits of a No-Spend Month
- It saves money. Yes, let’s start with the obvious.
- If you’ve gotten into the habit of buying a lot of extras (Starbucks coffees, fast food, clothing, thrift store treasures, etc.) a month of no discretionary spending can help break that habit.
- You can be intentional about using up things you already have. I’m using this to do a much-needed pantry and freezer clear out.
- The incentive to try some new recipes using ingredients on hand.
- More creativity. If you run out of something you have to consider other options.
And a bonus!
- Delayed gratification. Now that’s something in short supply these days!
My Rules:
Note that these are MY rules. You can, of course, determine your own. David handles our regular bills so of course those will be paid as usual. I tend to do most of the discretionary/household spending so these are the rules I’m abiding by.
The following are the items I am allowing myself this month:
- $25 a week for fresh produce/dairy
- birthday gifts for Chris (his birthday was yesterday)
- Amazon Subscribe and Save. I get a lot of our household consumables via Subscribe and Save on Amazon. I postponed all but a couple of our regularly taken supplements, cat food and a couple of other items we are out of (batteries, for instance).
- gasoline – I drive a Prius and rarely go anywhere so one tank of gas at most is all I will need.
- one take-out lunch per week – David is now working from home and I suspect he’ll want to do this.
- one take-out dinner per week – We got sushi last night for Chris’ birthday. The guys will likely want pizza or something another time or two this month.
Other:
Check all of our subscriptions and see if we want to stop any. Over the course of the pandemic we’ve accumulated a number of streaming services. We need to make sure we still are using them all and get rid of any that we aren’t. I have a few blog-related subscriptions that I need to review, as well.
Links to previous No-Spend month links:
How to Save Money With a No-Spend Challenge. – 2018
No-Spend Challenge Update. – 2018
Another “Slow Month” – January 2013
I’ll post an update after the month is over. Hopefully I will be able to report that I stuck to my plan, enjoyed some new recipes, started baking bread again, and have some space in my freezer and pantry!
*Here is my update:
No-Spend January Update
You might enjoy this video – Our 2023 Low/No Spend Year.
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