Having a no spend month is a blessing for your savings account. Go for it.
Everybody has his/her own ways of planning sometime without spending money. Have you ever thought how much you actually can save on no spend month ? If it is a no then let us plan your no spend month with my tips. It is completely doable , you just need to be little determined and have a discipline to do so. You will love yourself for doing that because having money in saving account without actually earning extra is a huge happiness.
As with everything else in this world, planning is the key for a no spend month. Before anything else, you should know how and where you are spending your money. I am a big proponent of tracking your spending before anything else regarding personal finance.
Before starting anything, planning is the key.
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1.Track your spending
Tracking your spending is first step in controlling your personal finances. Saving and budgeting becomes easy after tracking your spending. Spending on mortgage, gas, utility bills is necessary but you can cut those expenses which are not necessary for a living.
We all buy those things which we just want to buy but don’t need them. You can figure out this only by tracking the spending. Planning for your no spend month become easy when you know where you are spending and which things you can skip.
2. Plan your month ahead
Whenever I want to have a no spend month, I plan it beforehand. First of all, I write down everything I will need for a whole month. I normally start with the groceries because if you have figured out what you will need for your basic necessities, then planning for a no spend month becomes easy.
Your no spend month will be a big fat failure if you will not plan for it. And once you fail on it, it will be bit difficult to persuade your mind next time to have a no spend month.
3. Only buy fresh groceries or medicines if you need
Now as you have written what you will need for a no spend month, have a look at whether your toiletries and laundry supplies are at place. And only buy those things which are necessary. Now you are ready to to start your no spend month.
Start your month with cooking with whatever you have at home. Try to cook everything at home with whatever you have in your pantry and fridge. It will really saves your trip to grocery store as you normally can cook your food with whatever you have in your home. Only buy fresh food if you need . Sometimes you need to buy perishables because you cannot keep them fresh for a very long time.
4. Curb the temptation to buy stuff
This is what I am doing today though I am not on a no spending month. I just wanted to go to shopping center to buy something. And most often I buy clothes for my baby. They are so cute that I cannot resist my temptation. But somehow I managed this by going to library instead.
Planning something free instead of buying is not easy but you have to do if you seriously want to go through. Have you ever thought how tempting it feels to buy all the fresh veges and fruits nicely kept on fresh food market aisles? I feel like those colorful eatables entice me to buy them. And I want to buy them all. So it is always better for me to stay home on a no spend month.
5. Make your own coffee at home
I always get that temptation to buy coffee whenever I go out. And one cup of coffee costs a lot if added. Make your own coffee at home. Don’t worry about the taste, you will get to use to. A coffee a day doesn’t feel much but adds upto lot . These small purchases doesn’t feel much but takes a huge chunk of money out of your pocket.
6. No outing on paid places
Don’t go for outing where you need a ticket. Go for free places instead of paying for outing. I remember few months ago we went to a place where we had to buy tickets. That outing cost us nearly 200 dollars. Going to such places, once in a while is okay but totally abstain from these type of outings in a no spend month.
7. Take your food with you while going out
This one is a must for a no spend month. It feels good to buy food from outside and eat while going out but it doesn’t feel good to your wallet. It is best interest in your wallet to cook food at home and take with you. Simple sandwiches, potato chips made at home,
8. No impulse buying
Keep a big note in your wallet “I am on a No Spend Month” . This will help you remind that you don’t have to spend money on unnecessary things. Whenever you will open your wallet to pay by card or cash, you have that big notice in front of you. It will help you in stopping you from impulse buying.
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9. No trips to super market
This one saves you from spending money on your no spend month. When you go out and buy something, you overspend. It is better stay home ans save each and every penny.
Does a no spend month saves you money ?
Yes Yes Yes a big Yes !!!
You will be amazed after your no spend month because now you will have extra money to put into your savings account. You never felt like you could have this much money to save for your saving account. But hey , now you are richer by few more dollars. When you save money and you complete your no spend moth, yuo will feel like you have won a marathon. Its true. This was my feeling. Though I am not a very big spender, but squeezing money out from all the household things and putting that into savings account feels lot better.
Because you are not going out, you will have lot of time on your side.
Start saving also by taking surveys on survey sites .
These are my tips how I plan my no spend month. What plans do you have for your no spend month ? I would love to hear from you. Please share if you like it. Thank you for reading.