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Last month I had a chance to read Trent Hamm’s book, A Simple Dollar. There is a lot of good information in there, but my number one take away was the idea of a no-spend month.
I googled the term and found that it’s not a new concept to the rest of the world; just me. Many authors described their successes and challenges with limiting spending for a month. Every story included some purchases made during the month so the term is inaccurate but you get the meaning.
Why a No Spend Month?
With all the holiday spending (not only for others but also for myself), I feel a little out of control. We didn’t add any new debt, but there were too many purchases on wants.
I bought a wireless printer so my husband and son don’t have to use my computer to print. It was a great price and a nice convenience, but it could have waited until our debt-free day. We had already bought presents for our grandson when one of the items we wanted to buy him “someday” went on sale and we bought it.
To start off the New Year on the right foot, I decided to make January a no-spend month.
The goal is not to eliminate spending in the month, but rather to spend purposely and on needs such as groceries, gasoline, pet food, etc. What I won’t spend money on is new clothes, daily deal coupons or unplanned restaurant visits. All those great deals will just have to wait for a different opportunity another day.
My plans in January include attending the Blissdom conference. Those expenses will be excluded from the monthly total since they’re paid for from blog income.
The normal amount will be budgeted for groceries and gasoline, but other discretionary spending categories such as entertainment and dining out will be reduced. The goal is to spend less than $700 which is a 33% cut. If it seems high, it is because I live in a high cost area.
Thoughts on Having a No Spend Month
I’m excited and a little anxious about how the month will pan out. Have you had a no-spend month or would you want to?
Photo Credit: Saad.Akhtar