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This month we are taking you through how to pull off a no-spend month. We have covered how to plan, and mistakes to avoid, but today we will be taking a step back and looking at the ‘why’. Is a no-spend month actually helpful?
The simple answer is that it depends how you look at it. If you don’t spend frivolously for one month only to spend double (or triple) what you normally would the following month, then no, a no-spend month will not be helpful. However, if you use it as a tool to become more mindful of where and what you’re spending, it can set you up to have better spending habits in the future.
A no-spend month can feel very stifling to some people, and they may feel as though they are missing out. Feeling this way is likely to lead to failing the no-spend month, or blowing out your budget in later months. If you feel that this is likely to happen to you, perhaps try a no-spend week to dip your toe into the water before giving a full month a go.
Taking part in a no-spend month is not only going to be beneficial for the month, but should make you more aware of unnecessary spending. During the month, you will begin to learn and develop habits that enable you to spend less on a daily basis. You might start making coffee and lunch at home instead of buying it. You might wear the clothes you usually keep stuffed at the back of your cupboard instead of buying new ones. You might develop some fun hobbies that are free or very cheap.
To pull off a successful no-spend month, you should be building habits that can help you throughout the whole year and will enable you to spend less on unnecessary purchases.
Happy saving!
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