It's likely that you may have blown out your Christmas budget, and are trying to recoup your losses this month. Have you considered partaking in no-spend January? Many people have begun taking on monthly challenges that include not reaching for your credit card for up to a month at a time.
Partaking in a no-spend month should not be taken lightly, as it will require some planning. The general rule for a no-spend month state that you should not spend any money on things that are not necessary for your daily life. You are permitted to buy items like groceries or the like that are crucial.
Things you can spend on:
Things you can't spend on:
You can draw the line wherever suits you, but use the above as a guide.
When planning for a no-spend month, you will need to put in some forethought into your day to day life. There will likely be things you buy often that you don't even think about. Your daily cafe coffee will be out of the picture, as will your weekly Thai takeaway lunch in the office. You will need to plan, to every meal, as they will all be cooked at home.
Take some time to think up some fun, free activities so you have something exciting to look forward to. If you have little ones in the house, this is a must, otherwise a no-spend month will be quite grim. Brainstorming some free activities can be a great exercise beyond your no-spend month, as you will have a stockpile of things you can do on a tight budget throughout the entire year.
Finally, you should keep track of every dollar you aren't spending. You may be surprised at the amount you can save by cutting out frivolous spending for just one month! A no-spend month can be an excellent way to pay down some debt, or hit a savings goal.
Happy no-spending!