The Best Money Saving Hacks to Help Get You Through a No Spend Month
Have you ever been tempted to embark upon a no spend month? Sometimes referred to as a no spend challenge, it’s a wonderful opportunity to take a magnifying glass to your finances and see where you can improve.
While it may seem extreme, it’s important to take a well-balanced approach to this. A no spend month isn’t a punishment. Rather, it’s an opportunity to take control of the thing that often runs away from us – our money – and see what we can do to open up new windows of opportunities.
And when you tackle this money goal, think about what other challenges you could start to help you save money. For example, the biweekly money saving challenge could save you over $1,400 a year by saving a little bit of money every two weeks.
Here are some helpful tips to set you up for success and help you spend less and save money.
Get Your Mind Right
Before we embark on any new ventures, we must believe in what we’re about to undertake. If we don’t believe in ourselves, nothing will follow. This holds true for anything – weight loss, a healthier lifestyle, money saving hacks, and improved relationships.
How are you speaking about this new prospect? Are you saying things like, “It’ll be difficult,” or, “I don’t know if I can do this.”
You have to stop that immediately and start saying things like, “This is going to be wonderful,” and, “I’m so proud of myself.” Think about reading a money saving book to really get you in the right mindset.
Sometimes, people begin this journey at the start of the new year, thus calling it no spend January. This is a nice time to start thinking about things because we’re often in the right mindset to make some changes and start a new way of living.
Keep a Record
If you’ve decided on a no spend month challenge, you’re probably well aware of where your finances stand. But, during this time, in particular, keep a tight record of everything that goes in and out.
Annotate the date and amount when the big bills are due. Annotate your grocery and gas bills (more on what’s allowed and what’s not in a moment). And, most importantly, highlight what you’ve been able to save at the end of your proud moment.
Whether you record it in your bullet journal, an excel spreadsheet, or a budgeting app, be sure to monitor each expenditure closely.
Not only will this help you during your no spend month. But, when you loosen up the reins again the following month, you’ll be more aware of your problem areas and pain points.
Tell People What You’re Doing
We’re about to get into the rules of one of the best money saving hacks. And some of them will put you in tricky positions like declining invitations for happy hours and celebratory dinners downtown.
If you’re upfront and honest with those around you, it’ll remove some of the awkwardness when and if you have to decline invitations.
If people around you are supportive, they’ll understand when you tell them you have to decline this time around.
Follow the Rules
With the right mindset and a close eye on the comings and goings of your money, it’s time to set the rules. Again, this shouldn’t be viewed as a time of punishment. And the rules will vary from person to person. But, here are some general guidelines.
No Coffee Stops
The first, easiest, thing to rule out are those quick trips for $7 coffee. Vow to either make coffee at home or go without. Resist all the urges to venture out of the office for a mid-morning stroll or during the 3 o’clock slump.
No Eating Out
This is a tough one. Think about how often we go out for drinks or a quick meal with friends, family, and coworkers. It’s the fastest, easiest way to set up plans and enjoy some conversation with the ones we love.
But, if you really want to stick to the rules, you have to take a month with no superfluous food expenditures. Instead, see if you can share a meal at home because, of course, food and drink is certainly an allowable expense.
No Online Shopping
Here comes the hard part: no Amazon. Also, there’s no wiggle room for any of those clever ads on Instagram or Facebook that lure us into a shopping spree we never even needed.
This is a hard and fast rule during a no spend challenge. Never should you come to a point when you’re adding things to a shopping cart and pulling out your credit card.
Log out of your Amazon, PayPal, and Apple pay accounts if you need to create an extra hurdle to those easy one-click purchases.
No Movies and Entertainment
Outside of your usual streaming services, you can’t purchase movies or TV series online. If it’s not included in your current subscriptions, it’s a no-go during the no spend month.
Although fewer and fewer of us go to ol’ fashioned movie theaters, these are, of course, on the no-go list during a no-spend month. The same goes for concerts and other forms of entertainment.
Unless it’s a free concert at a park, it’s best to avoid live entertainment during a no spend month. You can certainly go down to the local pub and vow to only order water, but is that really setting yourself up for success? How do you think you’ll handle the temptation before you’re rationalizing “just” one drink?
No Home Purchases
It’s so easy to pick up a new print at TJ Maxx or a cute little antique teacup and saucer when we stumble upon one. How about that Cuisinart spatula or cute Stanley cup?
There’s nothing on a home goods list that is workable in a no spend month. If you don’t already have it, then you can go another 30 days without it.
No Clothing Items
Now’s the time to lean into all the existing items in your wardrobe. You may be walking down the street or passing cute little boutiques on your way to the grocery store, but simply looking away can be one of the easiest money saving hacks.
One of the rewards of a no spend month is realizing how little we need to be happy – and how much we already have. Get creative with your wardrobe and try new combinations you’ve never explored before. You might find your favorite new outfit already lives in your wardrobe.
##Set Yourself Up for Success
A lot of these “rules” can be followed if you put up barriers to temptation and set yourself up for success. Pass on a trip to the mall with your friends, even if you think you can just join them for their company. Decline the invitation to a coffee shop if you think you’ll have trouble ordering water.
If you’re not a big list-maker, make sure you go to the grocery store with a list during this time and don’t veer off it. Impulse shopping is one of the things you’re going to overcome with a no spend challenge.
This is the time to enjoy the comforts of home. You don’t have to be a recluse and refuse to socialize for an entire month because, again, it’s not about extremes.
Use the time to stay home and save money. When you’d like to socialize, invite your friend to meet you for a walk in the park or a coffee meetup at home.
Give Yourself Certain Allowances
We talked about the don’ts. Now, let’s explore the do’s. This is your life – your rules. Make a no spend challenge work for you. Some typical allowances are the basic essentials like food and gas.
Groceries
Of course, food and drink from the grocery store are allowable. Try to stay within your normal range. Or, while your focus and drive is at peak performance levels, see if you can challenge yourself to save on your grocery bills, as well.
Buy store-brand items. Try your hand at couponing. Look for buy-one-get-one deals. Scan through the flyers and tailor your grocery list according to what’s on sale. Food prep during this time, as well, to get ahead of any weekday temptations to buy lunch while you’re at the office.
Gas
Gas is another essential. In theory, if you’re sticking close to home, you should be able to lower this bill, as well. Figure out what you typically spend throughout a regular month.
If it’s $60/week, see if you can stay within that range or even reduce it further. Give yourself a little wiggle room because you may drive further than you normally would to enjoy a free activity like a hike or a walk in a park.
As with everything else, be sure to record what goes in and what goes out during this time.
Bills
Of course, we’re not going to default on any of our regular bills. Keep your minimum or extra monthly payments going as this is a good month to set a benchmark for how to dig out of debt.
With what you’ve saved, see if you can put it towards a credit card bill or other large bill that’s looming over your head.
While you’re on a winning streak, here are eight other ways to save without even thinking about it!
A Weekly Treat
Again, this exercise isn’t meant to be a punishment, but rather an exhilarating challenge that can equip you to succeed, long term.
Set yourself one weekly treat; it can be anything you want. Maybe it’s a weekly exception to the no eating out rule. If you do this, however, set yourself a limit per meal.
Or, maybe you’ll allow yourself one add-on to your weekly grocery shop in the form of a new bottle of wine or pound cake from the bakery. (However, if saving is the name of the game, you’d be better off baking yourself a pound cake on one of your nights at home.)
You Can Win at a No Spend Month
With your mind right, your budget right, and a willing heart, you can succeed during a no spend month.
Remember, it’s just one month and it’s a great test of your powers of perseverance. You’ll be so proud of yourself as you balance your checking account at the end of the month.
Then, with savings in hand, you can move on to your next goal and start chipping away at your debt or add to your retirement fund. Whether you're ready to take on the biweekly money saving challenge or you need to read another money saving book for help, you can start saving money little by little today.
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