Having a no spend month is one of those things that many of us like the idea of. It gives you a chance to reset habits and boundaries that you might have with your finances, as well as make some extra savings. Some people have issues with spending. It could be emotional spending where you spend more than you should on things to make you feel better. Or perhaps you spend more than you should because you just don’t have good saving habits. There are so many reasons why you overspend or spend more than you need to, and a no spend month can help you to realise what is important and reset those bad habits once and for all. But how do you embark on a no spend month? Here are some of the tips that you could try.
Make sure the timing is right
One of the first things to consider would be to get the timing right with your no spend month. It is no good trying to avoid spending money if you already have some purchases that need to be made. Such as school uniform or Christmas time, for example. Plan your no spend month when you truly will be avoiding that impulse spending or at a time where you can reset habits without it affecting you too much in terms of commitments.
Have some rules in place
It is important to set boundaries and have some rules in place for your no spend month. Especially if it isn’t just you that is doing it. There will always be things that you will have to purchase, such as food. You also want to ensure that you pay all of your bills. But after that, have rules on what you can buy. This makes sure you stick to them.
Tell people what you are doing
A great way to stay accountable when it comes to your no spend month is to tell people that you are doing it. Discuss it with your friends and family, share it on your social media. Doing that will help you to stay accountable as you will want to see it through, rather than give up at the first hurdle.
Plan your meals to avoid spending extra on food
A great way to help you avoid spending extra on your food shopping is to plan your meals. Not only does it mean you only buy what you need, but it can help you to avoid extra waste from the food you don’t use. This can be a huge saving in itself. A great thing to do would be to plan your meals around the food that you already have. Then focus on only buying the things that you need. Often you will have rules in place for essentials that you need to buy, like bread and milk. But try and be strict with your food bill as often this is the one area where spending can get a little out of control.
Take pictures of things you would usually impulse buy
If you are out shopping and spot something you want to buy, then take a picture of it and walk away. It will serve as a reminder for something you thought you wanted and gives you the chance to go back to it after your no spend month is over. However, what you will find is that the impulse purchase is likely not to be needed, and most of the time you won’t end up going back for it at a later date. This helps to reassess your impulse purchase habits and also enables you to think about things in a different way.
Have goals for the future to keep you focused
A great way to help you stay on track with this is to have goals for the future to help keep you focused. Before you start your no spend month write down what your financial goals are. Maybe you want to save for a house deposit, or you want to have a particular holiday. Having the goal in your mind will help you to stay focused on what you are doing this for and gives you the motivation to keep it ongoing.
Be kind to yourself
Finally, make sure you are kind to yourself. This is important for anyone as a no spend month can be hard. You will find that you are essentially resetting old habits and making some positive changes. If you struggle, be kind to yourself as this can be a big change.
Hopefully, these tips will help you to embark on a no spend month.