How To Set Up A No Spend Month (NO SPEND JANUARY PLAN)
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- Опубликовано: 28 дек 2023
- ✅ More no spend rules & tips: penniesnotperfection.com/no-s...
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Have you tried a no spend challenge? Doing a no spend month can be a great way to get kickstart financial goals like saving money or paying off debt.
A no spend challenge is set period of time where you go without spending money on anything outside of your essentials like bills, basic food, medical needs, etc.
Also known as a spending freeze, these no spend challenges are a way for many people to reset after a period of excess spending. This is why many people attempt no spend challenges in January after spending a lot of money on Christmas.
Despite all the flexibility in setting up no spend challenge rules there are some typical guidelines to follow.
Typical Spending Allowed:
Mortgage/rent payments
Bills
Groceries (basics only)
Medical needs
Gas
Debt payments
Etc.
Typical Spending NOT Allowed:
Restaurant meals
Coffee shops
Gas station purchases beyond gas
Salon services
Cable/Streaming TV
Clothing
Anything under the “want” category of spending
The differences in these categories or what is allowed or not allowed in a no spend challenge closely follows what you NEED versus what you WANT.
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Have you done a no spend challenge? Join me in January!
✅ More no spend rules & tips: penniesnotperfection.com/no-spend-challenge-rules/
✅ No Spend Printable: shop.penniesnotperfection.com/products/no-spend-month-challenge-printable-pdf
Same girl. Same. I’ve been spending money like I won the lottery lately. Disclaimer: I did not win the lottery. 😊
Hahah. We've got this!
We are doing No Spend January too! One of my fav Annual Traditions! WOOT WOOT! Let's do this!
You are the queen of it!
I started tracking my "stuff" years ago. I was spending about $2k a month on "stuff". I couldn't believe it.
That’s pretty high but definitely happens! What do you say you spend on that category now?
We save up for Christmas spending but we spend a lot during the holidays and it always feels slightly out of control even though it’s planned for. I actually find it comforting to return to my budget and saving in January !
Same! It still feels overwhelming and out of control to me even if there is money for it. It’s just a lot is spending all at once when I’m normally doing way less on a regular month.
Yep I’m doing no spend January along with a pantry challenge the entire month. I’m getting married in 2024 and want to save as much money as I can to put towards the wedding.
Pantry challenges are always good!
Congrats on the upcoming wedding! ✨💕
I love that you emphasized making your own rules and doing what works for you! That is always the key to making things work with money. Everyone is so different.
Good luck on your no spend! You’ve got this 🙌🏼
I have already decided to No Spend odd months. I figure I will make a list of things I want on odd months and even months I will probably not want most of them anyways. I think that will work for me.
That’s an interesting idea! I haven’t heard of anyone doing odd months but that could be fun!
I might try this too. I already only spend on Wednesdays and the weekend, that’s been helpful to me.
Great idea!
Yes. Family experiences. I call these social events. ! ( food and drink with other people) But no drive throughs or take aways. I must go in and sit down and be with other people 😂
Oooh I like social events! Yes that’s a good term and so important to us.
I’m ready for a low buy 2024. I’m going to stick to meal plans & grocery list. I did grocery pickup today saved an enormous amount 😊❤😊 Happy 2024
Grocery pickup is my favorite! Otherwise I definitely overspend.
Yay Mary go for it 🙌 Chart colouring here you come 👍 Thanks for sharing your plans and the helpful information. Stuff 😂 Look forward to seeing your progress 😊
Yay, thank you!
I will follow you. I spend too much in December. It was online shopping, gifts, Amazon Kindle books, amazon other things, restaurants (work restaurant en strike), and Uber Eats.
I pay debts each month and I will not spend in January. I will pay with cash only, not with my card🤔
Good luck and I look forward to seeing/hearing about your progress! You've got this!!!
Thank you so much!!
I love buying gifts and Christmas is my time to shine. However, I learned to actually buy gifts throughout the year. I finish my Christmas shopping months in advance and I usually take advantage of good sales throughout the year. I mention it because I think this helps you not switch from a saving perspective to a spending perspective in December, since you are dividing the shopping within the months and only spending little every now and then. It works for me (mentally and practically) so maybe it can help others too.
The only thing I'm going to cut down on is grocery shopping. For the first time in a while in November and December there were some relatively great bargains in my local grocery stores and I stocked up. Now I need to get through it. I will buy any fresh items I need AND if something I use very frequently goes on sale might get some. Very is the operative word!
Love that!
I am so excited to be doing a no spend January as well!
Yay!
I like that you included family experiences!
They have been so fun for our family! I’ve only been intentional about them for a few months and definitely want to keep them in the budget.
Thanks for an inspiring, honest video!!
Glad you enjoyed it!
I do a no spend January every year. Thinking of extending for the rest of the year with less restrictions than January
January is such a perfect month to do one! Would love to hear about it if you decide to do that!
Great set up. This is my first time doing No spend January on RUclips and let's win together. I did no buy years aka no spend years and it surely helps our family finances. Let's go!
That is awesome!
I totally feel this, I was great all year then in December I went crazy with the money lol.
Something about december!
Oh you are speaking right to me aren’t you!?? Yes I can go without buying anything for myself or anything but then… CHRISTMAS!!! TJ MAXX PACKAGING!! And then I’m done for!!! But thank you for honesty and sharing!! Grateful for this
Im doing a no spend January as well.
Just a small tip for this great video. If you take the black text box off when putting the text on the screen it would be much less hard on the eyes. White text on a black background is very painful for the eyes. That said, I don't think you need so much text. The video was engaging without it.
Thanks for the opinion!
Whats interesting to me is that I would to have less clutter but no matter how many times I do the declutter challenge - My Stuff Keeps GROWING - lol
OMG THIS!! I’ve decluttered over and over again since I decided to do it a while back and we have so much more stuff! Even with smaller Christmas it’s like the stuff is multiplying?!?!? Maybe if I take a month off buying ANYTHING I could actually declutter?
I am over tired and over spent 😢
💯
I need a reset something wicked lol
Let’s do this!
No Amazon for us! That alone should help a lot!!
Right?!?!? Goodbye for a while Amazon.
I'm trying to cut amazon a nd alcohol for January
You can do it!!
I am also doing a no spend January if anyone wants to follow my journey!! I made my first RUclips video 😊
Awesome! Congrats on starting with RUclips as well!
Books are my problem. Going to try not to buy any for January.
Ohhhh same! I use part of my personal money but heavily lean on the library. I read 137 books this year which is down from my all time high of 340 (a depression year lol).