A ‘no spend’ month is a personal finance money-saving mission that requires all participants to limit their spending for an entire month.
The goal is to save as much money as possible by meal planning, cutting out all luxuries and staying on target with essential spends.
Some people have successfully saved up to £1,300 in a month and thankfully its popularity means there are plenty of tips out there to get us thinking.
It’s never too late to start and never too early to plan so we have put together the best advice from those who have had a successful no spend month.
Set a goal
Amy Ruth, a frugal living Mum from YouTube, recommends having a goal that you can work towards because it helps to keep you motivated in a world full of spending temptations.
She says you should write it down and stick it somewhere really visible so that whenever you lose sight of your goal you have something there to remind you.
A no spend month is great if you have a savings amount in mind or if you have goals like a holiday or a big purchase you want to make.
Whatever it is get it up on the fridge, bathroom mirror, phone screen, front door, laptop screen or anywhere else you find your eyes drawn to.
Nicola at The Frugal Cottage writes a personal finance blog from the North of England and she recommends doing an inventory of your food cupboards so you can start by using up what you have in your fridges, freezers and shelves.
That way you are already starting off by no buying anything new and the things you do need to buy can be bought to complement what you already have.
If, for example, you have lots of half-eaten packets of pasta you might consider having spaghetti or macaroni to use it up.
Look at bank statements
Lara Joanna Jarvis, another Youtube personal finance blogger, went one step further and did a whole no buy year in 2019 and saved a huge £25,000 with her husband.
On top of that, she said it changed her money habits, mindset and outlook on life and promises you get the same benefits even if you do it for a month.
One of her tips is to sit down and go through your bank statements to find out where all those small spends are coming from so you can make decisions on what needs to go and what can stay.
It’s scary but she isn’t the only one who says that being honest with yourself about where the money is going is the best place to start.
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