Ok, before you go thinking that we’ve gone all TLC’s Extreme Cheapskate over here let me explain! I heard of the No-Spend concept awhile ago and thought it was a great idea for quickly replenishing a savings account. It also seemed like a fabulous way to exercise our resistance muscles and make the most of what we already have.
Most people putting a No-Spend into practice try to do it for a whole month. Since we are fresh off a whole bunch of holiday spending ( presents, parties, going to the movies), we decided that January would be the perfect month to instate a no-spending rule and see what we can accomplish. We’re actually doing more of a bare-bones spending as opposed to a full blown, hard core, don’t spend a dime month.
We’re not THAT dedicated!
Here’s some things we’ll be doing to get a jump start on saving in 2018 during our No-Spend month…
- Evaluate the Budget – We’ll be looking over the normal budget lines looking for waste. All of our bills are getting a once-over to make sure we’re not paying for extra services or hidden fees.
- Eliminate the Extras – This one hurts a little. Ok, kind of a lot. I have one Starbucks gift card and a free birthday drink at Biggby that will have to last the whole month. I’ll be making lots of coffee at home! Other than that there will be no “quick stops at Target”, grabbing a Happy Meal for the kids, or deciding not to cook and going to Costco for a pizza.
- Meal Planning – Having a plan and a grocery list to match is an excellent way to avoid throwing every thing you might need into the cart. You’re in and out fast, and not spending money on whatever Aldi has for Health and Wellness in that one aisle. (You know the one I’m talking about!) This will also help eliminate forgetting ingredients that end up costing 2-3 times more at the little store up the road.
- Enjoying What We Have – January is a great month to hunker down and just enjoy the abundance we have as we spend time as a family. We’re striking our normal budget for clothing, entertainment, and household this month. The seasonal clothing needs are met and we can get movies from the library, play games as a family, or go outside together. (Once the temperature gets above zero!) We’ll be using up some stockpiled household goods too!
The only major “extra” that we’re keeping in January is date night. Because we all know Babysitter Budget + Restaurant Gift Card = SANITY.
And that’s a necessity over here. 😉
Are you setting any spending/saving goals in the new year? Share some of your tips with me in the comments!!