Wednesday, July 26, 2017

Why You Need To Complete a No Spend Month

Hello Friends!

As you all know in about a month I am officially moving. Now along with a move comes packing up everything you own.... EVER! It is the worst! I never realized how much stuff I have. All the clothes, writing products, and random knick-knacks I've accumulated throughout the years is ridiculous. Luckily, I noticed this a while back and I was able to 1. start packing early 2. spend less month on products that I did not really need.

By being able to recognize my spending problem I was able to curb it and save enough money to make the most out of my summer! I was able to go skiing, travel to Maine, visit North Carolina, Boston, and Chicago. I was extremely excited to plan all of these trips, but like everything else, it all costs money.

If I had continued to spend money at the same rate I had been, I would not have had enough money to spend on the trips I had coming up. I knew that If I wanted to travel, I needed to stop spending excess money on things that I did not actually need. Lucky, I stumbled upon this blog post and I was able to get some ideas on what to do.

Why you should complete a no spend month:

  • Save for traveling
  • to make a big purchase
  • make use of the items you already own
  • save up to purchase the latest technology (which I had to do recently)

How to Successfully Finish a No Spend Month

one// Have an end goal in mind

Everything is easier when you have a goal to accomplish. It is much easier to avoid buying something on shopping sprees when tou know that money is going to something else. I know that the less money I spend, the more money I will have for travelling or for a fancy new laptop. Having goals and steps written down is incredibly important! Also look into apps that can help you save money like Digit or Mint.

two// Avoid shopping when you get bored

Now this is something I am REALLY good at! I don't really like being around people, but the problem is when I have to go out and buy one thing then I get caught up, bored, and end up shopping. I usually just go out for ONE thing and come back with three bags full of stuff. If you have to go shopping go with a list and only buy things on it. If you are bored try to stay away from shopping, go on family outtings or hang out with friends, try to come up with no-money outtings.

three// Avoid shopping online

This is incredibly difficult! Have you been on Amazon?? It is my weakness. I can get everything I ever need without ever having to leave my house. The worst part is that all I have to do is click "buy" and it automatically completes the transaction! Giving yourself a couple of days to think over the purchase before actually deciding to buy something. If you still want it after a couple of days then you are set to buy.

four// Make a list of exceptions

Like I said previously, making a list of what you can buy is incredibly helpful. If you plan on trying a no spend month (or longer), I would suggest allowing for a couple of exceptions. I woul consider a couple of items like groceries (not restaurants or snacks), hygenic necessities, and anything imparitive for work or school. My no spend month actually lasted longer than a month because I found it to be extremely beneficial for me. It helped me save money for moving, new laptop, and a couple of trips.

Have you ever completed a no spend month?
Are you going to attempt this too?