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How To Have A Successful No-Spend Month
February is coming and of course, that means No Spending month!
It's a Cheapskates tradition to have a no spending February, we've been not spending in February since 2002 - this is our 17th No Spending February and every year more and more Cheapskaters spend less and less and save more and more.
They use that money to pay down debt, to build Emergency Funds, to pay for family holidays, to build slush funds and dozens of other things.
The 2018 No Spending month starts in just 18 days - are you in? Are you going to be ready? Will you be able to stop spending for a month?
The rules for the No Spend Challenge are simple, and easy to stick to. You simply stop spending, although we have elected to allow essential spending because even the most frugal amongst us would have to spend something in a month, after all we all have bills to be paid.
That means staying out of op shops and off eBay and Gumtree. It means inviting friends home for morning tea instead of meeting at a café. It means taking your lunch to work and borrowing magazines from the library instead of buying them. It could even mean you learn a new skill like home haircutting!
Here are some tips to help you get ready for No Spending month.
1.Talk with your family
No Spending Month won't be any fun, or even successful, if you're the only one who's not spending. The whole family needs to get on board, so sometime between now and the end of the month, have a family date night and work out how, as a family, you can have a successful No Spending Month.
2. Go through your budget
The next thing you need to do in preparation for your no spend month is go through your budget and start slashing anything that is not 100% essential spending.
In line with our spending freeze you can spend money on essential items such as:
You can't spend money on:
3. Meal plan
If you don't meal plan, now is a great time to start. And if you do, take a few minutes to work out a monthly meal plan (or you can use any of my meal plans, they're all archived here).
Start by taking inventory of everything in your pantry, fridge, and freezer. This is where you want the bulk of your meals to come from. Start coming up with meal ideas (breakfast, lunch, and dinner) that can be made using the ingredients you already have on hand. Don’t forget about the snacks, including fruit!
Use these inventories to create your meal plan for 28 days. The aim is to use the food and ingredients you already have so you don't need to go grocery shopping. The What's for Dinner meal planner will help you plan all meals and snacks. Make a note of what you don't have that you need; then go back and see if you have substitutes. If you do, cross those items off your list. And this is your shopping list for the month.
4. Check the calendar and be prepared to cross things off
By the time No Spending month is here the kids are back at school and most of us are back at work. That means that we are back in the swing of after-school activities and weekend entertainment. Have a look at what's on your family calendar - if it's going to cost money, can you find a free alternative?
The main idea behind this is that most activities you normally would be doing are going to cost you money. So keep those off of your schedule. Don’t worry, I have plenty of free fun ideas for you! Again, make sure you follow me on Periscope so you don’t miss anything!
The other reason you need to clear your schedule is because there is a little more work that goes into this process then you might be used to. Example, making your own snacks from scratch. While it’s not a huge time eater, tasks like this are going to take a little more time.
Are you feeling prepared for No Spending Month? Do you have a little more clarity on what to expect? I know the idea of a no spend month might seem a little overwhelming, but don’t let that discourage you!
It's a Cheapskates tradition to have a no spending February, we've been not spending in February since 2002 - this is our 17th No Spending February and every year more and more Cheapskaters spend less and less and save more and more.
They use that money to pay down debt, to build Emergency Funds, to pay for family holidays, to build slush funds and dozens of other things.
The 2018 No Spending month starts in just 18 days - are you in? Are you going to be ready? Will you be able to stop spending for a month?
The rules for the No Spend Challenge are simple, and easy to stick to. You simply stop spending, although we have elected to allow essential spending because even the most frugal amongst us would have to spend something in a month, after all we all have bills to be paid.
That means staying out of op shops and off eBay and Gumtree. It means inviting friends home for morning tea instead of meeting at a café. It means taking your lunch to work and borrowing magazines from the library instead of buying them. It could even mean you learn a new skill like home haircutting!
Here are some tips to help you get ready for No Spending month.
1.Talk with your family
No Spending Month won't be any fun, or even successful, if you're the only one who's not spending. The whole family needs to get on board, so sometime between now and the end of the month, have a family date night and work out how, as a family, you can have a successful No Spending Month.
2. Go through your budget
The next thing you need to do in preparation for your no spend month is go through your budget and start slashing anything that is not 100% essential spending.
In line with our spending freeze you can spend money on essential items such as:
- Rent/mortgage
- Utilities: gas, electricity, phone, water if the bill is due during the month (but look for ways to lower these bills during the month)
- Food: but shop at home first. Check your pantry, fridge and freezer and menu plan with what you have.
- Medical/pharmacy: don't scrimp on your health – the future cost would be far too great
- Petrol and transport: unless you can walk everywhere you'll need your car. But try to limit how far you go and how often you use it. Carpool if you can, share the school run with another mother, make one trip and do all your errands. Ditto for bus, train and tram. If you have a bike now might be a good time to start riding to work or school.
- Other regular monthly bills you have.
You can't spend money on:
- magazines/books
- takeaway meals
- movie
- new clothes
- toys
- DVDs and CDs
- haircuts
- holidays/weekends away/day trips
- new shoes
- craft supplies
- non-essential household items
- new furniture
- or anything else that isn't essential to living for 28 days.
3. Meal plan
If you don't meal plan, now is a great time to start. And if you do, take a few minutes to work out a monthly meal plan (or you can use any of my meal plans, they're all archived here).
Start by taking inventory of everything in your pantry, fridge, and freezer. This is where you want the bulk of your meals to come from. Start coming up with meal ideas (breakfast, lunch, and dinner) that can be made using the ingredients you already have on hand. Don’t forget about the snacks, including fruit!
Use these inventories to create your meal plan for 28 days. The aim is to use the food and ingredients you already have so you don't need to go grocery shopping. The What's for Dinner meal planner will help you plan all meals and snacks. Make a note of what you don't have that you need; then go back and see if you have substitutes. If you do, cross those items off your list. And this is your shopping list for the month.
4. Check the calendar and be prepared to cross things off
By the time No Spending month is here the kids are back at school and most of us are back at work. That means that we are back in the swing of after-school activities and weekend entertainment. Have a look at what's on your family calendar - if it's going to cost money, can you find a free alternative?
The main idea behind this is that most activities you normally would be doing are going to cost you money. So keep those off of your schedule. Don’t worry, I have plenty of free fun ideas for you! Again, make sure you follow me on Periscope so you don’t miss anything!
The other reason you need to clear your schedule is because there is a little more work that goes into this process then you might be used to. Example, making your own snacks from scratch. While it’s not a huge time eater, tasks like this are going to take a little more time.
Are you feeling prepared for No Spending Month? Do you have a little more clarity on what to expect? I know the idea of a no spend month might seem a little overwhelming, but don’t let that discourage you!