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No Spending Month - With a Difference
It's the first of February and you know what that means - No Spending Month!
It's the month we don't spend any unnecessary money. It's the month we stop spending and start saving. It's the month we take a good, hard look at how we spend our money so we can get the spending under control for the rest of the year.
Or that's how we usually tackle No Spending Month.
But this year, we are going to do something different. Yes, we're still doing the no spending on anything unnecessary, with one exception, keep reading to find out what it is and why we've switched things up for the 2023 No Spending Month Challenge.
It's the month we don't spend any unnecessary money. It's the month we stop spending and start saving. It's the month we take a good, hard look at how we spend our money so we can get the spending under control for the rest of the year.
Or that's how we usually tackle No Spending Month.
But this year, we are going to do something different. Yes, we're still doing the no spending on anything unnecessary, with one exception, keep reading to find out what it is and why we've switched things up for the 2023 No Spending Month Challenge.
You can't spend money on
- magazines
- takeaway meals
- restaurant meals (try new recipes at home, set the table nicely, use those candles you have in the drawer for atmosphere)
- tuckshop or canteen (the kids can go a month without a tuckshop lunch)
- buying your morning tea, lunch and afternoon tea (eat what you have at home)
- movies
- new clothes
- toys (Christmas was only 5 weeks ago, no need for new toys)
- DVDs and CDs
- apps that aren't free
- weekends away
- meeting friends at a coffee shop
- unnecessary trips in the car
- home decor - no new curtains or towels or ornaments or sheets etc.
- shoes
- craft supplies (even if they're on clearance - use your stash)
- hairdressing (do your own hair, learn to give haircuts, try a home colour)
- manicures (MOO it!)
- alcohol (give it up for the month, it's only 28 days)
- junk food (there are plenty of MOO alternatives in the Recipe Files that use what you have in the pantry)
You can spend money on
- bills that fall due during February (utilities, insurances, car registration, school fees etc.)
- pharmacy needs (do not go without prescribed medications, they are prescribed for a reason so you need to follow your doctor's advice and take them)
- school expenses that must be paid this month (school photos, camps, excursions etc. and hopefully you have these covered in your school budget)
- fuel for necessary car trips
- emergency home repairs that you can't do yourself (Youtube is your friend when it comes to DIY, so check to see if you are able to make any repair yourself before you call the handyman)
- the basic groceries you would normally buy each week, fortnight or month.
So what makes this No Spending Month different from the 22 other No Spending Month challenges we've had?
This year, for the No Spending Month Challenge you are going to take the money you don't spend and put it into your grocery slush fund.
Every time you don't buy that coffee move the $5.60 to your grocery slush fund.
Every time you don't take a trip in the car, make a note and move $5 (or if you're very good with numbers you can work out exactly how much fuel was used and how much the fuel cost and move that amount - $5 per trip is easier for most of us) to your grocery slush fund.
Every time you don't buy a packet of biscuits or a soft drink, move that money to your grocery slush fund.
Every time you don't buy something on the forbidden list, move the money to your grocery slush fund.
What is a grocery slush fund?
The grocery slush fund is the way you can stock up on good sales without going over budget. It's the way you can keep your pantry full all the time, without spending a cent over budget.
The grocery slush fund is what is left from your allocated grocery budget each week, fortnight or month (depending on how you budget). For example, I budget $375 a month for groceries. During January I only spent $362.78, leaving $12.22 in the grocery budget. Instead of just spending that money on some random thing, I moved it into my slush fund purse, ready for me to use it when I find a great deal on something we use.
That's a grocery slush fund, it's a simple way to ensure you always have money for those bargains, so you can get more bang for your grocery buck without overspending.
Don't have a grocery slush fund?
Then get an envelope and start one. The envelope can be an old bill envelope if you work with a cash budget, or it can be a virtual envelope if you work via an online budget.
Or an old purse or make-up purse or pencil case or ziplock bag or a mints tin or a paper bag - anything that will hold money and keep it separate from your regular spending money. Every time you don't spend on something on the forbidden list, move that cash immediately to the slush fund envelope or purse or whatever container you are using. Do it straight away!
If you don't work a cash budget (and I really, really suggest you do at least for groceries if you struggle to stay on budget), create a slush fund account within your spreadsheet or whatever budget program you use, and every time you don't spend on something on the forbidden list, move that amount immediately, straight away, to your slush fund category.
Don't wait to move the money. Do it as soon as you don't spend it. Don't wait until later, because you'll forget or get sidetracked and it just won't happen. For this No Spending challenge to work for you, you need to move that money you don't spend as soon as you don't spend it.
You don't have to do this, I can't make you and no one will know if you don't; your No Spending Month won't be as successful as it could be, but again no one will know.
But there is a reason I would like you to start and build your grocery slush fund right now, and I'll share that next week.
This year, for the No Spending Month Challenge you are going to take the money you don't spend and put it into your grocery slush fund.
Every time you don't buy that coffee move the $5.60 to your grocery slush fund.
Every time you don't take a trip in the car, make a note and move $5 (or if you're very good with numbers you can work out exactly how much fuel was used and how much the fuel cost and move that amount - $5 per trip is easier for most of us) to your grocery slush fund.
Every time you don't buy a packet of biscuits or a soft drink, move that money to your grocery slush fund.
Every time you don't buy something on the forbidden list, move the money to your grocery slush fund.
What is a grocery slush fund?
The grocery slush fund is the way you can stock up on good sales without going over budget. It's the way you can keep your pantry full all the time, without spending a cent over budget.
The grocery slush fund is what is left from your allocated grocery budget each week, fortnight or month (depending on how you budget). For example, I budget $375 a month for groceries. During January I only spent $362.78, leaving $12.22 in the grocery budget. Instead of just spending that money on some random thing, I moved it into my slush fund purse, ready for me to use it when I find a great deal on something we use.
That's a grocery slush fund, it's a simple way to ensure you always have money for those bargains, so you can get more bang for your grocery buck without overspending.
Don't have a grocery slush fund?
Then get an envelope and start one. The envelope can be an old bill envelope if you work with a cash budget, or it can be a virtual envelope if you work via an online budget.
Or an old purse or make-up purse or pencil case or ziplock bag or a mints tin or a paper bag - anything that will hold money and keep it separate from your regular spending money. Every time you don't spend on something on the forbidden list, move that cash immediately to the slush fund envelope or purse or whatever container you are using. Do it straight away!
If you don't work a cash budget (and I really, really suggest you do at least for groceries if you struggle to stay on budget), create a slush fund account within your spreadsheet or whatever budget program you use, and every time you don't spend on something on the forbidden list, move that amount immediately, straight away, to your slush fund category.
Don't wait to move the money. Do it as soon as you don't spend it. Don't wait until later, because you'll forget or get sidetracked and it just won't happen. For this No Spending challenge to work for you, you need to move that money you don't spend as soon as you don't spend it.
You don't have to do this, I can't make you and no one will know if you don't; your No Spending Month won't be as successful as it could be, but again no one will know.
But there is a reason I would like you to start and build your grocery slush fund right now, and I'll share that next week.
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