I decided to do a no spend month for February. It’s my first time ever doing something like this! Basically, you challenge yourself not to spend anything extra aside from bills, groceries, or essentials. A lot of people allow themselves a weekly limit for extras that may come up.
On January 31, I loaded up my transit card, bought close a month’s worth of groceries, and I’ve set a weekly limit of $20/week. I know that’s very low, but the purpose is to challenge myself to stick with the budget and not eat out or buy things just for the sake of it (As a minimalist I’m not a huge spender, but I do have my weak days). So far I’m on the 7th day and I’ve only spent $17 so far this week so I have made my target for the first week!
The $20/week allowance allows me to grab a coffee or a little pastry if I happen to be out or to stock up on grocery extras like bread, potatoes, eggs, etc. throughout the month.
The real challenge will come on my next pay day since that’s the “big” pay cheque where I don’t pay rent. Instead of going shopping and eating out a bunch, I’ll put the extra money onto the credit card and a little into savings. I’m actually stoked about this challenge and it’ll help me get ahead.
I’ll likely be doing a no-spend month a few times this year. It helps you assess where your weak areas are with spending so you can be more conscious of it. I think it helps you focus on mindful spending and it can channel some extra money into savings or debt. I will post an update on how the rest of the month went! 🙂 Wish me the best please. ❤
Have you ever done a no-spend month before? How did it go?