No Spend February!
Sooo, not sure if you heard, but there’s this thing that’s called “No Spend January.” Well, don’t worry, I didn’t know about it either (surprising huh?). But now that we know. we should probably do a “No Spend February” riiight???
Dave Ramsey's newest personality, Kristina Ellis, explains how to do a no spend month in this new video from the Ramsey Show.
A no spend month simply means no spending money on non-essentials. You would not buy anything outside of your bills, gas, and groceries for the month of January (or in our case February 😉).
This is a great way to really be mindful of your spending and see what habits you need to break or adjust in the new year.
What are these non-essentials you may ask? Non-essentials would include things like Amazon purchases, random stuff on those trips to Target, clothing, personal care items, eating out, vending machines, etc.
The first thing you want to do to get started is to create a goal. Analyze your spending for the past few months and see how much you spent on non-essential items. That total will be your goal on how much you should be able to save for this challenge.
Then, you will want to decide on what to do with your savings when you are done. Will you make an extra payment on your credit card? Will you put it away for your emergency fund? Be sure you know why you are creating this goal and what you will use it for ahead of time.
Now, how will you actual make this goal happen? Here are some ways to save:
Shop your closet
Watch movies at home
Pack your lunch
Remove the Amazon app from your phone
*Kristina Ellis is hardcore and she’s meal planning and creating her budget for groceries for only $100 per week! For a family of 4!! She’s documenting everything on her Instagram so check it out!
If a whole month feels intimidating, maybe just try one week or three days. But, if you are willing to make a big change and do one whole month, don’t give up if you miss the mark on one day! You have the rest of the month to make it happen!
The results of walking away from this no spend month will be valuable in more ways than one. You will stop old habits, implement new habits, be more mindful in your spending, AND have all the money you saved at the end to show for it. Who knows? Maybe this will motivate you to keep it up! If not another no spend month, maybe just tightening that spending budget since you know now it’s possible. Let this challenge change your habits and the way you spend your money. Your goals, your family, and your future is worth it.
You have a few weeks to prepare so get going! Me? I’m off to convince my husband this is a good idea!
But seriously, if you would like help in your journey, know that I am here for you. If you are looking to make financial progress in 2023, click below to find out how.