No Spend Month is the best way to save money when on a tight budget, with tips and stories, so you can do your own no spend month challenge.
What is No Spend Month?
For one month each year we drastically reduce our spending. We set a spending limit and closely stick to it, making sure that we spend no more than we really need.
It’s a great opportunity to examine our spending by looking at our budget for the year.
For No Spend Month, we set a goal for all food, household, and transportation expenses. That number does not count regular monthly bills like rent and utilities. It also doesn’t include healthcare expenses that may be necessary or gifts for others.
We come up with this spending goal by looking at our ideal budget for groceries and gas alone.
For instance, if our budget for gas and groceries is $625 as it was in 2013, then we make all of our groceries, gas, and other household and transportation expenses fit into it.
Let’s just say, we make sure it is a significant decrease from what we spend in a regular month.
The goal strict enough to make us be really mindful about what we are spending and what we are buying.
Take the No Spend Month Challenge
What will your No Spend Month Challenge be?
Everyone should make your own rules for what will be the best challenge for your family. Last year we set our spending goal based on our monthly grocery budget alone.
You may want to keep it simple and just swear off dining out and buying coffee all month.
Maybe you want to make a specific goal to save up for something special or to make a contribution to a cause.
Perhaps a whole month sounds too daunting and you want to pick one week to try a No Spend Month challenge.
You can find everything you need to know to do your own No Spend Month below.
Read about our experiences with No Spend Month in 2012 through 2014 along with tips on saving money.
No Spend Month 2014
No Spend Month 2013
No Spend Month 2012
How to Save Money