How to Survive and Thrive Through a No Spend Month

Summary
A no spend month is when you don’t spend money for a month, outside of the essentials. Learn more about completing a no spend month.
In this article:
If we’re honest with ourselves, most of us spend too much each month on “extras.” All those meal delivery services, streaming subscriptions we rarely use and after-work meetups with friends may not seem like much at the time, but can really add up month after month. That’s why no-spend challenges have become so popular lately. It’s a way for us to get a real look at how much we’re spending on unnecessary purchases and how much we could be saving if we cut back a bit.
What is a no-spend month challenge?
In essence, you choose a period of time — usually a month, but it could be a week or two — to cut out spending on non-essentials. That includes the obvious splurges like carryout and shopping sprees, but could also include driving less to save money on gas or turning back the thermostat to save on utilities. The goal is to stick to those expenses that are absolutely necessary.
Why do a no-spend month?
Taking part in a no-spend challenge can help give a clear picture of where you’re really spending your money day to day. This can show you where you need to make adjustments to your spending habits and help you start boosting your savings.
7 tips for a successful no-spend challenge
Instead of jumping head first into your no-spend challenge, it’s important to prepare yourself for what’s to come. Here are a few no-spend month tips that can help your financial fasting go smoothly:
Set a goal. Is there a set amount of money you’re looking to save? Maybe for a vacation? Or to pay down debt? Setting a savings goal will give you something tangible to work toward.
Pick the right time. Starting a no-spend challenge around the holidays? Not such a good idea. Find a time when you’re likely to succeed. Make sure there are no important birthdays or specials occasions coming up that may cause you to spend more than usual.
Make a list. Check it twice. Write down the expenses that are truly essential — rent or mortgage, gas, utilities, medications, car payment and credit card/loan payments, for example. Groceries are essential, but not all groceries. The basics like milk, eggs and bread? Essential. The extras like chips, flavored coffee creamer and fancy shampoo? Not essential. After you’ve made your list of essential items, go over it one more time. Chances are you could probably delete a few more items off the list.
Get creative. Take inventory of the food you have stored away in your freezer and in your pantry. Have fun finding creative recipes that can turn the food you already have into tasty meals.
Make it a family & friends affair. It’s not easy doing a no-spend challenge alone. For this to be a success, every member of the household should be on board. And let your friends know, too. Encouraging each other along the way can make the challenge less challenging.
Stay busy. Find no-cost ways to have fun. Museums, parks, football games at the local high school, game night with the family. Keep your mind off of the things you aren’t doing and the items you aren’t buying and focus on the things in life that don’t cost anything at all.
Reward yourself. At the end of your no-spend challenge, reward yourself. Catch a movie with a friend and spring for the large popcorn. Have a date night. The key is to recognize the work you put in and acknowledge a job well done.
Use your no-spend challenge savings wisely
After you’ve made it through no spending for a month, a few weeks or a few days, you should see a noticeable increase in your bank account balance. Did you reach your savings goal? Successfully completing this no-spend challenge should encourage you to take a closer look at your expenses overall to find ways to cut back on spending for more than just a month.
This article has been updated from a previous posting on December 15, 2016. Matt Diehl contributed.
This article is for general education and informational purposes, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any purpose and is not intended to be and does not constitute financial, legal, tax, or any other advice. Parties (other than sponsored partners of OneMain Financial (OMF)) referenced in the article are not sponsors of, do not endorse, and are not otherwise affiliated with OMF.