In this post I want to share with you ways a no spend month can help you financially. Many people have been helped by taking this no spend challenge and I know that you too can experience the benefits.
A No Spend Month or challenge is when you decide that for a specific period of time you will stop spending your money on some items or budget categories.
It is all up to you to decide the areas on your budget where you will not spend anything. I know that some people opt to forego all non-essential expenses. The focus for these people is on spending only on needs and not wants.
I have a post the discusses the difference between a need and a want. However, needs are things you cannot do without such as food and wants are things that you can still survive without such eating out, cinema tickets, etc.
In the western world, more and more people are getting addicted to shopping where impulse buying rules the day. We are victims of our own success.
It is because of this problem that Americans now owe about $13 trillion in credit card debt. With each family owing at least $8,000 in credit card debt.
This is simply unacceptable and is bound to catch up with us soon. We cannot continue to fund our lavish lifestyle with debt for too long.
The things that we discuss in this post will help in sorting out these problems.
Ways A No Spend Month Can Help You Financially And Otherwise
In the paragraphs that follow I will present to you ways that this no spend month or challenge can help you financially.
1. It Can Help You Save
One of the major benefits of a no spend month is that it will help you to save money.
Most of us don’t save and are therefore not prepared for any emergency for example. We have no emergency funds to take care of medical bills, funerals, etc.
The main cause of all this is the ease of getting credit nowadays. This has made people ignore the old practice of saving money for any big purchase.
We, therefore, prefer to use finance to buy almost anything big, from cookers, television sets, furniture, etc.
All this comes back to haunt us when there is a recession and people are losing jobs. And all of a sudden people who had well-paying jobs are queuing at food banks as they don’t have any savings.
Therefore a no spend month is the secret for you to for the first time start saving money. This is because as you stop spending money on some categories that money will now be available for savings.
And to be honest I feel that it is time that westerners started saving again. Not just for saving sake as I can hear people complaining about the low-interest rates.
My solution for this is to keep at least three to six months of savings in an emergency fund. This is because during an emergency you don’t want your money tied up in stocks or bonds. In such times you want your money to be available immediately.
Once your emergency fund has enough funds you can start investing the rest of the savings in other investments. All this takes time but it is worth it.
2. It Can Help You Fight Impulse Buying Habit
Another way a no spend month can helps is to fight the bad habit of impulse buying.
A lot of us are afflicted with this habit of impulse buying where we buy things without any good reason. We just buy stuff because we just feel like buying something.
A typical disease in the affluent west and marketers have studied our brains and know how to present their stuff in stores to attract us.
I have seen ads that attempt to show us that we are nobodies until we buy certain items. As a result one ends up buying a new tv set, new furniture, just to feel good.
I remember a few years ago I bought new furniture just because I felt that it was more good looking than the furniture I already had. I now know better and try not to be rushed into buying things I don’t really need.
I try not to get the latest iPhone just for the sake of it when my old phone is still working without any problems. I am not learning to shut my eyes to ads that entice me to buy the newest fad in town.
By not spending a penny on some categories during this time you will acquire the discipline that you need to fight impulse buying. Therefore if you are struggling with impulse buying, you can use this remedy of a no spend challenge. Try it and you won’t regret it.
3. You Will Learn To Be Resourceful
Another cool advantage of this period is the fact that you will learn how to be resourceful.
This is because as you are doing this no spending challenge you may have to find alternative ways of doing certain things.
This is where the materials for doing them are not available for purchase due to the challenge.
For example, you may have to find new ways of cooking some stuff if, for instance, you have decided to include in the no buying categories some ingredients.
And there is nothing that excites the human brain than the eureka moment. The time you discover that there is not just one way of doing things.
This may also help to spice your life even more and make it more exciting. We were not born to like variety. A monotonous life does not appeal to most people.
4. You will Learn To Be Content With What You Have
In our affluent societies, greed is one of the evils that continues to rear its head again and again.
We appear not to be content with what we have. If my friend owns a Tesla vehicle, I will want that too and will do everything in the world to get it.
And during this no spend month you will learn to be content with what you have. And if you can do it for a whole month it may soon become a habit. More especially if you do this challenge now and again.
It is high time we all learned that life is not just a function of what we have. You can be poor and still be happy. You don’t need to have all the finer things of life to be happy.
Otherwise, the happiest people in the world would have been the billionaires of this world. And we know that not all billionaires are happy people.
Once you learn to be content with what you have you will stop stressing about things
5. It Will Help in Fighting Stress
Another benefit of the no spend month is that it can be a tool to fight stress. In this world, a lot of people are stressed because of trying to be like other people.
I have a friend who works two jobs not because he has to but to support his extravagant lifestyle. He needs the money to pay for all the gadgets that he is accumulating.
As a result of all this, he is just stressing himself out and recently had to be admitted to the hospital.
A no spend month will help you to see that you don’t really stress about the things of this world. That you live a happy life with few things.
6. It will Simplify Your Life
A lot of us have made our lives complicated by the way we live. We stress about where we will get money for that luxury holiday. How we will get that new furniture.
A no-spend month will help in making you realize that life does not need to be complicated. You can simplify your life and still be happy. One can be frugal and happy.
You can forego some expenses and still have a smile on your face.
A simple life will make you less stressed.
I would, therefore, urge to give this challenge a chance and hopefully, it will be the key that you need to start really enjoying your life.
7. You Will Have More Time With Your Family
Another cool advantage of a no spend month is that avoiding some expenses can free you to spend more time with your family.
For example, if you were going to the pub in the past this time you may decide not to and use that time to bond with your kids.
One of the complaints that kids make is that their parents do not have time for them. They do not have time to find out how their children are performing in school. No time to help their kids with their homework.
Therefore if you decide to forego this expense you can then do all these things with your kids.
And the result of all this will be a happy family and well connected family.
These days our kids are being raised through gadgets and videos that they watch. And most of these videos may not teach our kids the kind of lessons we want them to learn.
Don’t get me wrong here as I am aware of the benefits of these gadgets in other areas. But unless we take time to control this our kids will not grow into responsible adults.
8. It Can Help You To Declutter
During this period when you are not spending and therefore having more time to clean out of his house some items that you don’t need.
We all have things lying around our house that we should have gotten rid of long ago.
So during this period, you can take time to sort out these things and either sell them or put them in the garbage bin.
I know that in our house we have for instance plates and other utensils that we no longer use. I can easily get these things and sell them at a flea market for instance.
Or I can find other ways of flipping them for a profit on Facebook Marketplace or eBay.
So this period can be a very productive period for you and your family. You will not only make your home tidy but will also make money out of it.
9. It can Be a Fun Time For Free
Most people equate spending with fun. They cannot imagine that you can have fun without spending a dime. That is definitely not true.
For example, you can go to a park which in most places is free. And there you can play using the available see-saws etc. Or you can just move around admiring the natural world in the park.
In your house, you could also have all sorts of card games, puzzles that you have not touched for a while, which you can use now.
How about free computer game apps that you can play with your spouse and kids.
It will be quite an eye-opener for most people as they are forced to find free ways to have fun. And before you know it you will discover that you don’t need to spend a dime to be happy.
You don’t have to go to the cinema where you are still for an hour or two to be happy. One can have the same happiness in his or her own home where you are free to rewind or stop at any time.
Sometimes the good things in life are free. Free for all people to enjoy. We just need to find time to look for them and a no-spend month can afford us that opportunity.
It is my hope that you have learned enough in this post to excite you to take this challenge. I promise you that you won’t be disappointed. Try it now.