“Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough.”
—Oprah Winfrey
We live in a fast-paced world of distraction and comparison. On the one hand, carefully-crafted marketing lurks around every corner, designed to catch our eye and win over our wallets. On the other, the lifestyles of those around us and in the media provide a framework to compare ourselves against – and to attempt to match.
With all we're up against in this impulsive world, making intentional spending decisions can feel like trying to thread a needle on a roller coaster.
Sometimes, it helps to step off the ride for a bit. What's one way we can do that? By challenging ourselves to a detox – a set amount of time with no unnecessary spending.
This month, I'm going to do just that: get through all of May without going to Dunkin for an iced coffee, buying a pretty houseplant I see at Wentworth Greenhouses, or jumping at a spring-y floral blouse at TJ Maxx.
I'll make a follow-up post in June about how it went! First, though, let's learn more about no-spend challenges.
What a No-Spend Challenge Isn't
The purpose of this exercise isn't to cause shame or condemn all spending. After all, money is a tool, and it has its place. It keeps a roof over our heads, food in our stomachs, and gas in our cars.
It also isn't to ban you from ever buying fun or frivolous things. Going on vacations, drinking delicious iced coffees, and buying cute things are all enjoyable! The key is that they're not the only way to find joy, and likely not the most permanent, either.
If we find ourselves solely relying on retail therapy for dopamine hits, it may be time to pause and reset.
Benefits of No Spending
A no-spend challenge provides a detox to your spending habits. You get to take a step back and be honest with yourself about what you tend to spend the most money on, what tempts you, and how much of your income is being eaten up by nonessentials.
In a society that constantly bombards us with the message that what we have isn't good enough, after a month without upgrades, you may realize that yes, it is.
Then, when the month is over, you can resume spending – with intention.
Although the main reason I'm doing my no-spend month is to promote mindfulness and intention with my spending, some people do it as a way to give their savings a boost. If you're not spending willy-nilly, you'll save extra money, which you can put toward an emergency fund, credit card bills, or an investment account. Win-win!
No-Spend Month Rules
The concept is simple: throughout the month, you only pay for necessities, like bills and basic groceries. If you know certain upcoming events will require spending – like a close friend's anniversary, in my case – you may choose to make an exception. The rules are yours to set, but the less you spend, the more you'll save!
Tips for a Successful No-Spend Month
Before:
- Make two lists: your essentials and your extras. New clothing, coffee from a drive thru, pizza delivery, a mini waffle maker – all things you'll probably live without for the next thirty or so days (I hope).
- Update your budget – it's important to have an accurate understanding of your income and expenses beforehand, so you can figure out how much you saved.
- Inventory your fridge, freezer, pantry, and cabinets. Although groceries are a necessity, this is a great opportunity to use what you already have in the house.
- Plan ahead for your weaknesses. For example, if Friday dinners usually turn into takeout, plan an easy meal at home, or better yet, make big enough portions earlier in the week to have for leftovers. Or if you always find yourself pulling up to the drive thru to get a delicious iced coffee before work, add ingredients to your grocery list to make your own at home.
- Let family and friends know about your efforts so they can support you. They may even choose to participate, too!
- Delete shopping apps. Sometimes the worst temptations are right on our phones.
During:
- Enjoy free activities, like getting out in nature or having friends over for a game night.
- Avoid places and sites you have a weakness for – perusing your favorite department store or scrolling through online sales is only tempting fate.
- Make it fun! Get creative with recipes and ways to spend your time.
- If you come across something you really want, put it on a wish-list. When the month ends, revisit the list and see if you still feel the same way.
After:
- Reflect on the past month's experience and implement any changes you may want to make going forward.
Questions to Ask Yourself After a No-Spend Month
- What were the greatest challenges I faced?
- Did anything happen that surprised me?
- How did it feel when I said no to myself? How did I feel afterward?
- Are there any changes I'd like to make with my spending?
- What did I learn about myself?
- How do I feel now that I've gotten through a month without extra spending?
- Would I do this again in the future?
Why Not Challenge Yourself, Too?
Using these guidelines, I'll try to get through May without any non-essential spending. It's going to be a challenge; I already know what my trouble areas are going to be! Still, it'll be a great learning experience.
Make sure to check back at the beginning of June to hear how it went! And if you'd like to be more intentional with your spending habits, why not try a no-spend month yourself?
PS: If you're intrigued by the reasons behind overspending on a personal and cultural level, check out these articles:
Frugal Habits of the Ultra Wealthy
Psychology Explains Why Some People Buy So Much Stuff