No-spend years, months, and weeks are really popular. They can be the perfect way to reset your financial habits and help you to save money. Many people like the idea of a no-spend or no buy period of time however, actually doing one can be a completely different story. After all, it can be a lot harder than you originally believed it to be. With prices rising in 2022 it might be something to think about, especially as the general cost of living is always increasing.
So what is involved with a no-spend year? It means that you don’t spend on anything you don’t need to. So of course, you still need to buy food, pay your bills, and also think about the essentials such as replacing items like school shoes, uniforms, work clothes, etc. The no-spend year is all about not buying the things you don’t need or forgoing some of the luxuries you may have grown accustomed to, such as a take-out coffee, for example. But how do you approach a no-spend year? Here are some of the things to think about.
Think about your financial goals
One of the first things you need to do is think about your financial goals and what they might be. What is motivating you to embark on a no-spend year? You need to know what your motivation is as this will help you to keep on going, especially when temptation can strike. Write down your financial goals and what you want to achieve and try to keep them close by. You can remind yourself of them every day or when things feel hard. A no-spend year is especially difficult if you are a frivolous spender, so it’s nice to have the reminder of what your motivation is.
If you are a person who likes to spend and not think about purchases then this challenge is going to be difficult there is no doubt about that. So you may want to start small and build yourself up to it. Perhaps start with a no-spend day once a week and build it up so that you can get used to things.
Focus on your mindset
Your main reasons for this challenge might be because you want to improve your financial situation, but it sometimes requires more than physical action. You might want to focus more on your mindset. Feeling grateful for the things you have in your life and not focusing on the things you may not be buying. Reminding yourself of your goals can also help to switch up your mindset.
Shop your wardrobe
Clothing is one of the things that many people are frivolous with when it comes to their spending, so it is time to shop your wardrobe. Have you got things in storage? Have you got things stored at the back of your wardrobe? You might be wearing the same things over and over so it’s now time to try and refresh your style without spending any money. You might be surprised by what you have already in your wardrobe.
Create simple rules
With any challenge, you need to put some rules in place, and if you are easing yourself into this you need to think about what is classed as emergency spending and what you can do without it. Have some rules in place so it is easy to stay on track.
Plan for it
Another thing you might need to do is plan for a no-spend year. That might sound difficult as to how you will know what you are going to spend? But you can take some time out before you start and look at your spending habits and make some changes and plans so that you can stick with the no spend challenge. It can also help you to plan your weeks and months and to know if you have events coming up that may require you to spend money. The more you can plan, the more you can organise ways to help you stick with the challenge.
Find some support
Finally, make sure you find some support when it comes to this. There are many social media groups and platforms that will be able to help you stay on track. They are also great sources of information with lots of tips and tricks to help you complete the challenge you have set yourself. You should also think about talking to your family and friends as they can help to keep you on track especially if you are feeling the temptation.
Hopefully, these tips and suggestions will help you to approach and complete a no spend week, month, or year.
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