Financial focus month week 3: No Spend Week

Welcome to the week 3 of the financial focus month. Today, we are starting a no-sped week. It’s easier than you think. Actually, if you have ever been broke you probably already know how to do this out of necessity.

I am doing a no-spend week because:

  • Christmas was expensive
  • It’s nice to keep some money in the pocket
  • Ain’t nobody got time for mindless spending
  • I’m going away at the end of the month and want to have a budget surplus

As I said, doing a no-spend week can be easy. Social media in fact tells me that a lot of people are in fact doing whole no-spend 2019, so it better be easy! The simple rule to follow is ‘you only spend on things which are necessary – bills that must be paid, food that already has been budgeted for, transportation’. this rule calls for slightly different ‘permitted’ spending and does not include replacing things which I might run out. If the no-spend period was longer, then those items would also make it onto the list. Importantly, anything that is not necessary such as restaurants & bars, clothes shopping, buying more food than necessary or not on your meal plan etc is not happening. I am living the good life for one week, and I am living it dexterously keeping my cash in my pocket. If I want to see friends, I’ll invite them for some popcorn or go out for a walk together. If I want a fancy meal, check out the pantry. If I want a new dress, I’m going on a dig in my wardrobe.

The goal of no-spend week is not to defer spending, so if you have bills falling within that week, pay them. The goal of no-spend week is to simply avoid spending on things which you can live without and save a bit more money than you might otherwise.

A no-spend week or a month or a year, if you are up for a long challenge, usually has a lovely side effect: it gives you the power and confidence to be in charge of your money and opt in for keeping it rather than spending it. It’s a good tool for anybody that finds themselves spending on things which they later regret or overspending on something or another. As example, if you are an impulse purchaser like me, you see a shiny thing and you want it right away. But if you are doing a no-spend period, you make yourself wait and inadvertently evaluate the shiny thing that you wanted. If it’s still on your mind after you’re done with the no spend challenge, go get it. But in my case, usually I can’t even remember what that thing that I really liked was a day later. So more money for me, less clutter in my home.

Will you join the no-spend challenge this week?

Next week, let’s talk about winning at the retirement game.


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