How a No-Spend Month Can Help You Be More Frugal
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ModernFrugality: The shop at Modern Frugality has free and low-cost printables, resources, and ebooks to help you reduce your spending, minimize your stuff, organize your life, and meal plan efficiently. Whatever you’re looking for on your path to financial security Modern Frugality has some of it. You’ll have to visit Shop.modernfrugality.com to see. Frugal Friends listeners get 50% off your purchase with code FRUGALFRIENDS19.
Driving the Speed Limit: similar to following all of the other rules of the road - driving the speed limit is the most surefire way to avoid spending unneccesary money on fines. Just like fines and interest for late payments on your credit card makes it pointless to have one - so speeding and getting tickets make it pointless to drive. Keep your money in your pocket - where it belongs - and drive the speed limit. Driving the speed limit - one less reason for the cops to pull you over.
Notable Notes:
- What the Internet has to say:
- This article from The Balance explains a 'spending fast', how to do it, and why. It offers a great introduction and motivation to do a no-spend challenge.
- What Jen and Jill have to say:
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A spending fast could help towards savings goal or paying down debt, but there's even more reasons than this! A no-spend challenge can also reign in spending, assist in identifying priorities, detox the budget, prep for upcoming spending or help you reach a “giving” goal!! OR you can do it just for the sheer challenge of it :)
Guidelines: -
Pick a length of time
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Choose what CAN you spend on? Obvious = groceries, bills, basic personal care - don’t cut out brushing your teeth!
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Conversely; choose what you CAN'T spend on, such as clothing, entertainment, eating out, etc.
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Reduce essentials - utilize as much food as you already have on hand - a spending fast definitely isn’t an excuse to expand your grocery budget for the month!
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Get BUY IN from family members - no pun intended…
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Reduce temptations (i.e. unsubscribe to your favorite stores' email list)
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Plan for exceptions (think “planned versus impulsive”)
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Beware of pitfalls!
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Overspending before and after
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Delaying necessary spending
- More from the Internet:
- This article from Modern Frugality goes into greater detail on the "how-to's" of a no-spend challenge. If you are planning to engage in this spending fast, definitely check out what Jen has to say (write :)) on the topic!
- More from Jen and Jill:
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Consider doing a month without spending on groceries!
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Prep for the challenge by stocking up on freezer meals, here's a great place to start for recipes: https://onceamonthmeals.com/
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Find fun and FREE ways to spend all the time you're saving! Here's a few ideas:
- Make money :) The best way to not spend money is to make money!
- Declutter
- Find free activities in your community
BILL OF THE WEEK - Thank you Nic for sharing with us your bill! We love your self-care priorities!
If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill
Even More Goodies About Not Spending Money
- Another treasure from Modern Frugality...this one provides a list of 52 free activities you can try when you are on your no-spend challenge! Check it out!
Also, check out Jen's book, The No-Spend Challenge Guide which is free for all Amazon Prime members through Prime Reading until March 2019!
The book even comes with a bonus, and here are a few things on the bonus! You don’t even have to buy the book to get it, just head to modernfrugality.com/nospendguide
Other Frugal Friends Activities:
31 Day Declutter Challenge
We’re still on our 31-Day declutter challenge. Join use and get yours at frugalfriendspodcast.com/declutterchallenge
Frugal Friends Book Club
It’s January and we are reading The Life-Changing Magic of Tidying Upby Marie Kondo
- If you want a free copy of The Life-Changing Magic of Tidying Up leave us a review where ever you listen, screenshot the review and send it to frugalfriendspodcast@gmail.com. We’ll select the winners at the end of the month.
As always, thank you for hanging out with us. See you next week!
BONUS
SNL skit - “Don’t Buy Stuff You Can’t Afford”