7 Reasons You Should Take A “No Spend Month”?

A few of us here in the community have been talking about what it means to take a “No Spend Month.” The conversation was started by Stacey, who posted that she and her husband take a No Spend Month several times a year.

What is a No Spend Month? In essence, it is:
– A month-long break from your normal spending patterns
– You may spend money on groceries or other necessities
– But you may not spend money on new clothes, entertainment, travel, dining out, or any other luxuries.

Does abstinence from shopping sound like a hardship? Maybe – but Stacey says there are many excellent reasons to do a No Spend Month:

1. You’ll save money. (Duh.)
2. You’ll be forced to be more creative with your free time. There are many ways to enjoy quality time either alone or with loved ones, and not all of them involve spending money! For example, says Stacey, if you normally enjoy a long drive along the coast capped by dinner at a nice restaurant, you might choose instead to hike a local trail and pack a picnic. Instead of Happy Hour at the local pub, she and her girl friends do potluck appetizers and wine in her backyard. “We always have just as much fun,” Stacey says.
3. You’ll be reminded of all the things you do have. Being in spending mode fixes your attention on all the things you want, but don’t yet have – a recipe for dissatisfaction. But when you take a No Spend Month, you suddenly realize you’re surrounded by abundance. “Taking a break from the constant wants and focusing instead on needs allows me to feel grateful for everything I already have,” says Stacey. “It’s a joyful, mindful approach to saving,” says Nora, a SUM180 member. “I love it.”
4. You’ll discipline yourself to spend less in general. “I think this is just what I need,” says AnnMarie, a SUM180 member. “I tend to spend a little too much on items that I don’t really need but want. If I could learn to curb my spending, I’d be doing so much better overall.” A No Spend Month is particularly good practice if you’re simplifying your budget in preparation for retirement. “I’m definitely at the stage where I am trying to cut down costs as much as possible,” says Dionne, another SUM180 member. “Over the past couple of months, I’ve cut down on my spending, but implementing a No Spend Month here and there might really discipline me a lot.”
5. Like a juice fast, but for spending. Taking a break from our usual spending patterns helps us become aware that so much of what we spend our money on are “wants,” not “needs.” In fact, the simple exercise of sorting your wants from your needs for a whole month can be a real eye-opener, all by itself. If you’ve fallen into careless spending habits, a No Spend Month is a way to hit the reset button and “cleanse” yourself of those bad habits. This is an opportunity to establish new patterns, if you wish.
6. You’ll feel like a savings rock star when the month ends. “I’ve taken a no-spend week before and there is a sense of accomplishment and groundedness from it,” says SUM180 CEO Carla Dearing. “So, a whole month must be even better!”
7. Bonus: At the end of the month, you can take your savings and put them towards your financial goals.

Would you take a No Spend Month?”