As the holidays approach and fall is in the air this could aba good time to consider a “No Spend Month”. There are a lot of resources out there on this topic, which should serve to illustrate two points. First, that spending and saving are issues many of us face and sometimes struggle with. Second, a “No Spend Month” is completely do-able. If so many others have completed a “No Spend Month” you can too!!
Why It’s Important….
Participating in a “No Spend Month” can give you a better idea of how much un-necessary spending you typically do. Additionally, you can begin to save toward a goal you have been actively pursuing. “No Spend Months” are great to highlight ways you and your family can have fun without spending a lot of money. Plus, if you have children this is a good way to begin teaching them about personal finances.
“No Spend Months” give you an opportunity to re-connect with yourself, your family, and your finances. They are also a good excuse to get organized and clean out closets, pantry, and stock shelves as you will be able to use products you have already purchased. If you are like many, we probably have several halved used items cluttering your spaces. “No Spend Months” are perfect for decluttering and using what you already have so you can begin to save for upcoming gifts, a big ticket item purchases or a future trip.
How To Get Started:
First, set a goal. If you have never participated in a “No Spend Month” before set a smaller goal. If you are a “No Spend” veteran, challenge yourself!
Second, keep the basics! During “No Spend Months” you still have to pay for the essentials. Think health care, food, utilities, rent or mortgage payments, etc. you get the idea.
What you are not going to spend on are the extras. Everything that isn’t a basic or a necessitates is going to be cut out for the month. This means grocery shopping with a purpose, a meal plan and inventory of your pantry. Try to avoid walking through the store scanning the isles and throwing random items in your basket.
Take It To The Next Level:
If you have been successful with “no pend months’ in the past. Challenge yourself to step-up your game!
Set a large goal
Keep a savings journal
Coordinate your “No Spend Month” with friends and make it a competition.
Don’t Worry & Have Fun…
Here are some “Tips & Tricks” to help you stick to your commitment and still have fun.
· Don’t shop when your board & skip the online shopping.
· Get everyone in your household involved
· If you are going grocery shopping, eat before going.
· Get outdoors and get active: hike or bike ride
· Host a potluck instead of going out to eat with friends
· Visit a free museum
· Take pictures
· RE-design a room with what you already have
· Write, draw or paint
· Organize your cabinets- especially you will be having guests for the holidays.
· Go to the library
· Fly kites
· Store or sell out of season clothes
· Donate your time
· Bake something
· Gather leaves
· Make cards for the holidays
· Make a DIY Halloween costume with what you already have
· Drink hot cider and enjoy a book
· Make pumpkin bread. It is fall after all!!!
· Check out local fairs and festivals
· Watch a sports game
· Sit by the fire with a good book or craft
· Watch a spooky movie
We want to hear how it goes…
If you are planning to participate in a “No Spend” month or if you have done so previously. Tell us how it went? What did you find difficult or easy? What would you do differently next time?
This information is general in nature and may be subject to change. Financial professionals and other representatives are not authorized to give legal, tax or accounting advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.
Securities offered through NMS Capital Advisors, LLC, Member FINRA/SIPC. Advisory products and services offered through Castle Wealth Advisors, LLC, a Registered Investment Advisor. NMS Capital Advisors, LLC and Castle Wealth Advisors, LLC are unaffiliated entities.