Does your savings need a jump start? Does your spending need a time out? A no spend challenge can be the perfect way to gamify our finances and see some big headway in reaching financial goals. BUT before we dive into a no-spend week or month we need to prepare! In this episode we’re talking about the how-to’s of preparing for your no-spend challenge and the why this is so crucial to it’s success.
- Saving Money. When you sit down and reflect on this year can you say you did everything you wanted? Do you feel like you still have lost time to make up for but not sure how you’ll be able to afford it? Don’t let 2022 pass you by, make the memories you want by saving money for them. If you don’t have a dedicated sinking fund for that we love the high-yield account at Axos Bank. It’s currently .61% APY with no monthly maintenance fees or balance minimum requirements. Check it out at frugalfriendspodcast.com/axos so you can start saving for what matters most.
- Packed Lunches. Never as thrilling as buying lunch out, but even in the mundane brown bag, PP+J with carrot sticks, at least you know you won’t go hungry. So to all the parents packing lunches for their kids and all the co-workers out there with containers full of last night’s dinner, we see you. Your pro-active planning skills, choosing to think ahead, saving money, opting for nutrition over flavor…you already have what it takes for these no-spend challenges. Packed lunches: the training ground for overwhelming financial success 😉
For more on this topic check out EP 127 How a No-Spend Month Month Can Help Your Finances
AND Jen’s book! frugalfriendspodcast.com/book
This article from Forbes highlights ways we can use a no spend month to save money
What Jen + Jill have to say:
- Goal:Take one month off from your usual spending habits and try to rack up a significant amount of cash savings in the bank.
- Defining essentials: these categories can be different for everyone, but here are a few examples:
- Set a goal to reward yourself
- Refocus your budget – take a fresh look at your spending
- Have your habits gotten out line with your goals?
- Are you spending money automatically on things you don’t use?
- Are there areas within ‘essentials’ that could be tidied up?
- Short time commitment, provides clarity, highlights priorities, helps with longer-term savings
- Can have a ‘diet effect’, its *Only* 1 month, small spendings is often not the leading culprit to financial problems
This article from The Savvy Sparrow gives us a whole list of tips on how we can plan for (and stick to!) our no-spend challenge
More from Jen + Jill:
- 1. Give yourself grace
- 2. If you mess up don’t binge
- 3. Focus on the end goal
- 4. Save unused gift cards for a ‘rainy no spend day’
- 5. Take advantage of freebies
- 6. Bring water and snacks when you leave the house
- 7. Plan meals 24hr in advance
- 8. Use this time to actually eat the food you already have
- 9. Get int he habit of tracing income and expenses
- 10. Don’t do this right before a big holiday!
- 11. Make grocery list BEFORE going to store
BILL OF THE WEEK – Thank you Sara for sharing your bill about a ‘bill of sale’ for selling your vehicle AND paying off a credit card, and 2 of your phones!
If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill
Thanks Ting Mobile for sponsoring this week’s bill! Bring your phone, your number, and get access to the best nationwide cell coverage in America as well as Ting’s award winning customer service if you ever need help. The Flex plan is just $10 per month per line and you only pay $5 per GB of data you use. Or get unlimited data for $45 per month. Head to frugal.ting.com to get a $25 credit when you switch!
Our plans for no-spend January
- Jen- I plan to do 16 no-spend days
- Jill- I will only be spending money on our renovations
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