Master ‘No Spend November’ in 5 Simple Steps

Have you ever considered what your checking or savings account could look like if you could stop unnecessary spending? I have, many, many times. I often find myself looking over my expenses at the end of the month and thinking, “How did I spend that much” or “Where did my money go?”. It is frustrating. It’s also a never-ending cycle if you don’t take charge of your money. I am a huge Dave Ramsey fan. His methods work if you stick to them and make the hard decisions. However, now and again, there comes a time when you need to take drastic measures to get yourself back on track.

I read a book back in 2016 called The Spender’s Guide to Debt-Free Living. This book was eye-opening for me. I had honestly never thought about trying a “no spend” month much less an entire year. It is a quick read, and while some of her tactics may seem extreme, I can honestly say, that this challenge has helped us on the track to becoming debt-free.

Step One – Set Your Goals

Write out exactly what you want to accomplish. Be super specific. Set a goal or write out what you want the BIG picture to look like at the end of this time. If you don’t, more than likely, you will give up. You have to be able to see that the little changes you are making during this time will benefit or help you accomplish your BIG picture or Goal.

Step Two – Prepare Yourself

Prepare yourself and your household for this challenge. If you are single, this should be an easy step. If you are a family with children, this may be a little more difficult, but not impossible! You have to plan. Make a Wants and Needs list. You be the judge, there is no wrong answer here. My Wants and Needs will look different than yours. Only you know what your family needs and what you or your family can live without during this time. Include your spouse, a joint effort will make this process go more smoothly. You will have to learn to say no to certain things. I had to learn to say no to lunches out with co-workers, and no to family members’ children who wanted us to purchase a roll of wrapping paper or cookies from the Girl Scouts. It is hard at first, but remember, think about the Big picture, not the little picture. Here is an example of what mine looks like:

• Wants: Movies, Entertainment, Clothes, Coffee Shop, Fast Food, Kids Fundraisers, Home Decor, Toys, Gifts, Cable, Travel, etc.
• Needs: Groceries, Utilities (power, water, gas) Phone, Internet, Gasoline, Dog Food, Rent or Mortgage, Auto (gas & insurance)

Step Three – Set Your Time Frame

Choose a good time of year. Don’t try this in December when you know you will want to spend for Christmas. Don’t try this in August if you know you’re about to pay a large sum for your children to go to school. Maybe try it in January, February, or March, when there isn’t as much going on as in the Summer months. You be the judge on when to start. The first time we did this was for a week, the next time it was for a month. Next, we are going to accomplish a 3-month challenge. We chose January-March. This duration will work out for us because we have no travel plans and we are starting our new, better eating habits. Choosing the right time will help us with not eating out and there will be fewer temptations in those months for parties or outings with friends. My birthday happens to land the last weekend in March, so I am hopeful we can celebrate more than my birthday!

Step Four – Be Positive

Start the no-spend challenge with a good attitude towards what you are doing. Try to stay positive and excited throughout this process and focus on the big picture not the little picture. The little picture is maybe this isn’t as fun as when you could spend what you wanted. The big picture shows that you can accomplish your goal for this money and pay off debt, put money in savings, or plan a vacation. Whatever your big picture is, keep it in your mind for the days you feel like throwing in the towel. Those days will come, but you can do this! The first time we did the challenge, I felt like I was dying because I couldn’t go to Home Goods on Saturday mornings and just look around. Those “look around” days probably cost me over $10K in the last 5 years….no joke. If you are trying to save money, going shopping with no purpose is a recipe for disaster. Resist the temptation.

Step Five – Go For It

This isn’t rocket science. There is no special formal. The task is this…..Ask yourself before you purchase anything, “Is this a NEED or a WANT?” Even if it is a bag of M&M’s at your office vending machine…..if it isn’t on your list as a NEED, don’t spend the money. Period. Harsh I know, but that is the challenge. If it was easy, everyone could do it.

This challenge will be eye-opening for most of you. It was a slap in the face for us. We spent money on some of the most ridiculous things. Once you start accounting for every dime, you will get control over your money and stop letting your money control you. Good luck!

Check out these related post: Mastering Frugality Mastering Your Grocery Budget

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