If you ever look at your bank account and wonder where your paycheck went, no spend days might be for you.
Lately, there’s been more and more talk about finding financial independence and retiring early. Some committed souls have even used COVID-19 quarantine time to button down their finances and cut spending.
But for many, the pandemic has meant spending a ton of extra money buying stuff online. Like, a lot of stuff.
For those of us who might benefit from a financial reboot, no spend days are here to help.
What Are No Spend Days?
No spend days are when you make a conscious effort to cut your spending to only necessary expenses for a set period of time. This intentional approach to personal finance is an incredible way to SAVE MONEY while learning about your spending habits.
Benefits of No Spend Days
Regardless of your sustainability or personal finance goals, no spend days can:
Save you money Make it easier to track your necessary spending Help you gain insight into your spending habits Lead to new, more intentional habits
How To Start a No Spend Habit
Sound like it might be a good fit? Here’s how to get started:
1. Write Down Your Why
Admittedly, this step isn’t totally necessary.
But it can really help you if you start feeling discouraged and need a reminder of WHY you’re trying no spend days.
So, before you get started, take a few minutes to think about your goals and what brought you to this point.
Are your credit card bills getting out of control? Have you struggled with money in the past and want help staying on track? Or are you trying to pay off debt and just need a little nudge to get started?
Maybe your finances are in order but you want to be more intentional about spending.
There are NO WRONG ANSWERS here and your why can change from day to day. The important part is that you take a moment to pause and think about it.
2. Strive for a Totally No Spend Day
If you’re not sure you can handle a full-on no spend challenge, start small. Choose a day this week and commit to using only resources you already own.
This will look different for everyone, but might include making all of your meals with ingredients you have on-hand, skipping that movie rental on Amazon, and avoiding ads for buzzy cookware on Instagram.
By dedicating yourself to a single no spend day, you prove to yourself that it’s possible. Plus, you get to see how it feels to break the spending cycle. The way you spend—or don’t spend—money is a habit, and the first step toward improving your habits is showing yourself you can.
3. Make a Note of What You DO Spend
Sometimes not spending money just isn’t feasible. Bills come due, your car runs out of gas. I get it.
While you may be able to go one day without spending money, you’ll likely need to cover expenses over the course of a week or month. The important thing to remember is the difference between things you need to spend money on and those you simply want.
As you move through your no spend challenge—whether it’s one day or 30—keep a daily list of those things you do spend money on. This may include true necessities, like a utility bill or gas for your car, as well as things you simply find yourself wanting or needing—think a new pair of shoes, household items, or art supplies.
By writing everything down, you create an accurate record of what you needed—or thought you needed—as well as how much it cost and when you purchased it. This information can be incredibly illuminating once you start reviewing your spending habits and making adjustments.
4. Reflect on Your Day
The most important part of no spend days is reflection. This isn’t a time for judgment, but rather an opportunity to really see your spending habits in black and white—perhaps for the first time.
Did you find it easy to avoid impulse buys? Are you more susceptible to social media ads than you realized? How many times were you tempted to spend and how many times did you resist?
Making a note of where you succeeded and where you struggled lets you start a no spend habit with a ton of valuable insight you may otherwise have missed.
5. Commit to a Week Without Spending
Once your no spend day is complete and you’ve spent time reflecting on the experience, it’s time to take the next step. Whether you’re feeling inspired or a little overwhelmed, try to continue the no spend challenge through the next week. The longer you go without spending—and the more notes you take along the way—the easier it will get. You may even find you enjoy the challenge of whittling down your expenses.
Tips for Trying No Spend Days
Unsubscribe from—or don’t open—promotional emails Meal prep so you won’t be tempted to order takeout Turn off Google Ad personalization (Manage Your Google Account → Data & personalization → Ad personalization) Plan free activities in advance so you won’t fall into the boredom trap Avoid the risk of impulse buys and overspending by stocking up on necessities once a month Likewise, pay all of your bills on the same day to get necessary spending out of the way
Making No Spend Days Work For You
Whether you have a major spending problem or just want to cut back on your expenses, no spend days can help you identify your spending habits and cut back on unnecessary purchases. Start small by trying a one-day challenge and then work your way up to a week, month, or even longer.
