The No Buy Month, also referred to as a Zero Spend Month, is when you try to cut back on unnecessary purchases as much as possible. You may not think twice about the trivial expenses but over time these things add up. Taking on this challenge isn’t as hard, so long as you go into it prepared and determined to change your spending habits. Read ahead for tips on how to successfully save money during your No-Buy Month.
Make a “Do Not Buy” List
Spending absolutely nothing in a month doesn’t sound realistic. Bills and loans must be paid off, along with groceries and gas refills if you own a car. Except for essential expenses, make a list of things you cannot buy for the time being. Include in anything you frivolously spend on like clothes, food deliveries, or housewares. Ilene Davis, a Certified Financial Planner, says, “The Idea of the [financial] fast is to stop spending money on anything that could be delayed, without damage to life or health.”
Practice Mindful Spender
One of the obvious benefits of the No Buy Month is having extra savings at the end. Apart from that, you’ll be more aware of your spending habits and easily distinguish your wants from your needs. This is especially recommended for impulse buyers who have difficulty controlling their urges to shop. If you are easily tempted by sales and habitually browse online stores, it might be best to delete the apps and unsubscribe from promotional emails.
Reduce, Reuse, and Be Resourceful
Before purchasing an item, check that you don’t already own something similar. Unless it needs replacing or cannot be reused, you can probably put off that expense. When it comes to things like groceries, toiletries, or make-up, use up what you already have before buying more. Another way you can be more resourceful is to find activities you can do for free, like a visit to the museum or an online workout class.
The best thing about the No Buy Month is that it isn’t rigid. You set the rules on what you can and can’t spend on so you don’t feel like you’re depriving yourself. As you become more responsible with your money, you’ll be able to put more towards your savings.
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