How 'no-spend January' works (and what to do with the money you save) (2024)

FAQs

How 'no-spend January' works (and what to do with the money you save)? ›

The bottom line

There's no hard-and-fast program, but most participants confine their spending to nondiscretionary “essentials” like groceries and transportation. They also make (and share) specific lists of what they're allowed to buy and what they're not. Some cap their spending at a certain amount per week.

How do you get through a no-spend month? You can also use things like gift cards that you received during the holidays if you want to do a night out or in. But for any other non-essentials you want to set boundaries around you must impose a spending freeze.

There's a new challenge called "No Spend January." The challenge is where you only spend money on essentials for the whole month. That means you pay for things like housing, groceries and gas, but cut out on that latte or eating out. The goal is to focus on what you really need.

What is the no-spend challenge? This viral trend involves going as long as possible without spending money on non-essential. (Rent, groceries and other necessities are okay.) Participants track their progress on a calendar, trying to rack up as many consecutive no-spend days as possible.

A No Spend Year is what it sounds like on the tin — a 365-day year where you cut out all non-essential spending. It is also sometimes called a No Buy challenge or No Buy Year. Of course, you still pay your rent or mortgage, bills and food in a No Spend Year.

Some of the best things for a no-buy list are those that you already have a lot of, but for some reason still keep buying, such as hobby supplies, clothing, or even media. Deciding to put something on the no-buy list is only the first part of the process.

The No Spend challenge involves choosing a day out of the week when you simply don't spend money on anything. It could become a lifestyle change or challenge for a set period - it's up to you. Having at least one No Spend Day each week can help you not only to save but help you to plan your week effectively.

During January, don't buy movie or concert tickets. Don't buy books and don't rent movies on demand. You can use the streaming services or cable you already have, and if you want to read a book, you can use the library. Many libraries even let you borrow e-books, so you won't even need to leave your house.

How can I spend less everyday? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

Irregular plural nouns are nouns that do not become plural by adding -s or -es, as most nouns in the English language do. You're probably familiar with many of these already. For example, the plural form of man is men, not mans. The plural form of woman is women, not womans.

Zero-based budgeting is when your income minus your expenses equals zero. Perfect name, right? So, if you make $5,000 a month, everything you give, save or spend should add up to $5,000. Every dollar that comes in has a purpose, a job, a goal.

A credit card with no preset spending limit doesn't have a defined credit limit. Instead, the spending limit adjusts periodically based on your spending, payment and credit habits. Your buying power increases as you spend more and pay responsibly.