How to Survive a No-Spend Month (2024)

FAQs

How to Survive a No-Spend Month? ›

Establish Rules

Before the month begins, make a list of non-negotiable expenses—like rent or mortgage payments, utilities, medication and insurance. Then set aside cash for essentials like gas, as well as perishables like milk and produce. “Don't stock up before,” says Davis. “That defeats the whole purpose.”

Establish Rules

Before the month begins, make a list of non-negotiable expenses—like rent or mortgage payments, utilities, medication and insurance. Then set aside cash for essentials like gas, as well as perishables like milk and produce. “Don't stock up before,” says Davis. “That defeats the whole purpose.”

Keep Yourself Busy During Your 30-Day No Spend Challenge

The best way to pass the time without spending is to stay busy! Find things you love to do that don't cost a thing and you'll be able to stay on track with your challenge.

For the no-spend challenge, you pay for essentials only for a set period of time. Thirty days is pretty common, so you might hear it called a no-spend month too. Basically you're covering your Four Walls (food, utilities, shelter and transportation) and other necessities, but you're saying no to all the extras.

How does cash stuffing work? The basic premise of cash stuffing is that you set aside cash for different budgeting categories at the beginning of each month. The goal is to spend no more than that cash you've set aside for each category.

To keep your grocery bill under $500 a month, plan your meals, buy in bulk, choose generic brands and focus on cost-effective, nutritious foods. Also, take advantage of sales and coupons, avoid impulse buys and reduce waste by only buying what you can consume.

To better track her spending, Yoo, 26, decided to try out a “low-spend month”—a budgeting trend in which participants aim to spend only on essentials, like rent or car payments, while limiting or cutting out discretionary spending entirely. Yoo is not alone in looking for new ways to save.

How can I save $5,000 in 100 days? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

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.

The 'No Buy Challenge' is a strategic approach to saving money by abstaining from unnecessary expenses. It's not about depriving yourself but rather reevaluating your spending habits and focusing on essential needs.

If you struggle to stick with a budget, try using the 1% rule for spending money. It's simple: When something you want to purchase exceeds 1% of your annual gross income, wait a day before buying it.

Practice the 24-Hour Rule: Before making any non-essential purchase, wait at least 24 hours. This delay allows you to reconsider whether the item is truly necessary and if it aligns with your financial goals.

Now there's a new twist taking over social media: a low spend year. It's where you still spend some money, but you make a big effort to reduce how much you spend. Morgan Evelyn Cook recently completed an entire low buy year and shared about it on her Instagram.

To limit your spending to $500 a month, the first step is creating a strict budget and tracking every expense. Prioritize essentials like food, basic utilities and any absolutely necessary personal items. Keep track of all your expenditures, no matter how small, to ensure you stay within your budget.