The start of a new year is a fantastic time to review your budget and set some new financial goals. Whether you’re resolving to supercharge your savings this year or to crush some debt, I’ve got just the thing! With the holidays behind us and bills coming due, now is the perfect time to challenge yourself to a No-Spend month.
A No-Spend month is all about drastically reducing your excess spending—like buying new clothes or eating out—for one month.
It’s going to be a challenge, so get yourself mentally ready. Discuss the concept with your spouse, family or friends and explain to them the goals and benefits behind the challenge.
It’s just one month—you can do anything for a month. Stay focused on the benefits—the process can be tough, but the financial reward will be worth it.
So: how do you take on a No-Spend month? Here are the rules.
The next step after cutting out all unnecessary spending is to replace expensive activities with free experiences. Sound hard? Don’t worry—it’s easier than you think. Just make sure you have a plan before you start. Here are my top tips for how to sail through a No-Spend month.
Use this time to check-in with your budget, bank accounts, credit cards and credit report. This will give you a clear idea of how much you have, what you owe and help you set personal financial goals for this year. For example, maybe 2020 is the year that you:
By setting goals and knowing your financial status, it’ll be easier to get real about what you can actually do this next year.
FYI: There are some really helpful tools available from CreditRepair.com to help you challenge any questionable negatives clogging up your credit score.
A No-Spend month will take some determination and creativity to pull off, but the payoffs can be huge. This extreme savings approach is one of the fastest ways to make progress towards achieving a financial goal.
Start this year without being held back by last year’s spending, and use this month-long challenge to start an emergency fund, supercharge your savings to buy a new home or simply save money for a rainy day.
Whatever your financial goals may look like this year, stay motivated this month, and enjoy the rewards!
Should you hire a financial advisor? Here you can get all of your questions about…
While paying off collections generally won’t improve your credit score, newer scoring models like FICO…
If you’re wondering “how much will a secured credit card raise my score,” it won’t…
Learn what credit mix is and how it affects your credit score, as well as…
Discover the best finance podcasts to learn everything from how to create a budget to…
Do utility bills affect your credit score? Get the facts about how accounts like gas…