We are gearing up for a NO spend month.
We have worked really hard over the last few months, but our resolve is slipping, and we have virtually erased our EF [emergency fund].
So as a means of replenishing it, and saving up for the Christmas holiday (and 3 of our kids have birthdays in the winter), we are cutting out ALL spending for one month.
My goal is to start on 10/25 so we can end it right before Thanksgiving and enjoy a big Thanksgiving feast!
Basically we would only spend money on essential bills. Mortgage, credit card min. payments, life and auto insurance, car payment, school for our daughter, utilities, gas to get back and forth from work, and to our son’s school, and our cable “bundle”.
So no food, eating out, clothes, odds and ends, craft supplies, etc.
A lot of people seem to like the idea, and are joining CymbidiumKelly in her project. They’ve also added some fantastic tips for making it work. Think of it like a crash diet for your wallet — but with a difference. Instead of going back to your old habits at the end of the month, taking a break from your discretionary expenses can give you a real sense of just how discretionary they are! When my wife and I did something similar a while ago, we found that we were having a lot more fun and eating a lot better by cooking at home each night, rather than going out to eat so much.
Congrats to CymbidiumKelly and everyone joining her on a great project. We’re pulling for you! If you’re interested in joining in, drop by and add your name to the list. Ideas and support from others are a great help in making a project like this work. Add yours!