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You’ve heard of no spend months, but now we invite you to join us as we extend a month into a full year! Follow along as we turn 2021 into a no-spend year!
Every so often, I like to do a no-spend month. While I don’t believe they are good for breaking bad financial habits like overspending, they are good for cleansing the financial palate and for building a quick savings if you need help meeting a goal.
What is a Yearly No-Spend Challenge?
A yearly no-spend challenge is exactly what it sounds like. For the entirety of 221, our family will buy absolutely nothing that is not necessary. Instead, we will follow the principles that save the most. We will reuse what we can, use every part, make do without or if we absolutely can’t do without; barter (Six Dollar Family) for it.
Why Stop Spending for a Year?
The obvious answer is that Steve and I want to step our savings up a few notches. Our girls graduate in just a couple years and we have started planning for our life after they leave home.
Those plans include full-time RV travel after they turn 18. If you’re interested, I have begun blogging about our journey and preparations for that over HERE at Nomads Ever After. It’s slow going, but so is our journey right now.
The idea behind not spending any unnecessary money is to take what we would have spent and sock it away for those dreams and goals we have after our nest is empty. In other words, we want to bulk our savings so we can really and truly start our preparations.
So, What Does No Spending for a Year Really Mean For You?
Exactly what it sounds like? We have a list of things that are okay to spend money on – groceries, eyeglasses, my contact lenses, school fees and so on. Anything not on that list is not acceptable to spend on.
In other words, we will only be spending money on our basic needs.
The only two caveats are that my business budget (Six Dollar Family) and Steve’s money while he’s OTR does not count. I am not going to cause my husband to go without what he needs on the road in order to save money. That rather defeats the purpose.
And I am not going to cause my business to suffer. That really would defeat the purpose.
I am sure that at some point, I will do a post explaining what is okay and what isn’t.
When Does Your Year of No Spending Start?
January 1, 2021! I am super excited!
I want to follow along! How do I do that?
Easy! I will be posting monthly updates right here on the Six Dollar Family blog, but! If you really want to stay in the know on how we’re doing, you should use the form below to subscribe to our no spend email updates! I will be sending out email updates weekly!
Ready to join us? Just fill out the form below!