Join the No-Spend Contest in January
While we’re getting ready for the start of the new year, let’s embark on a no-cost trial in January. If you’ve read Two Cents for a while, you may be thinking, “Lady, we did this last year . Overtake. “I know! That’s why I want to do it all over again.
There’s something about the freshness of the new year that makes it the best time for a month without spending. The vacation season is so hectic – and often so filled with big and small extravagances – that January can be an important period of recovery for your finances. Along with a concerted effort to cut costs, now is the time to revisit your budget, plan your tax season, and possibly redefine some of your financial priorities .
I know I didn’t give you a lot of time to prepare for this challenge, but we have a guide to getting ready for a month at no cost if you want to go all-in. pantry type, but if so, please don’t let me discourage you.
If you want to quickly dive into the process, there are two main ways to get involved.
You may decide to cut all non-essential and one-off costs. You can keep Netflix auto-paid (and because you might be staying in more this month). You can keep the snacks you take to work every week to enjoy in the afternoon. You can keep the gasoline for the car, the laundry rooms, and the dance lessons you went to every Friday night for three years.
This method will help you see which potential costs are truly redundant and can be avoided with a little effort.
Another way is to choose one category and stick to it strictly . This can be anything from takeout food to houseplants. If this category, as you know, is costing you too much month after month, define it and commit to cutting it completely. Just don’t let other categories bear these costs.
I’ll tell you what I’m focusing on my no-waste task: don’t waste after 10:00 pm. I am an owl, and there is something about this second or third breath that comes late at night that makes my wallet more vulnerable to the Internet. shopping, spontaneous “one-glass” Lyfts, and late-night snacks. Sometimes I spend Friday night at the grocery store because I’m so cool.
But in January my money will turn into a pumpkin at 10 every night.
This does not mean that I am not going to pay attention to my finances in general. I will manually track my spending throughout the month to determine my high and low tiers as I revise and reset my 2020 budget.
You are ready? If you decide to take part in a challenge at no cost in January, let us know in the comments. We’ll check in the middle and end of the month to see how we’re doing.
And if you joined us last year, share your wisdom with the audience. What did you find out? What would you change the second time around?