Imagine buying nothing for a full month, that’s crazy right?
A ‘no buy month’ isn’t one where you neglect your bills and other necessities. A ‘no buy month’ is where a person intentionally chooses not to spend money on his or her wants so that he or she can save of save more. These would include the following: eating out, going to the movie, shopping for clothes that isn’t necessary, splurging on snacks, buying coffee or drinks and things of this nature.
Why do a ‘no buy month’?
I think this is a great thing to do in January after spending a lot in December. This will provide a psychological boost that can take one throughout the year. This means that you can put extra money towards different savings goals. Everyone has different wants and needs but withholding one want for a month can add up, so it’s worth trying and making it a challenge of sorts.
Do a ‘no buy month’ to develop fiscal discipline and start saving if you find yourself with no money after being paid. What fat can you trim? it may be as simple as taking a water bottle with you every day and not buying bottled water. It might involve cooking at home more and refusing to eat out at all or 50% less than is your normal habit.
A ‘no buy month’ is useful for everyone
Even if you are not hurting financially, you can choose to do one or more ‘no buy months’. Think about how often you buy a piece of clothing because it’s cheap or on sale. We can all be a bit more intentional about things we consume and the waste we create. Less is often more. We could donate what we save to those in need. There are always people around who we can bless from our abundance.
Try doing a ‘no buy month’ this year and it may just draw you into doing more. All the best with balancing what you earn with what you save. Always prepare for the rainy days.