Tag Archives: live debt free

Try Doing a ‘No Buy’ Month to Save Money

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.

Have a Budget for the Holidays and Stick to it

The holidays are just around the corner. We all know giving gifts, hosting parties and or attending get-togethers is apart of the fun and merriment. Cheers!

It is easy for so many of us to slip into debt and head into the new year with that dragging us down. Oh how freeing it is to enjoy the holidays debt free and head into the new year that way. This is not a piped dream. It is something we all can do, if we plan and resolve to let it be that way.

First off put together a budget for the holidays and develop the habit of funding it throughout the year. This means putting a set amount of money away for the festivities and gifts you know you will buy. Giving is fun but no one is happy to go broke doing this.

It’s already quite late in the year already, so you may not be able to budget for all you want to do and enjoy. You can have a bare bones budget for November and December to free up some cash. A bare bones budget is one where you cover the necessities and pool everything else towards a particular event or thing. It’s temporary and well worth the sacrifice if one has a desire to spend (heavily) during the holidays.

It is also ok to say no to events that crop up unexpectedly. If you don’t have room in your budget for it, learn to say no and let some things go by. Stick to your budget because adding debt is digging a whole that you will need to dig out of later.

Don’t let the holidays creep up on you and you are not prepared. Budget for it, stick to your budget and enter 2020 free of debt from the holiday. I think the holidays are far more enjoyable this way.