At least five years--that's how long No Spend January (or, No Spenduary) has been a thing in our house, and I thought I'd share an update on how and why we do this.
Interestingly enough, I can't quite recall exactly how the idea came to be, but since its inception, my Mom and Sister have gotten in on the challenge and we've brought Mark and the girls along, too. It's funny to hear Abby ask, "Does this count as extra spending?" Really being thoughtful--and also trying to scheme her way into bending the rules just a little! She knows the drill, and we're glad that she's learning some good financial lessons.
November and December can seem like brutal months for your wallet and budget. I know this is not the case for everyone, however, lots of little things pop up (and add up!) during that season. Perhaps this year was different as gatherings were scaled down, or perhaps this year was different because indulging seemed like a good way to heal the hurt of those scaled down gatherings.
January is a time of lots of new beginnings, right? People make resolutions left and right, set big goals, vow to be/think/do/feel differently as the calendar turns. Usually January is when those holiday bills come due and you're reminded of how much extra you added into your celebrations--many times, without really thinking too much about it in the moment.
In the spirit of new beginnings, January seems like a great time to examine spending habits. Maybe you'll be pleased with what you find or maybe you'll have an eye-opening moment that requires some adjustments.
For me, this No Spenduary is about making a new budget for our family and a plan to really stick with it. We haven't made many revisions for a while---and things have changed. I have a new job, my parking fees are gone, our insurance is different, we no longer have tuition payments for Alyssa...time for a financial check-up. And we've got some goals; but we all know a goal without a plan is merely a wish. And wishing isn't going to cut it. Getting detailed about the goal, the WHY and the HOW will make a huge difference.
What exactly are we talking about here with No Spenduary? Well, it's pretty simple---nothing extra. We pay our bills, grocery shop and get gas. That's it*. No random take-out "just because." No "this is new, let's try it" at the grocery store. No frivolous Amazon orders because "Add to Cart" is so darn easy. Back to basics.
We've made exceptions over the years, like the year we needed to make an emergency repair to our garage door. Not something that could be put off. But that's the beauty of No Spenduary--that kind of expense stings a lot less when (a) you realize that's all you've spent money on for the month and (b) you've got "extra" in your account because of the no spending!
I'll be eager to see if this year feels easier to stick to our plan because of the many restrictions we're facing. Going out to eat isn't really an option, random errands on a Saturday morning aren't happening which means no quick coffee on the go and no "but I like it!" purchases at my favorite spots.
This past year has provided wonderful reminders of what's truly important and taught us that we can, in fact, do more with less. Was it always easy? Heck no. Did I miss dinners out with my family to celebrate report cards and birthdays? Heck yes. But I've loved being home more so I can cook and enjoy yummy meals around our own table. One thing I didn't stop spending? TIME!!
Bottom line, it's ONE month of being hyper-aware, disciplined and determined. Fortunately, the effects last longer than a single month, and we realize that while we don't see ourselves as frivolous, sometimes we are and our wallets know it.
Cheers to keeping up the tradition and cheers to you if this is your first crack at No Spenduary! Feel free to leave a comment about your plan, ask questions about ours or check back so we can share updates on our challenges and successes!
xo,
Amy
*Gift cards purchased/received prior to January can be spent--but not a penny over the gift card amount!
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