How to Survive a No-Spend Month (2024)

FAQs

How to be successful at a no spend month? ›

There are no set rules to a no-buy month. It can be as strict or as lenient as the challenger feels comfortable with. The point isn't to deprive ourselves of necessities, but rather to experience how easy it can be to use fewer resources, create less waste, and save some cash in the process.

“It's crazy how quickly things can get out of control.” To better track her spending, Yoo, 26, decided to try out a “low-spend month”—a budgeting trend in which participants aim to spend only on essentials, like rent or car payments, while limiting or cutting out discretionary spending entirely.

What is the no-spend challenge? This viral trend involves going as long as possible without spending money on non-essential. (Rent, groceries and other necessities are okay.) Participants track their progress on a calendar, trying to rack up as many consecutive no-spend days as possible.

“The 7-Day Rule is a simple yet effective tool to curb impulsive spending by providing a waiting period after identifying a want or need before making the purchase,” said Delker. “This period allows individuals time to consider if the item is genuinely needed or if it's simply a desire.

Instead of buying it right away, give yourself 30 days to think it over. Write down what you want to buy, set a reminder on your phone, or just make a mental note. Most importantly, put the money you would have spent into a savings account. This will help you build up your savings while you're waiting.

The 7-Day Rule is based on a simple concept: if you have the impulse to purchase something non-essential, you should postpone the decision for a week. This delay allows you to evaluate if the item is truly necessary or if your desire for it fades with time.

5-Hour Rule: If you're not spending 5 hours per week learning, you're being irresponsible. “In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time — none.

What is the $1000 a month rule? ›

The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. According to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.

A single person household spends an average of $4,337 on monthly expenses. Married couples without kids spend an average of $7,111 on monthly expenses. A family of four spends an average of $7,875–9,168 on monthly expenses (depending on kids' ages).

You won't be able to do everything you want to do when living on only $1,000 per month, but you can make it work. We've put together a quick step-by-step guide on how to live on $1,000 per month by focusing on significantly lowering your expenses and building a strategy for keeping them low.

Key Points. Investing in growth funds can help you outperform the S&P 500 in the long run. Putting aside $300 per month by the age of 39 could set you up to be a millionaire by the time you retire. Investing in exchange-traded funds is a good way to minimize risk and simplify your overall investing strategy.

Outside the most expensive parts of the United States, $5,000 per month is typically enough to cover rent or mortgage payments and other lifestyle expenses if you're mindful of your budget.

No Spend Months are great. They give you super focus on your money for a short period of time to be able to really make some quick progress, but they don't have to be perfect for you to make progress. Buying one less coffee a week is still progress. Going out for lunch one or two less times a month is still progress.

Have a picnic. Spread out a blanket at the park with some family or friends, and enjoy some time outside. Visit a museum or zoo. Whether you prefer art or animals, lots of museums and zoos offer free admission to locals on certain days.