September 15, 2021

How to Do a No-Spend Month If You’re Feeling Broke

No-spend challenges have been sweeping the personal finance community, here's what you need to know about no-spend months and how to apply it to your life regardless of how much money you have

9 min read

Qoins Staff


Sometimes you just need a reset in your spending habits. If and when that’s the case, why not consider doing a “no spend month” where you commit to not spending any money over the course of four weeks? Consider it a spending “detox,” that helps you create those good money spending habits.

By making the commitment to not spend for a set period of time, you give yourself the ultimate challenge. Suddenly, during any moment you have the urge to buy something, you remind yourself of your savings goal. Maybe you’re saving for a much-needed vacation, a new eco-friendly car, or for a house down payment or a wedding. Or maybe you’re saving to pay down some debt, which is where we come in. Maybe you're thinking about debt consolidation.

Whatever the case, doing a “no spend” month might seem like the biggest money challenge of them all. It’s actually doable, so long as you adhere to a set of strategies during the month. Here’s how we advise you do it successfully.

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Understand how the no-spend month rules work

We should clarify here that doing a “no spend” month doesn’t mean you actually go through the entire period without spending anything. You might have to exchange funds at some point if we’re being honest, but it really should be for emergencies only.

The gist of any “no spend” timeframe is for you to cut out any unnecessary expenses. Consider anything that’s recurring, like:

Phone bill
Car loans
Credit card
Student loans

Of course, you’ll need money for food. The thing is, “food” can mean a lot of different things and it’s somewhat of a flexible spending category. Along with others like gas, transportation costs (if you take an Uber or Lyft), clothing, toiletries, and entertainment. You might “need” all of these, but there are huge ways to cut back.

Determine how much you need and where you can cut back. By sticking to a strict budget for each “flexible” category, you’ll figure out how much you can save.

You’ll also want to meal prep or cook at home beforehand. To make sure you don’t ruin fresh produce, come up with meal plans that include more canned, frozen, or non-perishable food. For fruits, opt for ones that have a longer lifespan when refrigerated, and make sure to use everything.

Give yourself a break or some wiggle room

It’s important to tailor the challenge to yourself. If a membership to spin class helps you feel refreshed and you simply can’t do without it, count it in too. Just don’t go overboard with the “exceptions” if you get what we’re saying.

Plan for a mini-emergency fund

To make it through a “no spend” month, set aside a small emergency fund. This is separate from your typical savings. The purpose of it is to cover any potential but necessary expenses that come up, including a non-expected ER visit and or if you need to take your pet there, hopefully, none of that happens.

“Spend” your saved funds the right way

Spending your hard-earned savings right away on what you intended them for. If you wanted to save to pay down a credit card—make a payment right away. If you wanted to pay off a student loan then do that, and utilize the Qoins app while doing so:)

If you’re saving for something longer-term, move the extra funds at the end of the month to another savings account. Even better, choose one that’s difficult for you to access.

At the end of the month, you will have something to be very proud of. After all not spending for a whole month takes some serious will power.

As always, we hope you are enjoying our content, be sure to like and share and follow us on Instagram @qoinsapp


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