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StitcherReady for a No-Spend Month Challenge? This one’s not like the others—it’s going to be great and leave you feeling good about working toward your financial goals. In this episode, Jen and Jill cover everything you need to do before, during, and after an NSC, plus the what-ifs that might be holding you back.
When we make mistakes, we should celebrate it because it’s an opportunity to learn!
Sponsors:
- #29. Last year, February had 29 days so we did a January NSC, but this year we’re back to 28. And you know what’s NOT 29? Our book, because it’s only $25. It’s much cheaper than other personal finance because we know you’re frugal. It’s available now so if you’re looking for a personal finance book that you want to own and annotate, get your copy of Buy What You Love Without Going Broke now before you start your NSC!
Why Do A No-Spend Month Challenge?
This article by Simple Purposeful Living walks us through a successful No-Spend Challenge.
What Jen + Jill have to say:
Jen and Jill explore the whys, hows, and what-ifs of doing an NSC. Jen agrees that this activity helps reset our spending habits. Jill adds that it can help you save more, allocate more money toward your goals, and ultimately, understand yourself better while creating healthier habits in the long term.
How to Successfully Do a NSC?
To set yourself up for success, establish a timeline for how long you plan to do this. Jill recommends committing to 30 days or a month to shift your spending habits and behaviors. To avoid a failure mindset, identify what truly counts. It’s not over just because you have needs. Focus on letting go of what you think is holding you back from reaching your financial goals.
Before committing, it’s essential to know your ‘why’ and what you hope to gain from this experience. If it helps, write it down to keep yourself accountable. They also recommend doing a 90-day transaction review before starting the challenge. This will highlight your spending habits and give you a clearer understanding of what needs to shift. Create a list of alternatives that help you shift your habits without feeling deprived.
NSC: What Ifs, Solved!
The goal here is not to feel deprived but fulfilled. So, what if you need to go grocery shopping? Try meal planning or checking your pantry to ensure everything has been used. To avoid impulse purchases, online grocery shopping might help. If you’re craving some fun, Jill suggests writing it down and finding a creative alternative instead.
And if you want to buy something, Jen suggests writing it down, saving it for later, and waiting until you’ve finished the challenge. What if you mess up? DON’T QUIT. It won’t be perfect, but you’ll learn a lot about yourself—and that’s what matters most. Keep going! Lastly, reflect on the things you’ve experienced and take what resonates and leave what doesn’t!
What are your usual exceptions during a no-spend month?
Jen’s is groceries and Jill’s are those bills that have already been planned from the sinking funds.
Bill of The Week
Thank you Emily for sharing your bill about negotiating your internet bill AND cell phone bill (total of $80/mo savings) AND getting a $40 store credit!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and of the book and we especially loved this one from:
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I am a big consumer of financial podcasts, but have yet to read into the subject matter. This book, however, got my attention from the beginning. I’ve listened to lots of podcasts and Frugal Friends is my favorite because of their simple and applicable advice. There’s no fancy math equations involved, or strict and soul draining practices. It’s very simple and rooted in values based spending. I appreciate this book, especially as a newly single mom. The fact that everything revolves around value based spending is a simple and powerful tool for me to spend my money in a meaningful way. I love this book and plan on reading it over and over again! Thanks Jen and Jill!
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
