Weekly roundup

Hey Budgeters! Here’s what you may have missed this week:

What does “No-Spend” mean?

It would be nearly impossible to spend no money.

You’ve got to eat. You may need to drive somewhere.

Doing a “no-spend challenge” means that you don’t spend any money on non-essential items.

The goal is to reset spending habits, save money and become more aware of where your money is going.

You would still pay your bills, get groceries, gas, etc.

But no take out, no shopping, no coffee runs, Amazon, entertainment…

Think of it like a financial detox that helps you build better financial discipline.

Why??

Maybe this sounds like a dumb idea.

What impact can you make by not spending money for 2 days?

Maybe this feels too restrictive for your life.

Here are the reasons I decided to do the No-Spend Weekend.

1. It’s not about punishment, it’s about being more aware.

You don’t realize how many small expenses drain your bank account until you cut them off. Over the weekend, there were a couple of times when I wanted to get a coffee, and there was even a movie that I had wanted to see in theaters (Tim Robinson Movie). I don’t consider myself an overspender, but I noticed that there were small things I do.

2. It forces us to pause impulse spending

We’re constantly marketed to. And most of the purchases we make are impulsive. I decided to write down things that I want as they come up during the weekend. Only two of the 9 things I’m actually going to get. One is a book that is part of my bible study. The other is a haircut because, well, my hair is getting out of control. When’s the last time you resisted every impulse purchase for a period of time?

3. I still spend on what matters

You’re cancelling the things that don’t matter. The things that are preventing you from hitting your goals. Let’s be honest, we all could be better with spending. It’s the same with diets. I’m sure we all could be healthier. The average person spends $200 on the weekend on things they don’t need. For most people, if they took one weekend off from spending, that $200 saved would be more than they currently invest each month. 5 years of that behavior would leave you with $15k. What would life feel like to have $15k saved right now?

4. Sometimes we go overboard!

Katey and I had spent more than I would have liked in May. Taking this weekend off made me feel like we were balancing out some of that overspending. It felt like we were developing bad spending habits and needed a reset. And the cool part that came out of this, we ended up investing way more into our relationships this weekend.

Planning Your No-Spend Weekend/Week

If you have never tried doing this, here are some “tips” I’d recommend.

1. Don’t just spring this on your partner

If you are married or living with your partner, they might be open to trying this with you, but plan it out with them. For example, I kind of sprung this on Katey. She was down, but she had an appointment she had scheduled 3 weeks ago. It would have been rude of me to request that she move the appointment. Figure out if your partner is on board and then schedule something out that works for both of you.

2. Gas and Food

The day before you start, fill up your car and get groceries. If you need to buy groceries during the No-Spend timeframe, it’s not the end of the world, but you want to limit the behavior of swiping that card.

3. Be productive

You can have a lot of fun without spending money, but use some of that time to be productive as well. Do some of those chores around the house you’ve been putting off. Maybe even do a deep clean or organize. Take a shift at your side gig, maybe even find a side gig! For me, I spent time doing our June budget, organizing our pantry, the nursery, and even making content. It didn’t consume my whole weekend and it made this No-Spend time feel even more valuable.

4. Plan Activities

We tend to spend more when we’re bored. Instead of trying to figure everything out last minute, make a list of things you can do and schedule some plans. We visited friends and family, went for a hike, had a movie we were excited to see, and a gift card we had put off using. You’d be surprised how many free things you can come up with.

Parents! Do you have life insurance??

Life Insurance is Boring! I don’t talk about it because it’s fun. I talk about it because it’s important.

You have no excuse not to. The last thing you want your spouse to deal with if you die is the financial fear of covering your income.

Over 40% of parents don’t have life insurance and it’s one of my goals to help drive that number down.