We all know how expensive Christmas can be! Even if you’ve budgeted and tried your best to not overspend, we always land up feeling the strain in January. With the Christmas holidays behind us, now is the perfect time to boost your savings or pay off some of your debt.
Let’s take a look at what a no spend January is to see how it can help you!
What is No Spend January?
No spend January is exactly what the name suggests.. Of course, we don’t mean going the whole of January without spending a single Pound, this would be impossible! It simply means not buying anything that is non-essential.
No spend January means going the whole month without spending money on anything but the necessities. This means no eating out, sporting events or new clothes. If you get tempted to buy something, ask yourself “Do I need it this month or can it wait?”.
Why should I participate and how can it help?
Realistically, most people don’t put money aside for Christmas (even though they should). Even if we are responsible and try to follow a strict budget, there will always be unexpected expenses which can range from vet bills to an impromptu meet up with friends at the pub. By the time January comes, your bank account is empty and you are in need of some extra cash. A no spend January provides you with the perfect opportunity to give your bank account a break. If you have debt, a no spend January will give you some extra cash to pay off what you owe your creditors.
Let’s take a look at the rules!
If you want to give no spend January a try, here are some guidelines to follow:
- No spending money on things that you don’t need! This includes clothing, eating out, takeaway coffees, etc.
- No entertainment purchases – movie tickets, sporting events, etc. There are plenty of things that you can do without spending money!
- Try to minimise your grocery bills by using the food that you already have in your cupboards or freezer. Try and plan meals around the food that you already have.
Set yourself some goals
A no spend January is by no means easy, that’s why it’s important to set yourself some savings goals to inspire you and make you more determined to save money. You may have some debt that you would like to pay off, or an emergency fund that you’ve been wanting to contribute towards or even a family holiday. Whatever your goals are, it’s important to keep yourself motivated and your eyes on the bigger picture.
Changing your spending habits to meet your goals may have a bigger impact than you may have expected. Wouldn’t it be nice to have some extra cash at the end of the month?
If you have problem debts that are just too overwhelming to be resolved with a no spend January, then you may want to seek professional help. When debt is unmanageable, there are debt solutions that can help you to regain control of your finances. Contact Debt Movement for non-judgmental guidance.
At Debt Movement we provide professional debt guidance and solutions that help you move out of debt. We provide friendly non-judgemental financial guidance, tailored to your circumstances, to relieve the burden of financial strain and offer support on your journey to financial freedom. Request a free call back today.
