A few years ago, it was a popular financial trend to participate in “no spend November.” Participating in no spend November means taking a month-long break from shopping for nonessential items. You can pay for must-haves like rent, but not the nice-to-haves like takeout or entertainment.
By Heather Taylor
The reason why people participate in no spend November varies depending on their financial situation. Some will do it to save up extra money for holiday shopping purposes. Others might want to use the month to pay down, or off, any existing debt as a means of getting back on financial track again. If you do decide you want to participate in no spend November — which, admittedly, will be more challenging to do this year than previous years due to inflation — you’ll need to be as prepared as possible. Ask yourself the following questions to determine if no spend November makes sense for you.
Do You Know Your ‘Why’ for Participating?
As mentioned above, some people will go into a no spend challenge with the intention of saving to meet a specific goal. This might include having enough money for holiday shopping purposes or a different goal you’ve been struggling to meet this year, like maxing out your retirement account contributions or adding to an emergency fund.
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Before starting a no spend challenge, review your credit card and bank statements. Write down all the nonessential items you’ve been buying. Then, add up their prices for the total amount spent. Not only does this give you a better sense of where your money is going, but the final total may also act as your savings goal. Ideally, you’ll want to hit this number in savings after 30 days and then allocate the funds where you see fit.
Are You Financially Prepared For a Financial Freeze?
This question goes beyond making sure you have enough money set aside for rent, utilities and car payments. You don’t want to start a financial freeze if you don’t have enough groceries stocked up or gas in your car.
While you can continue to buy essentials like these, it’s still wise to fill up your gas tank and make a grocery shopping run to make sure you have much of what you need for the month ahead. That way, you might be less likely to overspend if you plan your budget ahead of time. Additionally, make sure you have enough money in your overall budget to cover fixed expenses and variable expenses, like paying for a credit card statement in November. If you know you have a periodic expense coming up in November, set aside some money for this too.
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Have You Talked With Friends and Family About Your Plans?
If you have a family, now is a good time to talk to your partner about a no spend month and make sure you’re on the same page with these plans. Those with children may sit them down and explain a bit more about how no spending works and why your family is participating in the movement. Together, you can look into participating in free events and add these events to your calendar.
Additionally, tell your friends and family you plan to participate in no spend November and suggest affordable alternatives to event outings they may want to go out on.
Will No Spend November Affect Your Thanksgiving Plans?
Remember the no spend grocery run you’re heading out for before starting no spend November? Use this trip to purchase any Thanksgiving essentials that can last until Thanksgiving. This ensures you have most of the ingredients you need before they run out in stores and makes it easier to worry less about how you’ll justify purchases for turkey day.
You may also use this time to determine if you actually want to cook a traditional Thanksgiving dinner during your no spend November. Why not think outside the box and substitute pizza for the day instead? If you’ve never been a fan of certain Thanksgiving side dishes or find yourself throwing out more leftovers than you’re comfortable with, it may be time to make way for new traditions.
Do You Have Gift Cards?
Going cold turkey on not buying anything but the bare necessities for 30 days is harder to do than most realize. You can meal prep extensively and find free events to enjoy, but at a certain point a splurge feels good for yourself and your family.
If you have any gift cards with significant balances, set them aside as your no spend November emergency fun fund. Use these cards to celebrate any milestones you’re achieved, like making it 20 days without purchasing nonessentials. With just 10 more days to go a little treat like a coffee or a lunch day out will make you feel like you’re almost there!
Remember: You Can Turn Any Month a No Spend Month
While no spend November has a nice ring to it, the good news is you don’t have to make November the month you don’t spend any money in if it’s not feasible. Try a month like January, especially if you’re trying to meet a resolution set for the month, or even a spring month like April or May to reach a savings goal for a trip or vacation.
