When I shared my weekly resolutions with you guys last week I shared that during the last week of January we will have a no spend week. This fueled a lot of questions from social media, people I spoke to in person about it annnddddd my husband.
I wish I could say that a no spend week was 100% my idea but it wasn’t. I have been following Jordan Page of Fun Cheap or Free for years now and she does what she calls a “Spending Freeze” with her followers on a very random basis. I’ve always liked the idea of it but just never jumped on board to do one. However, this year when I started thinking about what do to for my weekly resolutions I thought a “Spending Freeze” or a no spend week would be a perfect thing to add into the mix.
How will it work for us?
So now that you know where the idea came from you’re probably wondering how it works. No, we will not dodge our bills this week. No, we won’t starve. Yes, we’ll still have gas in our cars to drive to work. So for our no spend weeks we will pay reoccurring bills only, shop our pantry and freezer before going to the grocery store and only put enough gas in our cars to get through the week.
That means during our no spend week we will not go to the grocery store more than once. We will not buy coffee from a barista of any kind. We will pack lunch AND remember to bring it with us. There will be no Amazon purchases. No Target browsing or drive-up orders.
What benefit will we gain from this?
My hope for doing a no spend week is that we can start to train ourselves to cut the fat in our spending. I’m not calling anyone out here but in December the week before Christmas, there was over $120 spent mindlessly at gas stations on who knows what. Y’all, THAT COULD HAVE BEEN DATE NIGHT! We’re spending money on shit we don’t need only to sacrifice the things we DO need like date night. And if you’re going to argue that we don’t need date night then you’ll need to take that negativity elsewhere.
How will we use the extra $$?
When we complete our week of no spending we will throw any extra money straight toward debt. By the end of the first quarter of the year, I want to get rid of at least two monthly payments. We will do this by continuing to have at least (ideally more) one spending freeze a month and by submitting our taxes early and spending our return wisely.
In the past, I’ve made these huge elaborate plans for how we could become debt-free. They’ve always been motivating but never worked. This year I’m breaking it up into smaller challenges to give myself quicker wins to motivate us to keep going. If there’s one thing I’ve learned in goal setting, it’s that you need wins to keep you motivated.
Spending on ONLY what we need will also give us a clearer idea of our income vs expenses to continue trimming the fat from our budget. We only had one financial goal for 2019, and that was to end the year with more money in savings than we started with. It was an easy goal to achieve but we did that on purpose because we knew life would be a little crazy with having a baby. We achieved that goal and now we’re ready to challenge ourselves more in 2020!
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Meet the Social Wiz
I’m a 9 to 5’er and side hustler who needed a creative outlet. So you’ll find me here blogging about life, social media, and motherhood.