Happy “No Buy Month”! Today is Day 1. Ready, set…
If you’re just tuning in, I’ve dedicated February to Frugalista’s “No Buy Month” on this blog. Once again, here are my version of the rules. (For a breakdown of the rules click here).
I have had several people ask, “Why would anyone do this?” Well, the answer is pretty simple.
To save money.
Many people have been hit with economic hardships but they’re so used to overspending they don’t even know they’re doing it. Putting yourself on a “financial diet”, not only helps get you back on track, but also gives you the tools you need should you ever be hit with a financial setback.
It’s kind of like losing weight. Once you’ve done it, you know you can do it again.
“No Buy” Month Goals
1. Plug the leaks – Learn where you’re losing money without realizing it. Are you paying too much for your phone or cable bill? Are you being charged extra fees on a credit card? Do you have a “literal” water leak in your home the is making your water bill go up?
2. Get real about your spending – You’d be surprised how much money you spend on extraneous items, when you’re not. Do you really need to buy every app that comes out on your phone?
3. Use Your Points - No I don’t mean cutting coupons. (Although, you can save a ton of money that way). I mean most credit cards, cable companies and even phone companies have giveaways, gifts and programs that allow you to accrue points and get stuff. Are you maximizing yours?
4. Trim the fat – Do you pay for a gym membership and haven’t been to the gym in a year? Drop the membership and work out at home. Do you subscribe to magazines that you can read for free online? Cancel the subscriptions and find other ways to read your favorite mags
5. Get Cooking – the majority of most household budgets are spent on food. Even eating just 3 meals a week at home (not takeout), can have a positive effect on your wallet…and your waistline.
What this month is NOT about…
It’s NOT about forgoing the necessities – You need to buy groceries, pay the sitter, pay doctor co-pays, buy gas, and definitely pay your bills.
It’s NOT about deprivation – You can hang out with your friends, just find FREE stuff to do. Do your hair or your nails yourself, OR trade services with a professional.
It’s NOT about not having any fun – Already have Superbowl plans, great! Trying to plan a special date night on Valentine’s Day? Go for it! Just revise the agenda a bit so you don’t have to spend so much money! Try making your own nachos for the game, or send your sweetie off to work with homemade cookies on your special day. Get creative!
- How did you do on your first day?