One way to raise money quickly is to do a no spend month. Budgeting and saving money comes in many shapes. This is just one. Won’t you join us?
For the Month of May our little family of four will not spend any money on anything other than what has already been budgeted for (Food, bills, petrol, mortgage/rent) – no entertainment or social budget this month, no eating out, no coffees, cokes or maccas, no socks, jocks or million other things we ‘need’, no extras at all. (As a disclaimer I do have a 3-day cruise this weekend and have already budgeted and saved up my spending money (aka booze money) for that #priorities!!).
And, Yes there’s Mother’s day this month – if you haven’t already purchased a prez or budgeted for it in another account you’ll have to get creative. We had an early Mother’s Day dinner while Mum was in town kid sitting for me while I worked away. Meanwhile let me tell you, vouchers for massages from kids are THE best prez us mums can get, seriously better than diamonds if the massages come to pass! We also love hand written poems from the heart and who hasn’t still got a macaroni cup or equivalent on their desk! Get creative.
Below are some tips to help you and yours embrace a No Spend Month.
Know your why. Why are you doing a no spend month. What’s your goal?
This month I need to boost our emergency fund by $1000. The purpose of an emergency fund is just that, for emergencies. Things you don’t see coming, so you’re prepared and won’t have to go into debt, hopefully. Ours took a beating with me needing to dip into it for car repairs I wasn’t expecting to be so high, time to top it up again so I have a buffer. Anything we save above that will go into paying down a HECS tax debt I incurred last financial year #oops. Holiday fund needs a top up too. What’s your why and your goal? Write them down and display it prominently on the fridge or back of toilet door, or both. Keep it in the eyes and minds of everyone.
Get the whole family on board. Set the expectation. Let them know why and what and for how long. Turn it into a game if you can. Let them help you come up with creative ways to not spend money. Make up charts if you have smaller kids. If you have teens put up motivational money saving quotes around the house. Teach them the life lesson of sacrificing now for safety in the future (or a holiday or whatever your goal is). In a generation of ‘give me now’ delayed gratification can be a brilliant life lesson.
Ensure you have budgeted correctly. You should already have your budget planned for the year – how much each pay you need to set aside for the bills, education (which seems to increase every year lately!), petrol, food, and mortgage/rent. Not another penny gets spent (and let’s put it out there no emergencies occur this month!). Having budgeted correctly, stick to it. With food and petrol, I find it good to get that amount out of the bank which reduces the risk of overspending. I get paid fortnightly, so I plan to shop and fill up with petrol each week (So it feels like I’m spending some money and so it’s easier to manage the sticking to budget – this is what works for me).
Reduce food bill on top of no spend month. Our normal food bill (for myself, Miss 17, Miss 15 and Mr sporty 10, and the cat) is normally around $200 per week. For this month I’m reducing it drastically to $125 per week! #gameon
a) Meal preparation is the key to this one. Plan what you and yours are going to eat for every meal for the week, including snacks. What home made snacks can you make. Account for every dollar spent in the shopping by tying it to a meal (or household need – e.g. toilet paper, cleaning items etc).
b) Pantry challenge. Using what’s already in the fridge, freezer and pantry may seem logical but have you emptied the pantry to see what’s in there that can be used? Simple Savings have a $21 challenge where all you spend on food for the week is $21 to top up bread, milk, fruit and veg then everything else for the week comes from being creative with your pantry, fridge and freezer supplies. I haven’t shopped a full shop in a while so not sure we can do that, but we’ll certainly be inventorying our pantry and freezer. Over the next week I’ll do a post on our pantry and meal preparation and how I went sticking to $125 for the week. Wish me luck!
Make sure you still have family outings.
Get creative. Perhaps sit down as a family and come up with some free family outings or social things you can do. Some suggestions:
The list is endless. Would love to hear what you’ve done with yours that was free or budgeted from the food budget.
That’s my top tips. Will check in with you all later in the week to see how you’re progressing. Don’t be shy…the only thing you have to lose is unnecessary expenditure. It’s amazing once you take out all the ‘wants’ as opposed to needs, how much you can save and how quickly.
Show us a photo of your goals/whys posted around the house.