Tip Jar: No Spend January Challenge

It’s that time of year again! A time when we sit down and thoroughly review our budget and set financial goals for the year. I will share more on goals and something new I just started for budget tracking, possibly later this week or next (because it requires it’s own post). In the meantime, I wanted to share a challenge with you, one you can join too – NO SPEND JANUARY!

You heard that right – N O S P E N D J A N U A R Y. This will be hard, it will be so annoying, but honestly it’s the reset we need. We didn’t entirely accomplish our goals from last year. Some modifications were made, unexpected items popped up (as they always do) and we focused hard on investing – which has been amazing and sometimes I forget that’s where our savings is!

I feel No Spend January will be the best new tradition. It’s post holidays and nothing should be needed. January is such a down time for us – summer expenses ramp up – and this should be the time we go full out into savings mode.

No Spend January Rules

The rules are as it sounds – do not spend a single cent on anything unnecessary – basically any want or desire. You can obviously spend on all things necessary: mortgage/rent, utilities, TV, internet, phone, credit card bills, car payments, groceries, etc….you get the picture!

Example of items off limits for me – basically day-to-day non-necessities:

Dining out – EAT IN!
Coffee shops – MAKE COFFEE AT HOME!
Fast Food – MAKE LUNCHES AT HOME!
Clothing – I HAVE PLENTY! WORK WITH WHAT YOU HAVE
Home Decor – I LOVE WHAT I HAVE! LESS CLUTTER IS BETTER
Shopping Trips – DON’T TEMPT YOURSELF!

I do have one exception, my sister in law wanted to do a tea parlor before she heads back to school. That is noted and allowed!

While this challenge is going to be super difficult, it will be an excellent learning lesson. It will make me think twice about making a purchase that isn’t necessarily “needed”. It’s always eye opening to review our budget at month end to find how little things here and there add up. I am so excited to see how much we are able to save this month compared to previous ones!