No Spend January Challenge

Can you believe it is almost January!!! Hopefully 2021 will be a much better year than 2020! Today I am going to share with ya'll a great way to save some extra money during the month of January! The idea is to practice saving and making better spending choices that will help you throughout the entire year. A no spend January challenge is meant to help you save money and avoid making unnecessary purchases. 

1. Only spend money on your absolute must have's such as weekly groceries, prescriptions, pet food, gas
2. Buy the bare minimum groceries (no splurging)
3. No eating out, ordering take out or delivery
4. No purchasing things that are not groceries, prescriptions, pet food, gas (No shopping!!)
5. Pay your monthly bills but pay the minimum for any credit cards
6. Save Save Save!!

*Now there are some exceptions to this no spend January challenge* For example if your child has a birthday in January, obviously please celebrate your child's birthday and spend money on their birthday presents, cake, etc. Another exception would be if your child is invited to a friend's birthday. Obviously purchase the friend a birthday present. 

Other Great Ways To Save Money All Year Long:

• Start setting aside $10 to $20 per week for your future Christmas fund. You could set up a free savings account linked to your checking account. This way you could transfer the money each week or each paycheck.

• Sit down with your spouse and review all of your monthly subscriptions. Decide if there are any that you can cancel.

• Turn down your heat by 1 to 2 degrees. You'd be surprised at how much money you could save by doing this!

• Take a good look in your pantry, toss expired items, organize your pantry to really get a good idea of what you are in need of. I have caught myself purchasing items at the grocery store that I thought I needed only to discover I already had it buried in my pantry! 

• Start meal planning each week. This has really helped me to save money on my weekly groceries. I sit down every Sunday evening (or Monday morning if I am procrastinating) and I make a list of what meals I am going to cook for the week. I write it all out so my children can see what is on the "menu" and I put it on our refrigerator. I try to stick to the "menu" and this also helps me to not overspend at the grocery store. 

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