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With December winding to a close and the next year drawing nearer, chances are you’re thinking about ways to start saving for your new year projects. A report from YouGov shows that the most common New Year resolution by American adults is to save more money. And African Americans are no exception
The good news is that a No Spend January, a fun challenge, can help you save more money in the coming year. Continue reading to discover how it works.
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5 Benefits of No Spend January Challenge
Taking part in a no spend January can help increase savings tremendously. However, the goal of the challenge isn’t just to save more. Rather, the idea is to use the challenge to get rid of bad money habits and develop good ones that will enable you to manage your finances effectively and build wealth.
Here are a few ways to go about the challenge:
Stop Eating Out and Start Preparing Your Meals
If you go to a coffee shop or eat at a restaurant, you will fail the no spend January challenge. The idea is to cut down on the amount you spend on feeding. Considering the difference between what it costs to eat in a restaurant and the cost of a meal prepared at home, choosing to cook your meal can save you lots of money.
It can also prove to you that you don’t need to eat out to enjoy a nice meal. As a result, you may end up reducing your visits to the restaurant this coming year. The good thing is that you can find good cookbooks on Amazon that’ll guide you through cooking different types of delicious meals.
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Avoid Impulse Spending
During no spend January, you don’t give room for impulse buying. When you fight hard to resist the impulse to buy non-essential items, you’ll get used to thinking about your purchases before making them. This will help you become susceptible to impulse-related purchases all through the year.
Reduce Your Visit to the Store
Understandably, you may not be able to stay 31 days without visiting the store. You’ll need food items, toiletries, and other essential household staples. However, no spend January is about removing extravagant spending from your budget.
This means during this challenge, you aren’t supposed to go to the store to buy extra things apart from the essential items you need to survive. Instead, you’re to plan your visit to the store around essential items you need for January.
This shopping habit can help you save significant money all year long once it becomes part of you. Check out these guides on Amazon if you would love to learn how to save money on groceries.
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Reassess Your Subscriptions
The no spend January challenge is about cutting down your expenditures as much as possible. Plus, January is the first month of the year, so it’s the best time to recheck your subscriptions and cancel the ones you don’t need. Doing this will help you avoid paying for services you don’t use and you can channel the money into more useful things.
Save as Much as You Can
Generally, the basic goal of no spend January is to cut down expenses and increase savings. Some people may want to channel the savings into other forms of enjoyment. But that shouldn’t be the case, all the money should go to your savings account.
No spend January is a challenge that allows you to boost your savings while developing good money habits. We recommend that you open a savings bank account with good interest rates before starting the challenge.
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