This January has been an expensive one, with a mix of unexpected and unavoidable extra costs, as well as lots of little things that end up costing a lot in total. The biggest factor adding to my expenses was my car, which needed to go into the garage. I also had a trip back up north, but as I couldn’t take my car, I had to find an alternative which ended up being pretty pricey. It was so worth it thought to see my nephew!
As I’m now only working part time, situations like the above have much more of an impact on my spending/saving ability then previously when I earnt significantly more money. I also track all of my spending each month in a spreadsheet, categorising every item so that I can clearly see where my money has gone. January was also a big one for coffee’s and food out. This isn’t a usual thing for me to spend money on, but it’s been a mix of social situations, such as a coffee after my morning swims.
When I say ‘no spend’, I mean on non-essentials. I obviously still have rent and food etc. to pay for, but I have written about a budget for the essentials and direct debits. Thankfully, I have very little that I pay for on a monthly basis. On top of rent (including bills) and food I only have my phone contract and National Trust membership to pay, though in my budget I have also allowed for petrol and laundry (we don’t have a washing machine). I then plan to split everything that’s left between long term savings and an ’emergency fund’ to help be prepared for any more car issues! I always choose to pay off my big ticket items (car insurance etc.) in one lump sum, as I like to know exactly where I’m at financially.
The thing I am most apprehensive about is missing out on social situations. Funnily, as soon as I went into work on the 1st of Feb, my colleagues had planned a night out. As I also get tips from my job, I’ve decided to split my tips between my ‘savings’ pot and a ‘social’ pot to allow me to still join in on these kinds of occasions. So it’s not a complete ‘no spend’ but I’m trying to figure out what will work for me, whilst also doing the things I enjoy.
Thankfully, a lot of my hobbies are free. Swimming and hiking cost me nothing as I already have the kit and can do both from my door. I do plan on doing a few hikes slightly further afield, but within my petrol budget. I do also have a weekend away planned in Feb with my best friends, but this is already paid for. Therefore the only expense will be food and drink to take away with us, but this will be coming out of my food budget, so I may have to get creative with some budget friendly meals for the rest of the month!
My ‘Rules’:
- Only essential purchases (rent, food, petrol, laundry and current direct debits)
- Tips to be split between ‘savings’ and ‘social’ funds. Only this money can be used for non essentials.
- Stick to budget for food shop (£100/month) and petrol (£60/month)
After posting on instagram about taking on this challenge, I had a lot of people get in touch had had already done a no spend month (and a few doing a no spend year!). Some of their tips included:
- Taking out the essentials money in cash and splitting into envelopes for each and not spending any more than budgeted.
- Meal plan and check the cupboards before shopping
- Write a list of things you ‘want’ then at the end of the month see if there’s still that urge to buy it
- Plan social meet ups with no cost, take your own coffee flask swimming etc.
I’m not expecting this month to be easy, or perfect, but I’m looking forward to giving it a go. I’m ultimately hoping that it will just help me regain a bit of balance and realise that I don’t actually need all those extra’s and that there are so many things to do nearby that are free!
So watch this space! I’ll let you know how it goes at the end of the month!
Have you done a no spend month or year? If so, let me know how it went in the comments. Or, let me know if you’re going to give it a try! I think it’s great to have a support system in place, especially when people understand where your head is at!
Lisa Outdoors 