With the holiday season quickly approaching, it’s easy to get overwhelmed by the sheer amount of spending many of us do this time of year. Before the purchases begin to add up, make a point to reign in excessive spending before it begins to dampen your holiday spirit. The following are some ways to participate in a no-spend November, which may be more within your reach than you think!
The first step to this month-long challenge is to find areas where you are currently spending in excess and cut back on spending in those areas. Be honest with yourself and define the things that you know you can live without; these things will be different for each person. While this challenge is named no-spend November, it would be nearly impossible for any of us to spend no money at all, especially for an entire month. Create the mindset that if you’re spending money on it this month it is because it’s keeping you alive and contributing not only to your health, but also to your future wellness.
Once you have a picture of what you can cut back on and what you cannot, create a plan. This will require a budget and knowing exactly which expenses are nonnegotiable and exactly which areas can stand to be cut back. Start by determining your monthly net income. That is your income after all deductions, also known as your take-home pay. Calculate all expenses that must be paid for the month and their amounts. Subtract these amounts from your net income to see what “extra” money you have left and could possibly save during this month.
Finally, decide what you want to achieve by the end of the month and where you intend for your newly saved money to go. What will you do with the money you manage to save by not spending? Giving yourself an end goal to work toward and a reason behind that goal that matters to you may help you stay on track toward that financial finish line.
While these may seem like small changes, they have the potential to improve your overall financial health. Be easy on yourself along the way. Take this challenge one week at a time and give yourself grace if you make some errors along the way. After all, the end goal is an overall better financial standing, not financial perfection.
About the author
Jessica Teszlewicz is a Financial Educator at Tinker Federal Credit Union. Jessica earned her bachelor’s degree in Secondary Education from New Mexico State University, where the fire for education was ignited and fueled an 11-year career in public education. She joined TFCU in 2022. Learn more about TFCU’s Financial Education team here.