February is a short month, which makes it perfect for challenges 😛
Its also the month that kids go back to school, Summer holidays are over, reality sets in, and we get our routines back.
It may be the month you evaluate your New Years resolutions, that may or may not still be relevant, and consider your goals for the rest of the year.
February is also the month that credit card statements come in, the spending from Christmas and any holidays bites, and the bank account is looking somewhat sad after uniform/stationery purchases.
So it makes sense that February is a fantastic month for looking at your finances!!!
Which is why, here at The Motherhood Project, we’re going to embark on ‘NO SPEND FEBRUARY’ – will you join us?!
A no-spend month is an easy and effective way of boosting your bank account without earning more money.
If we’re looking forlornly at our bills, my partner will say, ‘how will we get MORE money?’ and I say, “how will we spend LESS money?” . . . for many of us, there are some changes we can make to really help.
Quite simply, you pay all essential bills. That is all bills you need to live, or that you are tied into contracts with. This includes power, phone, rent, food.
You do not spend on clothing, toys, books, entertainment, trips out etc. – All non-essential spending is put on hold.
When I define essential, its somewhat confusing. In order to live, we need food, shelter etc. We don’t need phones (for most of us). Yet, if you didn’t pay your phone bill this month, you’d get hit with a payment fee, and still have to pay it next month. That would be counter productive! See what I mean?
So if you have loan payments, HP’s or other commitments, then do stick to them!
Obviously if you have a major celebration on your calendar like a wedding or family party, you have to ride those costs too! But you don’t need to go out for Friday drinkies with friends, or catch up on a coffee date, if you aren’t going to stick to water!
Also, let me clarify – this is your life! Your money! Your challenge! So if you missing out on a coffee date is going to make you hate on me … well, either get the coffee and be happy (and poor?), or evaluate how this challenge is really making you feel.
Because challenges like these really lay bare your spending habits, and that can make you feel guilty, angry, resentful and bitter (although at the end you will feel relieved and happy when you have saved a few dollars!).
How much you can save this month will depend entirely on your shopping habits. Maybe you’re already quite thrifty, or maybe you have a lot you can save on. I usually find that when I do a no-spend month, I have more than a weeks groceries worth of money I’ve saved. That to me is totally worth it!
So… are you in?!
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Let’s do it!