Deciding on a no spend year!

This year I finally pushed myself in the right direction financially. I have almost cleared my debt (overdraft, car and sofa) and I am now in the position to begin saving for a house.

For anyone that knows me, when I get an idea in my head I commit 110%. This is now my long term goal. In fact, it is my 5 year goal. In 5 years time I hope to reflect and see how far I have come!

The single parent financial struggle is real. I have always been someone that counts every penny – due to necessity throughout my adult life. However, since earning my undergrad degree, masters and PGCE, I am finally in a good job (teaching) and feel as financially secure, as secure as you can be in a worldwide pandemic. So really there is no excuse for wasting any more money and get myself on the property ladder, which I have wanted to do for a very long time (I have been watching property programmes since I was a teenager).

The reason, therefore, for this no spend year is to stash away any spare pennies that I can. This will mean commitment, sacrifice and careful planning. I do love a good challenge!

So time for me to make a start on outline my rules. These are likely to be personal to me, rather than suit everyone. But if you want to follow along, feel free to adapt to your own necessities/ allowed expenses.

Rules:

• 1: Small amount of spend allowed for trips/activities with my son (when covid rules allow).
• 2: Only allowed to buy makeup when i run out (this is my core selection worn daily).
• 3: Meal plan – do an inventory of freezer and cupboards and plan from this – stick to shopping list when out buying weekly food shop.
• 4: Declutter my home by using up things that I have (e.g. candles, reading my extensive ‘to read’ pile).
• 5: Wait 30 days before making a purchase. I have begun doing this already (i.e. creating an amazon wishlist and leaving things there – I often forget that I had added them.
• 6: Use up cleaning products (under sink cupboard is full – maybe I should clean more often 😉 !!)
• 7: I will allow any gift cards etc to be spent as mini treats during the year if received.
• 8: Reduce how often I get my hair cut. (Planning a cut tomorrow and then going to wait maybe 6 to 9 months before getting it cut again – it helps that my hairdresser is having a baby!)
• 9: Try using a laundry egg to reduce detergent costs.
• 10: Hang washing rather than tumble dry. (I only tumble dry a little in the winter usually).
• 11: Try to make gifts or be resourceful/thoughtful when giving gifts to friends/family. Only give to essential people in my life.
• 12: Small spend amount allocated – maximum of x 1 eating out a month.
• 13: Plan lunches for work and make these in advance.
• 14: Only go to the shop once per week (no additional ‘popping’ to the shop).

I think this is a good starting point for me. In addition to this, I already have the lowest household bills that I can – this may be something that you wish to look into to shave some more pennies off the spend.

Please share in the comments what rules you are going to stick by for your no spend month or year.

That 30 something life X