In today’s economy, we’re always looking for ways to stretch every dollar. However, the allure of new gadgets, trendy clothes, and the latest dining spots can often lead to impulsive spending. An iced latte here and an Uber Eats delivery there, topped off by a spontaneous online order can add up over time.
For those seeking to curb frivolous expenses and adopt a more mindful approach to their finances, participating in a no-spend month could be the solution to gaining control over their spending.
What Is the No-Spend Month Challenge?
The no-spend month challenge is a personal finance exercise where individuals commit to not spending money on non-essential items for a specific period. This could mean cutting off a subscription service, limiting your nights out for drinks, pulling back on online shopping, and holding off on big, spontaneous purchases to see how much you’d save over the month. The challenge encourages participants to evaluate their spending habits, identify areas of unnecessary expenditure, and redirect their financial focus toward savings and debt reduction.
This spending requires one to differentiate between needs and wants, with the base necessities being food, transportation, housing, essential bills, and medical/mental health expenses.
Preparing for a No-Spend Month
When embarking on a no-spend month, proper preparation is key to ensure you make the most out of the experience.
Financial expert and founder of The Frugal Feminista, Kara Stevens, says that having a compelling “why” can serve as a motivator to endure the ups and downs of the challenge, especially if it's your first time. “Have a clear idea of what your goals and outcomes are for the challenge. Do you want to be grateful for what you have? Do you want to save a certain amount of money?” she tells xoNecole. “Know what's going to be your ‘after-no-spend challenge' sustainability plan because we're hoping that your habits and your perspective on spending are changing and that you find a way to make that a part of your life after the challenge.”
One of the initial catalysts for the recent popularity of the no-spend challenge is to combat “revenge spending.” This spending habit, triggered by the “life is short” reality of the pandemic, has caused many of us to want to make up for lost time or missed experiences, which can lead to reckless financial decisions and jeopardize future stability.
Because of this, Stevens advises us to reframe our thinking around revenge spending to avoid putting our financial future at risk.
“Try and shift your perspective on revenge spending and say, yes, I want to live my best life, but how can I spend it responsibly?” she says. “How can I revenge spend on a budget? How can I remove the idea of revenge spending from my lexicon and just live well and plan systematically so it doesn't take away from my future financial goals?”
The Benefits of Having a No-Spend Month
Photo by Emilio Takas on UnsplashTaking part in a no-spend month has a number of benefits, one of which is the self-awareness and gratitude you gain by cutting out non-essential purchases. “You’re more financially self-aware because you're only thinking about what you deem as essentials,” Stevens says. “It can also make you more resourceful because you have to use what you have in your home, rather than going out and shopping.”
Those who take part in the challenge often find they become more intentional with their purchases, distinguishing between what they truly need and what they can do without. The money saved over this course of time can then be redirected towards paying off debt, building an emergency fund, or being put into a sinking fund.
Due to the rigid nature of the challenge, Stevens says that it’s important to have a sustainable framework to follow the no-spend challenge to avoid reverting to old habits. “It can be like "yo-yo dieting,” she explains. “If you were very strict for a certain period, but didn’t create any type of habit or change of mind to continue with it, you could resort back to revenge spending, ironically.”
Things to Keep In Mind
While it may seem like just another financial trend, taking part in a no-spend month can provide precious data about not just how much money you spend but also your mindset and relationship around money. You can observe how your feelings about money change and highlight areas of improvement. Alternatively, you can even start a sinking fund that allows you to put money aside for large purchases or personal experiences.
Ultimately, it’s not that spending money is bad, it’s about how you approach spending in a responsible way that ensures your financial security and success in the long run.
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Originally published on July 5, 2024
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The answer I gave her is what today’s article is all about: she doesn’t celebrate herself enough. Y’all, I’m so serious about how important it is to do that on a consistent basis that I’ve actually done research on why it’s not a very popular practice for most people. The reasons vary. Some folks don’t celebrate themselves because they think that it’s an arrogant thing to do. Others don’t celebrate themselves because they never really learned how to make themselves a priority (in that way).
Still, others avoid it because they are so used to making a big deal out of others’ accomplishments that it never crosses their mind to give their own selves the same type of intention and energy. And gee — that is so unfortunate because when you make it a point and practice to celebrate the things that you set out to do, it can boost your self-confidence, it can solidify your self-esteem and it can give you the “fuel” to make and meet even more goals in the future.
Why Celebrating Yourself Matters
If you’ve been rocking with me for a while now on this platform, you’ve probably heard me mention that one way to celebrate yourself (that I actually do quite often) is to pop open a bottle of champagne, wine, or sparkling cider and toast yourself at the end of every day or week (check out “10 Ways To Make Monday Your Favorite Day Of The Week,” for example). However, if you want to come up with other ways to improve the quality of your life, get more things done, and have so much (more) fun while doing both, learning how to celebrate yourself fully starts with really understanding what the word means — and requires.
And so, give me a moment to break all of this down for you by sharing five words that actually help to define what it means to…CELEBRATE…yourself. I’ve got a feeling that once you let it all sink in, you will want to start celebrating you and your life immediately and yes, that will absolutely change your life for the better. I guarantee it.
5 Ways To Celebrate Yourself & Honor Your Wins
OBSERVE: to see, watch, perceive or notice
GiphyLet’s begin with the fact that it’s pretty hard to celebrate something if you don’t pay a good amount of attention to what you are actually celebrating in the first place — and by this I mean, you should have clear and concrete things that you want to do — today, this week, this month and then this year.
For example, when it comes to the day that I am actually writing this: TODAY, I am going to open up an account to do online stocks on; this WEEK, I am going to get my will together (because grown folks should have one); this MONTH, I am going to pay off a tax debt that I have (1099s can kick your butt; stay on top of those), and this YEAR, I am going to go on vacation (which is something that I haven’t done since my 20s…no joke).
And yes, every time that I accomplish each of these things, I am going to commemorate it by celebrating myself. After all, another definition of observe is “to regard with attention” — and there is absolutely no sense in “seeing something” that you are not going to be paying real attention to (lawd, that will preach on a few different levels, come to think about it!).
PROCLAIM: to announce or declare in an official or formal manner
GiphyOnce you know what you want to do, you should proclaim it — which basically means that you should hold yourself accountable for even saying that you are going to accomplish it, whatever “it” may be. A good example of this in my own world is, last year, I declared that I was going to publish my third book and my godchildren’s mom declared that she was going to complete her upcoming album. Thing is, I kept dragging my feet until I ended up doing what I seem to do with all of my books: I wrote it in six weeks (even though I had six months), and my godchildren’s mom? She is on the tail end of finishing her latest LP now.
A part of what held us both to the wire is us asking each other, “So, did you finish your project yet?” and that’s because, oftentimes, if you don’t have someone reminding you of what you officially announced to them, you will let life get in the way and procrastinate and/or make excuses (to yourself) and/or never do what you initially proclaimed that you were going to. So yeah, the next step that gets you to the point and place of being able to celebrate yourself is verbally proclaiming that you are going to do what you have started to give a certain amount of attention to.
BLESS: to bestow good of any kind upon
GiphyDid you know that a synonym for celebrate is bless (all of the words that I’ve provided are synonyms for celebrate, actually)? And goodness — how cool is that?
Once you’ve decided that you are going to do something, it’s important to not just declare it and get an accountability partner for it — you also need to bless your intentions. To bless means to request God’s favor on it. To bless means to be intentional about protecting it from dark forces (person, place, thing, idea). To bless means to bring nothing but good energy, good resources, goodness, period, its way.
This can come in the form of prayer, meditation, positive mantras, favorite quotes, a personal mission statement — anything that will put you in a state of confirming (a synonym of bless) that what you plan to do is going to be for your greater good and then honoring (another synonym of bless) that fact — because if it’s for you good (and you remain consistent in executing that goodness), that is definitely something that is worth celebrating. AMEN?
PRAISE: the act of expressing approval or admiration
GiphySometimes, when I’m talking to married couples, a Scripture that I will bring up is Amos 3:3 (NKJV): “Can two walk together, unless they are agreed?” To be in agreement means that you 1) give consent to something; 2) are on one accord about something; 3) are in harmony about something; 4) are CONSISTENT with something, and 5) have determined that the “something” is suitable. You know what? It’s not only relationships that should be in agreement — you should also be in agreement with yourself.
The way that manifests is, well, let me share a quote that I made up years ago that I have featured in one of my email accounts: “If your mind, body, and spirit are not all in agreement…pause.” It’s another message for another time that “trinity” is not a word that’s in the Bible (the Godhead is more appropriate and accurate — I John 5:8). Trinity simply means “three in one” and yes, your mind, body and spirit are certainly an example of a trinity.
And when trinities are in agreement, they can approve of what they are doing and even admire what they have done because, when there is no internal conflict, there is plenty of reason to praise what has manifested. That said, when it comes to your plans — do your mind, body, and spirit all agree that it — whatever “it” is — is a good idea. If not….why not? If so, it’s time to move on to the final word.
PERFORM: to carry out; execute; do; to carry into effect; fulfill
GiphyNow that you see what comes with getting to the point of being able to celebrate yourself — because, clearly, celebration is a methodical process — how could you NOT want to carry out, execute, fulfill an idea or plan to honor yourself for doing what you have just…done?
If you walked out the celebration steps, what’s wrong with: planning a self-care day; treating yourself to your favorite meal at your favorite restaurant; taking a personal day off from work; sending your own self some flowers; booking a night at a hotel; loading your bathtub with rose petals; getting dressed up and taking your own self out on a date; staying in bed all weekend; going on a solo road trip and/or purchasing pampering items? ABSOLUTELY NOTHING.
Because once you have observed a mission, proclaimed it to someone else, blessed and approved it — you have already celebrated the mission and so it makes no sense to not also celebrate the vessel that put it all together: YOU. And when you’re in a constant cycle of celebration, how could it not significantly improve the quality of your life…right?
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A sex therapist by the name of Dr. Chelsea Page once said, “Celebration is the climax of self-love.” If you love yourself, celebration should be a common practice that represents that fact. So, whether it’s your relationship, your professional aspirations, your health goals, your money missions, or habits that you want to break and/or implement — if you want a hack to instantly change your life for the better, learn how to CELEBRATE YOURSELF.
It’s how to set goals, reach them, and honor them. Over and over again...in the best way possible.
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