How to Get Ready for No-Spend November | Richard Banks & Associates, P.C.

We’re inching further into fall, which means you’ve got just over a month to prepare for “No-Spend November.” Not sure how to plan for this little money-saving challenge? Don’t worry, our team at Richard Banks & Associates has some tips to help get you going!

What is “No-Spend November”?

It’s really a simple idea: cut out all the extra expenditures that are chewing away at your finances and only allow yourself to spend money on the essential purchases. That’s right, essentials only—rent or mortgage payments, utilities, groceries, transportation, and other bills that must be paid.

Use the month to see how much you can save when cutting down on frivolous purchases, and even better, put that money in savings. It’s known that only 39 percent of Americans have enough saved to cover a $1,000 emergency and while you may not save $1,000 over the month of November, it still would be a great place to begin bolstering up the savings account.

What can you cut out of the budget?

When “No-Spend November” rolls around, you’ll want to identify what those non-essential purchases are. Some examples of those could be:

  • Fast food
  • Mani/pedis
  • Concert tickets
  • Sports tickets
  • A night out at the bar
  • New clothes when all of yours fit fine and look nice

Cutting some of these expenses out of your monthly budget will probably serve as an eye-opening experience and could even help you eliminate extra costs moving forward.

Why participate in “No-Spend November”?

If you’ve been trying to cut back on your spending, participating in “No-Spend November” is a no-brainer. It can also help illuminate where all of your money is going and serve as a good reminder of how costly those little extras here and there can truly be.

Not sure you’ll be ready to commit to a no-spend challenge next month? There are plenty of other no-spend ideas you could use when you are ready to give it a try!

Saving money is a difficult task for all of us, but a no-spend challenge like “No-Spend November” can help kickstart your savings in quite an interesting way. Worried that 30 days won’t be enough to make a dent in your debt? Contact the bankruptcy professionals at Richard Banks & Associates to discuss other options.