A “no spend January” isn’t as drastic as it may initially sound. It simply means that you hold off from buying anything that is non-essential, such as new clothing, a fancy meal out or tickets to the theatre. But, of course, you still pay your rent, mortgage, utilities bills and any other non-negotiable costs that you might have.
“No spend January” has become highly popular in recent times, in part due to the rising trend of minimalism. People are increasingly looking to spend less on unnecessary items, in order to benefit both their bank accounts and the environment.
Cutting back on any inessential spending is an excellent way to save money, but if you are looking to improve your credit rating and financial circumstances more substantially this new year, you should consider getting a long term loan, which many great companies such as iThinkfinance can offer you.
Make Coffee and Lunch at Home
Everybody knows that buying lunch out and coffees on the go has the potential to get exceedingly costly, but it is a bad habit that many of us are stuck in. Allegedly, each year the average Brit is now spending up to £2210 in our nation’s coffee shops. Whilst the odd takeaway coffee now and again as a treat may not be breaking the bank, the fact of the matter is that once you fall into the habit of it, the expense adds up startling quickly.
In the long run, brewing your own coffee to take out with you, and preparing your own lunches for work, could save you a lot of money. It is also generally much healthier to make your own meals rather than getting shop-bought ones, as they tend to contain a lot of saturated fats and salt, and similarly, drinks from cafes and coffee shops can be exceedingly high in sugar and calories.
Look For Free Activities To Keep You Occupied At The Weekends
Weekend and evening activities can quickly become very expensive. A trip to the cinema for two followed by a nice meal out can easily set you back £50, if not even more in some places. If you are trying hard to save your money this January, then look for free activities and places to visit in your local area. Parks, museums and city farms often have free entry, and walking or cycling to these places, if you can, will save you even more money on transport costs. If there aren’t many places that offer free entry in your area, then dig about in your cupboards for some boardgames to enjoy or bake something from whatever ingredients you have kicking about in the kitchen already.
Shop Your Own Wardrobe
Back in 2018, UK consumers sent 300,000 tonnes of textiles to be burned or dumped in landfill according to the Guardian. As a nation, we are spending huge sums of money on fast fashion, which is not only terrible for the environment and the world’s natural resources, but also terrible for our bank accounts as individuals. While people bought 60% more garments in 2014 than in 2000, they only kept the clothes for half as long suggests Business Insider. We are increasingly wasting our money when it comes to clothing, with fewer and fewer of us opting to re-wear pieces multiple times. Whilst some people think it is embarrassing to re-wear clothing items, especially so to big events such as weddings and parties, it is far more sustainable to do so and will save you potentially a lot of money.
Make Use Of Your Library
Anyone who loves to read will know just how expensive buying books can be, but sadly far less people now make good use of local libraries than they did in past years. Borrowing books instead of buying them can save you a lot of money, whilst simultaneously helping you to great involved more with your local community.
Keep Yourself Busy
Often, we end up spending our money out of sheer boredom. If we don’t know what else to do with ourselves, it can be tempting browse through Amazon or ASOS, or order in an expensive takeaway. Try to resist these types of temptations by keeping yourself occupied, whether you choose to go out exploring, or to stay indoors for the day. Fill days spent at home by catching up on a new television series, crafting, cooking, or even reorganising your wardrobe for the new year.
Committing yourself to a no spend month, or even just a no spend week, can really help you to cut back on unnecessary expenses and become more grateful for what you already have. In our modern-day world, there is an endless list of things to splurge on, so taking a good step back can really help you to put everything into perspective and save a bit more money in the coming year.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.