I've always been a bit obsessed with the idea of a "No Spend Month", like the one over at www.livingwellspendingless.com. The premise is simple. Set your own rules on what you can and can't buy for a month to accomplish a goal. The goal could be simply to eat down the freezer and pantry, to save up for a vacation, or in our case, pay off debts.
We set a big hairy goal of being debt free at the end of this year, aside from our one vehicle and our house. While our goal is fairly small compared to some, the amount is enough to make me angry as I pay those minimums every month.
Our rules are simple: no eating out, no new clothes, no field trips. House repairs are off limits this month as well. All the deals at Lowe's are calling my name but I'm standing firm in not spending extra!
We did factor in $10 for baseball pants I neglected to get last month, $40 in gifts for a birthday and a wedding, dancing tuition and recital fee, and our usual bills. I've also allocated $150 for groceries, which is less than half of our typical months. Hubby works on the road and is in and out of stores all day so he gets to keep his allowance for food and drinks at work.
Our Goal
Pay off our smallest credit card ($1,300) using some of our income tax refund
Pay off my blood work ($406)
Pay off my doctor's visit ($86)
Your purpose for entertaining the idea may be very different. There isn't a reason not worthy of a no spend month! By the end of April, I may be a bit less optimistic and excited but the payoff for a month's worth of sacrificing is definitely worth the stress reduction of paying 3 bills off!
-Lindsey
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