March is here which means my no spend month is complete! I did it! This journey has been an interesting one to say the least. I am legit so proud of myself for completing this challenge and even more excited to tell you everything about it!
Why I did I It
After the holiday season I was noticing that I was having a hard time getting back into my financial rhythm. I was starting to return to that “paycheck to paycheck” lifestyle that I worked so hard to avoid. After looking at my account I realized that my main areas of expense were eating out and shopping.
When it comes to shopping I got my habits honestly. Growing up, weekend shopping trips with my mom was our bonding time and we still do it to this day. Since becoming a blogger those shopping trips became more frequent because I fell into the mindset that I needed to have the latest and greatest to be relevant. Over time I have been shopping more and more with no regard to my budget.
When I looked at the amount I was spending on eating out I was a little more shocked. With such a busy schedule I didn’t realize how often I was “just grabbing something” on the way home or on the way to the next event. Coupled with the fact that a lot of my time with friends is spent at a restaurant with a cocktail in my hand this area was starting to get out of control as well.
While scrolling on Instagram I saw a post by fellow blogger Jenee of HighLowLuxxe talking about a No Buy Month she was doing for the month of January. I loved the idea and decided to do one of my own.
How I did it
- Meal Prep. I made sure to inventory my refrigerator and planned meals that served as dinner and lunch. I even made my own granola so I could have a breakfast parfait!
- Shop my closet. I made a point to wear all the seasonally appropriate things in my closet that still had tags. I also made sure that things that I had recently bought made it into rotation.
- Spread the word. I told EVERYBODY who would listen so that they could hold me accountable and be a support system during the month
- Practiced saying “No, but…”. When asked to go out or to go to different places where money needed to be spent I politely said no and offered another alternative that was challenge friendly.
What I Learned
- My emotions drive everything. I realized that not only am I an emotional eater but I am an emotional spender. Happy, sad, frustrated, or elated, my emotions control my coin.
- Financial iliteracy. My parents taught me A LOT. One thing they left out however was money management and budgeting. I need help in understanding limitations and living with them when it comes to finances
- Good things come to those who wait. A lot of the purchases I made were because I felt like whatever I was buying was not going to be there when I was financially ready to buy them
Moving forward
- Budget. I am becoming more acquainted with my finances via a budget. I am using Mint.com I am following a budget that cuts my spending by 20%. Everything that I spend is tracked which helps me in the long run.
- Focus on the Goal. My big goal this year is to become a homeowner. All my spare or extra income is going towards reaching that goal.
- Being honest. When I can’t afford something or my budget won’t allow me to do something I have to be honest and say that. You will be surprised what solutions friends and family come up with when you are honest with them (Thanks Rachel for breakfast!)
- Shopping with a purpose. I will now look at purchases from a need vs. a want. I am not going to be buying just because. Everything going forward will be purchased with a purpose.
Overall, this has been such a rewarding experience. Although challenging I can see myself doing this again. I now have a more financially focused mindset that I will continue to hone and perfect. I hope that this recap acts as a catalyst for you to complete a personal challenge of your own and to improve whatever part of your life you want. Later!
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