I Tried a No-Spend Week — Here’s How Much I Actually Saved
Spending money is just a part of life. We need food, shelter and clothing, but we also tend to spend quite a bit on non-essential purchases. That coffee you need on your way to work, the shirt you’ve been eyeing or dinner out with friends can feel necessary but actually aren’t. They also add up to a lot over time.
A no-spend week is a way to get back to basics and evaluate the things we really need. Let’s look at an example to see what you may be spending on non-essential purchases and how a no-spend week can act as a reset.
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No-Spend Week Example
According to Dave Ramsey Solutions, the average American spends a combined $739 per month on entertainment, apparel and services and other miscellaneous expenses. Strategic no-spend weeks can help reduce this amount, giving you more money for savings or things that are actually essential.
The scenario: A 40-year-old woman with a family typically spends money on coffee a few times a week, extra snacks during a grocery run, a few home decor items and a lunch with friends.
The rules: In a no-spend week, essential items are allowed. This includes housing costs (rent or mortgage payment), utilities, basic groceries and transportation costs. Anything non-essential — basically anything not necessary for survival — is off limits.
Planning for a No-Spend Week
Before starting the no-spend week, do a bit of planning. The amount of planning depends on how much you typically spend on non-essentials each week. For those who keep non-essential spending low — a coffee run or a few extra snacks each week — this won’t be too difficult. You can mentally prepare to make coffee at home and fill a travel mug and prepare snacks at home from groceries rather than buying them on the go.
If you tend to shop for hobbies, home goods or kids each week or are used to tossing items into your cart without much thought it might take a little more preparation to break this habit, even if it’s only for a week. Rather than browsing through stores, plan your trips to only include essential stops. Before adding something to your cart, ask yourself: “Do I really need this?”
Breaking Down the Savings
Let’s go back to our scenario. A 40-year-old woman with a family who makes a few coffee runs a week, grabs extra snacks on a grocery run and heads to lunch with friends.
This week, she decides that coffee out is nonessential and saves at least $18 by not buying three lattes. When friends call for a lunch date, she suggests a picnic instead and they all pack lunches. This saves her $30. On a grocery run, she decides to forgo adding snacks to the cart because even though they look like a good deal (she recently got a Costco membership), she knows there are plenty of snacks at home and if all else fails, the kids can have a PB&J. This saves around $40. While she doesn’t often buy home goods, she has a few things in mind, but decides to wait until the budget opens up a bit, saving $30.
Altogether, this no-spend week saved her $118. While this may not seem like a ton of money, just one similar no-spend week per month adds up to yearly savings of $1,416.
No-Spend Week Benefits
A no-spend week offers benefits beyond saving a bit of money.
Awareness of essential spending: Sometimes things that seem essential in the moment actually aren’t. Recognizing the difference helps you make smarter money decisions even when you’re not doing a no-spend week.
Improved impulse control: If you’re used to buying what you want when you want it, a no-spend week helps curb the impulse which can lead to greater impulse control when you’re allowed to spend again.
Extra money in your pocket: The money you save during a no-spend week can be put into your savings account or moved to a sinking fund.
Customize it to your lifestyle: If a no-spend week sounds like a lot, start with a no-spend day and see how you feel. If you really want a challenge, go all-in with a no-spend month. Or start by cutting out one non-essential expense, like coffee or extra clothing and go from there.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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