Most of you know that I am in the thick of a pretty severe bout of depression. Among the numerous side effects of this, for me, is spending money on nonsense. Mostly things like nail polish and books and $.99 iced teas from Dunkin Donuts; nothing that’s going to break the bank or drive my family into debt, but enough that I’m frittering away my spending money on nothing important (I should note here that I’m trying to save my money for FinCon12 and a few other events I have coming up). So I decided to do something about it.
I’ve implemented a no spend May.
No spend challenges are pretty common in the personal finance blogosphere. In fact, I spent about 4 years participating a no spend/controlled spend challenge and it worked wonders for me. I learned how to control my purchases, keep track of my money and learned the difference between a need and a want (in fact, more than once, I’d be in a store about to make a purchase and I could hear the voices of the other no spend ladies in my head asking “do you really need that”). But as my financial situation improved and I got more comfortable with controlling my spending, I started to get a little lazy. Compound that with the depression and I found my old habits starting to crop up. Which is making me feel even more out of control and that’s making the depression even worse. It’s a pretty vicious ride that I’m pretty desperate to get off of.
That’s why I’ve decided to re-up the no spend challenge for myself. It’s taking a small piece of my life that I can control and working with that. I’m hoping it’ll have a chain reaction effect, allowing me to regain control over other parts of my life as well. In order to achieve the desired effect, I have implemented a set of rules to keep me on track. Here they are:
- It is acceptable to purchase things with my Amazon gift card or the credit in my iTunes account. This is not money coming out of my pocket (since they were gifts) and is intended to be spent on things I enjoy. I feel no guilt about using that money during this month (although I shouldn’t need to. I have about 18 books waiting to be read and I have no idea what music or apps to buy anymore).
- Anything planned does not count against my no spend days. For instance, I scheduled a haircut last month for the end of this month. It is a planned, budgeted expense and although it’s not entirely necessary, I’m not counting it (this also applies to the pedicure I have budgeted). This also applies to my library fines.
- This includes anything unplanned for my daughter. I have been buying her a lot of stuff lately, almost as a way to compensate for stuff I can’t buy for myself. She is a line item in our budget and for one month, I have to watch what I spend on her. She has enough stuff and what needs to be replaced has already been budgeted.
- If there is a way to do something for free, I have to use that option. If I’m working at the library instead of at home, I’ll have to remember to pack lunch instead of going to one of the restaurants on Main Street (seriously, that’s the name of the road that our library is on). If I can watch something from Netflix or using our Groupon to Blockbuster Express, I have to do that first. And so on and so on for the entire month.
- Stay away from places that cause me to overspend and only stick to my lists. Not only will this prevent me from going over budget but it will help me relearn to control myself in places like Target.
I know this seems like common sense, especially for a personal finance writer, but for me, it’s necessary. I feel like this is the first (well, technically, third) step in getting myself back together. I’ll let you know at the end of the month how I did (I don’t want to bore you with all the updates. Plus, I have lots of other good stuff planned to write about).
Wish me luck!
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Good luck on your no spend May! I’m sure you will do just fine. I’ve been struggling with my spending lately too.
Daisy @ Add Vodka recently posted…How Running a Blog is Like Running a Business
Good luck! I need to have a no-spend May too.
This Aggie Saves recently posted…I’m Guilty.
I was just thinking about this yesterday. I have been seriously overspending I feel in certain areas. I tend to do that too when I am depressed and the past month has not been good. I was thinking of planning one for next month.
Good luck with your no spend May. 🙂
Kylie Ofiu recently posted…Stuff I love + a giveaway
Good luck. I know it seems a little counter-intuitive, but not buying stuff like that might help you come out of the funk you’re in. You’ll have a goal and if you have early success in achieving it, you’ll hopefully get some positive vibes from that which can start a foundation toward less of a depressed state.
Money Beagle recently posted…A Bittersweet Net Worth Milestone
I think if this is what you know will work, it is a great idea. I’m feeling a little out of control myself, and don’t have a good solution, I’m not sure if this is it, but I know it wouldn’t work for May (trip planned). I may try it for June though.
Good luck with it!
Kris @ BalancingMoneyandLife recently posted…My Son Wants to Come Home – What Does That Mean?
Good luck with this! It’s true, we all have bad habits we’re fighting and when we become complacent we feel worse (like how I do yoga daily for three months straight and then not again for three another months – the longer I don’t do it the easier it is to keep pushing it off). Good for you for catching yourself and turning things around! I look forward to reading more about your progress!
Shannon-ReadyForZero recently posted…Know Your Options: The 5 Different Ways to Get Out of Debt
I’d love to do a no-spend May as well. Spending’s gotten a little out of control… But I dohave all sorts of baby necessities to buy, so a no-spend month seems impossible. Thankdully, I have gift cards for those must-have baby items, so I suppose I could do a no-spend month that doesn’t include gift cards.
Good luck in your no-spend quest!
Christa recently posted…Free and Cheap E-Book Options
I’m going to need to jump back on the NS/CS band wagon here soon, myself. I don’t mind the spending on household items so much (as we need them to get the house ready for the home inspection) but on Tuesday, I got myself Jack in the Box for lunch, even though I had leftovers in the fridge at work. It seems like giving myself permsission to not be too strict winds up opening the flood gates.
shanendoah@the dog ate my wallet recently posted…A Look at Unemployment
Good luck! I found out last week that I had 4 (or 5?) no spend days and I was super excited about it. I’ll have to work up to a month…
bogofdebt recently posted…Mini Rant About the Dentist
May is my busy time at work so my spending usually dips here anyway. Now I have to avoid that door to door salesman pushing a home security system. I kinda want it but don’t want another bill at $50/month.
John | Married With Debt recently posted…Debt Payoff Progress April 2012
You can do it! I did it for two months and went on a spending spree on the thrid. But it is me. And I tried to do a three month no-buy. One month is really reasonable. Good Luck. Let me know if you need any support from a spender. 🙂
Aloysa @My Broken Coin recently posted…Minimalistic Approach: A Capsule Wardrobe
Writing out your plans is really important. Every now and then you step back to see your status. Your post is superb- an inspiration.
May is almost at its end. I guess it’s time to give your readers some update.
Best regards,
Belinda