If you are anything like me, this sounds overwhelming and impossible. BUT I do think with a few modifications, the No-Spend year is possible. 

Let us get something out of the way first. Participating in a no-spend year does NOT mean you are not buying anything at all. It just means you aren’t spending money on things you don’t need. 

I am going to walk you through a few simple steps to plan and execute your very own no-spend year. From these steps, you will hopefully see that this can be a useful financial tool if you are willing to put in a bit of work.

First: Decide On What a No-Spend Year Means to You

A no-spend year can look different for everyone. If you are feeling extreme, this could mean cutting out all superfluous spending. Essentially, you only get food, pay your bills, and pay for transportation and any necessary medical bills. I am not of fan of this as I find it restrictive. But if this is the right fit for you and you have the motivation to do it, you have my blessing.

A more realistic and accessible way to do this would be to break down your spending into categories. Take time to look at your spending and see how many of your purchases bring you joy, or are just extras that you made when you were bored or emotional (it happens).

From there, begin to cut out all of the things that you don’t need, or don’t bring you joy of some kind. For example, after reviewing your spending, you realize you spend $50-$80 a week on takeout which makes you feel like crap. So, part of your no-spend year could be to cut out takeout and cook one or two extra times a week. 

This can be applied to many purchases, such as clothes shopping, sporting supplies, and golf club memberships. Cut out anything you don’t use that often, don’t need, or doesn’t make you happy. 

Now, if that bi-weekly stop at the bakery for a chocolate donut makes your life feel worth it, I implore you. DO NOT CUT THAT OUT. Keeping these kinds of things in your budget is how cutting down on other spending categories will be maintainable.

Second: Keep a Spending Log and Budget

This step should be easy, as you’ve hopefully already reviewed your finances for step one. Keeping a spending log and budget is how you are going to hold yourself accountable during your no-spend year. Use these tools to write down what you bought, how much it was, why you bought it, and how it made you feel. 

Why should you do this? Well, keeping track of how your spending makes you feel can allow you to change your rules throughout the year (I know, a silent *gasp* for changing the rules mid-year.)

What I mean is that your rules allowed for that bi-weekly bakery trip, but by April, you realize it doesn’t make you happy more, change the rules and cut it out! 

This could allow you to a lot that little bit of money to something that will actually make you happy. That being said, ONLY change your rules if you are swapping out or cutting out a purchase. Do not bend the rules in order to ADD any spending, as this can snowball and kinda defeat the purpose of the whole no-spend thing.

Keep track of your spending and review your purchases at least once a week in order to hold yourself accountable!

Third: Find No-Cost Substitutes for Things You Cut.

One of the only ways to maintain a no-spend year is to find no-cost alternatives to the things you are cutting out. 

If one of your cuts was not going to the movies or paying for Netflix, Hulu, Paramount, Disney, and (insert the other billion streaming services here,) find another way to get that entertainment fix.

Consider free streaming options like Tubi or YouTube (not YouTube TV.) Also, consider renting movies from your local library. This is a great free resource and hey, it might get you to read a bit more while you are there!

Another example is one I’ve already used and that is pretty personal to me…. Food. I like eating out, a lot. But, going into the new year, I knew I didn’t want to dedicate so much of my budget to it. So, I have been finding recipes and at-home foods that fulfill that craving and bring me joy. 

To use my bakery analogy again (can you tell I like baked goods?), instead of buying your chocolate donut every other week, why not try to make them yourself? Not only are you not paying $7 for a donut, but you are gaining a skill.

Take some time before starting your no-spend year to evaluate what you are cutting out, and what free things (or low-cost things) you can substitute to fill the gaps.

Lastly: Figure Out Your WHY

Why bother doing a no-spend year if you have no reason to? This is the reason it is critical to find your WHY. 

This could be for any number of reasons. Maybe you are in debt, and a no-spend year will allow you to pay it off sooner. Or maybe you want to retire early, so you are investing all of your extra money for the year. 

Whatever the reason, you need to know what it is, and it has to be very important to you. I’m not going to lie, a no-spend year isn’t easy. So it is so important that you know your reason for doing it, and keep that in sight at all times.

 The BEST budget tracking notebook:

 To keep track of my expenses and to plan any finace-related goals, I use my amazing refillable binder that I got from amazon! I mainly love it beacue you can take out old pages and replace them whenever it gets full. A.K.A… I dont have to buy a new notebook every time I fill this up lol.

I have had this one and used it every single day for almost 5 years now, and I still love it so much! And if you were wondering, yes this is also a shameless plug to a product connected to my Amazon affiliate account. But hey, I gotta make a living, and why not reccomend my favorite products in the process right?

WASON A5 Binder PU Leather Journal Ring Portfolio Lined Notebook

 $19.99 | One A5 Refillable Binder | Amazon