The influencers, with their gleeful screams and jaw drops, are quite convincingyouneedthat product.
Its a never-ending cycle of dropping cash on items you dont actually benefit from.
One way people are reclaiming control over their finances and well-being?
Still, theres room for flexibility.
Here, challenge-takers share the payoff theyve seen from no-spend months.
The benefits of a no-spend month
1.
founder ofThe Savvy Sagittarius
She canceled unnecessary subscriptions and got rid of other services she could live without.
For nine no-spend months, she purchased nothing outside her regular monthly bills.
She paid in cash so shed be more likely to stick to her weekly budgets.
And she also looked at ways to bring in more income.
In that year, Waller says she paid off about $17,000 of debt.
And that can have lasting changes.
Traci Williams, PsyD
2.
Shes not alone: A2023 study1of nearly 23,000 adults found that financial worries are significantly linked with psychological distress.
Im not running away from my phone.
founder ofThe Savvy Sagittarius
Im not running away from 1-800 numbers.
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The stress levels dropped dramatically.
But theres a deeper motivation, too.
Now my mindset is, like, I very much do have money.
I have an abundance of things already in my house.
I have a bookshelf full of books.
I have a closet full of clothes.
I should be using those things to the best of their ability before I buy new things.
Lets just say youre used to going out every Friday night or to brunch every Saturday morning.
What else can I do on Saturday mornings?
That can create a whole new experience for you in your life.
Lyons has found herself focusing on creating unique memories that dont cost an arm and a leg.
I think its forced me to kind of get creative with the time that we spend together.
There are long-lasting effects of a no-spend month, too.
Over the years of practicing no-spend months, Lyons says shes become less of an impulse shopper.
Shell borrow items from friends if she needs them only once.
And when she does purchase a non-essential item, she tries to shop secondhand.
She finds herself enjoying and using her purchases more than she did before she practiced no-spend months, too.
Youre always on to the next thing to purchase, rather than truly appreciating a purchase.
I have an abundance of things already in my house.
I have a bookshelf full of books.
I have a closet full of clothes.
I should be using those things to the best of their ability before I buy new things.
How is your behavior after the no-spend going to be?
Dont get wrapped up in perfectionyoure gonna spend money.
Its gonna happen, Lyons says.
If you did slip up and purchase something you didnt mean to, [ask yourself], Why?
Was it habitual or was it just something I didnt plan for?
And use that information to go forward into the next month.
Ryu S, Fan L. The Relationship Between Financial Worries and Psychological Distress Among U.S. J Fam Econ Issues.
2023;44(1):16-33. doi: 10.1007/s10834-022-09820-9.
Epub 2022 Feb 1.
PMID: 35125855; PMCID: PMC8806009.
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