00:03so you dropped a small fortune over the holidays and now you're in recovery mode or maybe you're
00:08trying to save up for that big vacation and what you need is a miracle a no spend month can
00:15be just
00:15the answer you're looking for here's how to do it right before the month begins list out the
00:22non-negotiables rent car payments medication etc then make a plan for essentials like groceries
00:29and gas basically you should be cutting out anything that is a want or impulse buy it's
00:35important to define exactly what you're allowed to spend on and what you're not so there's no
00:41wiggle room later when you're feeling the urge to buy that latte january can seem like the perfect
00:48opportunity for a financial freeze it's right after the holidays and you're likely not up to too much
00:54anyways on the other hand since it's practically easy mode for scaling back your spending it may
01:00not be the most effective whatever time frame you pick you'll probably want to avoid summertime or a
01:06month with a lot of birthdays or weddings having to say no to activities with friends or family isn't
01:13fun but telling them about your no spend month in advance or better yet encouraging them to join gives
01:19you a built-in accountability system cfp leo mart tells nerd wallet instead of going out for dinner
01:25or drinks plan a movie or board game night instead finally tracking your experience and progress can
01:32make the impact of a no spend month all the more apparent it's all about that peace of mind knowing
01:38exactly how much money went out can be a major stress reliever especially compared to the chaos of the holidays
01:45you
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