Today I read an article in the Globe and Mail about a 21 year old student’s extreme goal for 2017 to not spend any money on new clothing, electronics or socializing with friends but only on the necessities.
It’s an interesting read and he is lucky enough to be doing it while he’s only 21 with no dependents.
It will definitely be worthwhile to follow up in a years time to see how his progress is coming along and the challenges he faces (holidays, birthdays, weddings, etc).
Even more exciting will be to see how much he is actually able to save in one years time.
In the past, my friend D in Toronto and myself made a goal of having a no-spend month. We picked January 2016 and we kept each other on track and motivated each other when after holiday sale temptation crept in. In the end, we didn’t miss out on anything that either of us found any value in. We also had more savings from not spending needlessly.
We’ve both decided to give it another try. I have picked October (4 days to go) and she has picked November ahead of the holidays.
This time it will be interesting to see how we do in different months, around the holidays (not after like the first test) and to see if we felt we missed out on anything.
What about you? Have you done a no-spend month or considered doing it? What about a year?