We’re Embarking on a No-spend January: Who’s in…?

There are few things more stress-inducing than a lack of funds. So, we’ve decided to take matters into our own hands in 2023, by starting the New Year as we mean to go on: spending less and saving more. Let’s call it another one of those ‘New Year, New You’ articles, but this one doesn’t involve tips on sweating buckets in the gym.

To begin our 12-month challenge, we’re kicking off with a ‘No-spend’ January. Well, when we say no-spend, we mean no spending that isn’t a necessity. This means:

  • No meals out
  • No takeaways (or takeaway coffees)
  • No splurges on ‘treats’
  • No unnecessary subscriptions
  • No holidays.


…you get the idea? So, does saying ‘no’ to all of the above spell no fun for January? Not exactly. A no-spend month can be challenging, but it can also be fun. As well as hugely eye-opening (who knew we spent that much over the month on our daily coffee?!)

Start a no-spend month and we can pretty much guarantee that, only a week or so in, you’ll be saving a fair amount and enjoying the thrill that comes with it.

Holidays can wait, little treats will still be there at the end of the month, and your bank balance will ultimately thank you for your efforts. You can still plan some things to look forward to – a Zoom catch-up with your friends, a walk around a local beauty spot, or even a dinner party where everyone brings a dish.

If you’re with us, here’s how you can make a No-spend month more fruitful – and even a little bit enjoyable…


Map Out Your Month

Start your no-spend challenge by first mapping out your month. What have you got coming up that you could postpone until February (or even tweak a bit)? Get out your diary and get planning.

That dinner out with friends could very well be that ‘bring a dish’ catch-up we just mentioned. Or your usual pub get-together could now be a glass of fizz over a video call. Well, it’s far too cold to head outside anyway – and we bet you have a bottle of something in the kitchen that someone treated you to at Christmas.

By mapping out your month, you may well have fun being creative with your plans. We all became experts at it during lockdown, so why not re-introduce some ‘slower-living moments’ at the start of 2023, too? It’s all in the interest of saving some money.


Adopt a ‘One In, One Out’ Policy

While our no-spend month will consist of buying only the essentials, there is a way around buying yourself a treat or two if you’d like to tweak things a bit. So, how about adopting a ‘one-in, one-out’ policy.

That means, for every treat you want to buy yourself, you must sell something you already own (and make the exact amount) before splashing out. Not only does this help you stay on track (by not spending any of your wages, for instance) it helps you declutter – it’s win-win!

Selling or swapping clothes is far more sustainable than, say, treating yourself to clothes via online stores and on the high street – even if they are in the sale.


Create an Enticing End Goal

For you, saving money might mean having a shower instead of a bath. Or it could mean taking your lunches into work, instead of buying something at the canteen (after all, spending more money than you need to on lunch isn’t necessary…is it?).

You may decide to save money on a gym membership, by heading to YouTube and doing an online workout or two for free. Or perhaps you’re cancelling all your subscriptions (magazines you don’t read or overpriced beauty boxes, anyone?!).

Where’s the incentive for cutting so much that you enjoy out of your life? Create one! If you plan to go a month having a shower instead of a bath, you can make a date in your diary to have an indulgent soak – complete with bubbles and a nice bath bomb – as a treat. Or perhaps you’ve saved money on a gym membership by forgoing signing up in January. It’ll be far too busy anyway.


The idea isn’t to simply undo what you have done and spend a fortune at the end of the month, but reward yourself – even in a small way (and it doesn’t have to cost money, either) for your commitment to your no-spend January.

Will you be taking part in a no-spend month too – if so, join us and let us know how you get on. Don’t forget to see how you can make your money work harder for you, as well; check out our financial products and do not hesitate to contact our team with any questions.


Until next time…

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