Feb 25, 2020

3 Tips for You to get Through No-Money Month

For those who are not familiar, a No-Money Month (otherwise known as a No-Spend Month) is a tactical financial challenge wherein you opt to not spend money on specific areas of luxury (such as clothes, movies, travel, etc.)

While it can be tough to skimp and save, it’s an efficient way to cut back from too much expenditure and allow you to avoid impulsive purchases as well. As long as you set your head on your goal and keep these tips in mind, you’ll breeze through your spending hiatus easily!

Pro-Tip #1: Back to Basics

A No-Money Month doesn’t necessarily mean that you literally won’t spend a single centavo since you will still have non-negotiable expenses such as food, transportation, and bills.

It is vital that you identify which ones are needs and which ones are wants so that you can find out ways to stretch every peso to shell out on necessities.

For example, getting groceries and packing your daily meal will greatly help as it will allow you to save a bit more compared to eating out.

Pro-Tip #2: Be Strategic

Setting your No-Money Month during a season with several occasions (e.g. Christmastime) is a surefire way to fail your goal.

Plot your year and identify the month that it’s more ideal to set; a month with the least amount of temptation for you to spend. In this way, you won’t feel pressured and at the same time, you won’t feel the bite of deprivation too much.

Pro-Tip #3: Eyes on the Prize

Whenever you feel yourself slipping or getting tempted by your friends to have a fun night out after work, go back to your main goal. What is your reason for doing this challenge?

Remind yourself that the payoff will be so much more rewarding afterwards when you stick with it.

Of course, saving up is hard to do and when all else fails (you just can’t say no to this rare sale!), you can always take up Online Loans from lenders like Cashwagon. Getting extra cash has never been this quick, easy, and hassle-free!

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Feb 25, 2020