Our No-Spend Month (and The Benefits of Spending Less)

This month, Mollie and I are committing to a no-spend month.

Actually, it’s more like a low-spend month, as we have certain fixed costs that we can’t easily remove for a short period of time. We’ll be reducing our non-essential spending down to zero and our essential spending as low as we can reasonably go. What does that look like in the context of a family of 5?

Here’s our game plan:

• No purchases related to hobbies, entertainment, or convenience (anything non-essential)
• No restaurants
• Grocery spending under $400 (includes using up existing food)
• Lower the electric bill by at least 10%
  • Turn off space heaters earlier in the day (in our sunroom)
  • Turn off all lights that aren’t being used (usually for ambiance)
  • Fewer loads of laundry in the dryer
• Lower the water bill by at least 10%
  • Fewer and shorter showers (often taken for comfort in the cold winter months)
  • Fewer loads of laundry in the washer
• Lower the natural gas bill by at least 10%
  • Lower heat in the basement by 2 degrees (kids play area)
  • Lower the heat at night by 1 degree (already pretty low)
  • Fewer and shorter showers

Like many families, the extra savings from this low-spend month will be a nice bonus, but that’s not our main motivation. We have found that over time, our expectations of comfort and convenience have continued to rise. Occasionally, in the same way that people fast from food, we like to fast from some of the things that we spend money on.

This practice helps to reset our expectations to a new baseline, and often results in changes that stick with us way beyond the month-long experiment. It’s our way of pushing back against the tide of always seeking more.

In preparation for this month, I’ve been thinking about the many ways that the simple act of spending less can bring positive change to your life. I hope you enjoy the list and consider joining us for this 1-month challenge.

8 benefits of spending less

More margin in your budget brings less stress. Money can’t buy happiness— not the kind that lasts. But overspending your income is a sure way of adding stress and unhappiness into your life. If you’re able to, leave a cushion in your budget and save up a modest emergency fund. This is one of the easiest ways to make sure that money is not keeping you up at night.

More opportunity to live generously. When you cut out a good portion of the non-essential spending in your budget, you’ll probably find that you’re as happy and content as ever. What’s the point in adding it back? Using your surplus wealth to benefit others and make friends is one of the greatest investments you can make. 

The less you buy, the less you desire. When you make an upgrade to one area of your life, it often leads you to be less content with other items you own. A nice home requires nice furniture to fill it. New clothes require new shoes and maybe a new haircut, too. And it’s not long before the new stuff becomes the new standard. Intentionally spending less is one way to step off this never-ending treadmill. 

You learn to appreciate what you already have. One of the coolest aspects of spending less is realizing how resourceful you can be. In our first year of marriage, my wife and I were busy repaying student loans and had very little money for anything else. That didn’t stop us from coming up with all sorts of cheap ways to have fun: walking to the library, playing badminton on the tennis courts, running on the local trails, to name just a few. 

Less stuff means more time. I couldn’t help but mention this one. As we regularly write about the benefits of decluttering on this blog, there’s no simpler way to keep your house clutter free than to spend less money. Less shopping and less organizing and cleaning your possessions means more time to spend on the things you value most. 

Grow your self-control. Have you ever noticed that when you make one positive change in your life, it’s easier to make another? That’s because self-control is like a muscle that grows stronger with use. Intentionally spending less is one way to put this virtue into practice on a daily basis, it’s unlikely to be the last. 

Resets your expectations about what is really essential. If your expectations and spending have risen right along with your income, you’re not alone. This is a natural human tendency as we quickly adapt to what is around us. Going through a period of intentionally spending less is one of the best ways I know to reset your expectations and remind yourself that you can indeed live happily with less. 

More money to invest in future opportunities. Spending less can be a lifelong habit that continues to deliver the benefits mentioned above. But I’m no miser. Alongside the ability to live more generously, there’s also a time and place to spend your money to enjoy new possibilities and experiences with those you love. Spending less today opens the door to opportunities that aren’t available to those who spend right up to the end of their means.