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In 2020 I completed a No Spend Year and experienced many benefits.
A no spend/low spend year involves planning out the things you will not spend money on.
You still have to pay for rent, utilities, and groceries of course, but you can plan to cut out/reduce spending on clothes, food out, electronics, and whatever else you want to include.
You will save money
In 2019 I spent over $5,000 on miscellaneous shopping. Some of it was necessary, but not all of it.
In 2020 I spent <$200 on unnecessary purchases!
This difference in spending has allowed me to pay off debt, save way more, and invest.
Helps you determine your priorities
As you plan and go through your no spend year, you will start to realize the things that are actually important to you.
For example, I knew I was OK with spending on traveling and experiences. Obviously I’m not going to blow my money on those things, but it was worth it to spend money on them.
Increased gratitude for what you have
I went into my no spend year knowing I had enough and basically everything I needed.
Along this journey, you start to appreciate your belongings even more so and take better care of them.
You will probably want things, but in the back of your mind you’ll know you have enough to at least get through a whole year.
Learn to be innovative
As you go along your journey you’ll come across times when you’ll want/need something. Since buying it is your last resort, you will get creative.
For example, I started walking A LOT in 2020 and it gets so hot in Atlanta. I really wanted some biker shorts for this reason (since they’re cooler but provide good coverage).
Well, I had some leggings I wanted to sell/donate anyway so I decided to cut them into biker shorts! You can’t even tell I cut them!
You’ll start to find ways around things and get them for free or borrow them.
I did this for several things with my sister (hair cutting scissors, baking dishes). And I also did this with books.
I LOVE reading and I found tons of new “little free libraries” around the city I live in. I was able to find amazing, like new books to read!
This is huge for your discipline and willpower.
Throughout 2020 I went to stores/the mall and saw many things I would want to purchase.
In the past, I would have bought those things considering they were a good price. In 2020, I looked at the items, picked them up, and put them back!
A few days later I was able to look back and be glad I didn’t purchase them!
It puts you in a situation where you think about your choices.
These are just a few benefits of doing a no spend year and I highly encourage you to try it out!