“No Spend November” Can Help You Save Last-Minute Money For The Holidays

Many people now find themselves scrambling for holiday cash. Why? Because COVID-19 caused them to see a drastic drop in their incomes, making it hard even to meet regular monthly expenses.

If the pandemic punched you financially in the gut, it’s not too late to scrounge up the cash for a festive holiday season. You can get the money you need for holiday parties, gifts, and more if you turn November into a month filled with financial discipline.

No Spend November will help you do just that because, as its name implies, the challenge leads to a month of frugality. You have to be selective about what you spend your money on, so you can stack savings and enter December on a much better monetary note.

How can you take part in this challenge to end 2020 on a high note? Have a look:

The Simple Steps To Complete a No Spend November

1. Separate your expenses.

The goal of No Spend November is to hold onto as much of your cash as possible. However, you will have some expenses as there are necessities that must be paid to keep your family fed and have a roof over your head.

Begin by making a list of necessities. These are expenses that must be paid either for survival purposes or to protect your credit history.

For example, you’ll have to pay your rent, car payment, insurance, groceries, Internet, cell phone, and so on. If you have debt in the form of student loans or credit cards, add that to this list as well, since you don’t want any dings on your credit report.

While the first list contains your necessities that must be paid, the second details what you’re going to cut out for November.

These are luxuries or impulse purchases that you can live without, and they can usually represent quite the cash outflow.

It may not sound fun, but you’ll need to eliminate things like dining out, entertainment, shopping, travel, hobbies, etc. The good news is, many of these expenses can be replaced with free alternatives, so it won’t be as bad as you think.

For example, you can use free movie or TV apps like Pluto or Tubi instead of going to the theater or using Netflix. Or you can go to the local park instead of spending money at the skating rink or bowling alley for family fun.

2. Make your goals.

You’re obviously doing a No Spend November to save cash. Here’s where you determine how much money you want to keep, so you have a specific goal to aim for.

If you plan on saving $1,000 during No Spend November, the next step is to decide what you’ll use the money for. Will you keep it for a rainy day in case something else like the coronavirus comes around? Or will you use that cash to end the year with a fun and much-deserved shopping spree? It’s your move.

3. Plan and track.

By cutting out luxuries, you’ll need to plan how you’ll replace some of them. One place to prepare is with food, as prepping meals can save you a ton of time and money. As mentioned, you can also make a list of recreational substitutes that don’t cost a thing, so the month flies by while you and your family have free fun.

Once No Spend November begins, keep track of your progress by looking at your spending. Write everything down in a notebook or use a budgeting app to see just how much you are saving.

Once you see that progress, you’ll want to save even more. And once December rolls around, you’ll be glad that you completed No Spend November by having that extra holiday cash on hand.