NO-SPEND FEBRUARY IS ALMOST HERE!

GEAR UP FOR THE SECOND ANNUAL NO-SPEND FEBRUARY CHALLENGE WITH A LIFE ON A DIME!

Last year’s No-Spend February Challenge was such a success we’ve decided to make it an annual event here on a Life on a Dime! This year I’m more focused on increasing savings than anything. That was a very pleasant side effect of last year’s no-spend month.

I know #NoSpendNovember or #NoSpendJanuary challenges exist and get a lot of attention on social media. I just prefer not to add one more stressor to the holiday season, even if we do have a sinking fund for Christmas gifts.

Any time of year is great for a no-spend challenge, and you don’t even have to do a whole month; mini-challenges can also have positive effects on your spending and savings habits.

FOLLOW THE NO-SPEND CHALLENGE

If you want to be sure to catch all the tips and updates be sure to subscribe as a Frugal Friend! You’ll even get your free meal plan in the Meal Plan Monday newsletter.

Are you following a Life on a Dime on Instagram, Twitter, and the Facebook page? You’ll definitely want to during this challenge! It’ll offer motivation, encouragement, and accountability! You can also check out my YouTube video on no-spend challenges.

GUIDELINES TO THE NO-SPEND FEBRUARY CHALLENGE

As stated last year, before embarking on a no-spend challenge it’s important to set some guidelines. Sit down with your budget and determine what spending is allowed. Examples of required spending include mortgage/rent, utilities, insurance, groceries, and fuel.

After that, start determining which expenses aren’t necessary and if there are any one-time exceptions. For example, feel free to keep your annual Valentine’s date and send treats to the school party (I really miss attending the class parties with our kiddo) feel free to include that in the budget prior to the beginning of the month.

Below are the amended lists of allowed and banned spending from last year’s challenge. I’ve included the same items for simplicity and to help as a guide, with notes on what’s changed for us over the last year..

ALLOWED SPENDING IN A LIFE ON A DIME’S HOUSEHOLD DURING THE CHALLENGE

• Mortgage – Because we have to have a place to live obviously.
• Utilities – Might as well keep the lights on and the place warm.
• Insurance – We have cancer, life, and auto insurance. Our health insurance is deducted from hubby’s pay.
• Groceries – This category will be restricted. See the details in the restricted items section.
• Toiletries – Shampoo, conditioner, deodorant… Things you need so other people can stand to be around you.
• Prescriptions and necessary OTC items – I like to use natural wellness options including my monthly wellness box from Young Living.
• Kid supplies – We’ve made a teeny bit of progress on the potty training front, but pull-ups and wipes are still a necessity.
• Mama’s Friend Date – This was an awesome occurrence that I have sorely missed. I haven’t seen my friend in person since that last friend date. A text is probably in order after this is posted!
• Gym Membership – This is no longer in the budget. I miss it, but I canceled my membership last year. While I can’t completely blame COVID for that one, it certainly makes being in the gym less appealing.

BANNED SPENDING IN OUR HOUSEHOLD DURING THE CHALLENGE

• Clothing – We are good enough on clothes for the moment barring any sudden growth spurts.
• Makeup and Jewelry – I can’t even wear makeup recently due to some weird skin issues.
• Dining Out – We typically eat pizza at home for Valentine’s day and I think we’ll continue this tradition.
• Alcohol – I am allowing an exception for Valentine’s day as it is part of our pizza tradition.
• Entertainment – Other than Disney+ and Hulu we don’t really do a lot for entertainment. We are looking into a gymnastics class for our three-year-old, so if he gets enrolled that will be allowed.
• Toys and Games– This one isn’t usually something we spend a lot of money on, but I’m including it just in case. This year I need to focus on getting rid of some toys the kids have outgrown or don’t bother playing with.

RESTRICTED SPENDING IN OUR HOUSEHOLD DURING THE NO-SPEND FEBRUARY CHALLENGE

In addition to not spending money on these categories, I also plan to reduce other areas of our budget to maximize our savings potential.

• Preprepared Meals and Snacks – We have a love-hate relationship with chicken nuggets in which they are either all our three-year-old will eat or he thinks they’re gross. I need to get more creative with lunches and snack time.
• Household Items – This isn’t a category I go overboard on anyway but have mixed my own soaps less often in recent months. I would really like to get a few succulents for the metal tray on my kitchen counter, but I’m in no hurry to actually go to the garden center.
• In-between Grocery Day Purchases – You know what I’m talking about; those “must-have” items that didn’t make the weekly shopping list you’re tempted to just “pop in” and pick up from time to time. Are they really necessary? Usually, they’re not. I’ve found Google to be immensely useful when I realize I’m missing a “key” ingredient in a recipe. That unplanned trip usually results in more than just the one or two “must-have” items you went in for in the first place.

HERE IS YOUR HOMEWORK:

First, sit down with your monthly budget (you have one, right?) and determine what will be allowed, banned, and restricted spending in February. For bonus points, take it a step further and post it on social media with the #NoSpendFebruary so I see it. the added layer of accountability can be beneficial.

I’ll post under the hashtag on my social media accounts with updates and tips throughout the month ast well.

This assignment is due before the first of the month, so get to it! If you have any questions don’t hesitate to reach out. If you need more budget help please check out my budget coaching services.

This post was proofread by Grammarly.

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