I survived a no-spend year (and so can you)
My first no-spend was in 2012. I was in the process of being diagnosed with a rare disease and my pursuit for answers and a cure was stressful. It was also expensive. Very expensive. When I took a step back and did the maths I realised that I’d blown through a five-figure sum in a matter of months.
Prior to this, I’d have described my finances as pretty good. I worked full time in a relatively stable job, I had savings, a plan for retirement and I’d started to invest. After many years of gradually putting money aside I was also ready to put down a deposit on my first flat, albeit one that was tiny.
But after my medical issues began, the bills streamed in. There were invoices for niche private medical checks and monthly monitoring, costs associated with participating in experimental research, dietician and nutritionist advice bills, punchy amounts spent on an array of supplements, acupuncture fees…. I could go on, but listing all the different clinicians that I paid to poke and prod at me in the pursuit for answers could fill a weighty book, never mind a blog, and the thrust of all this is that after 12 months of big bills and minimal results, I was left feeling wrung out and skint. I had heard about no-spends and I decided to take radical action. For the next year I committed to spending only on the essentials.
No clothes, toiletries or make up
I cut out buying clothes, spending on days and nights out, took lunch and coffee to work and walked, ran or cycled everywhere that I could. I sacrificed haircuts, my monthly blow dry habit and facials. I didn’t drink alcohol (unless it was a freebie, courtesy of a work event), and there was no fancy food or other treats bought in at home.
I saved £500 a month
Doing all of this and more allowed me to put aside an extra £500 a month, and I felt like I was back on track financially by the end of my no-spend year. But doing it was hard. Friends and colleagues initially thought that I was being ridiculous and the concept of doing a no-spend challenge or even a ‘low-buy month’ wasn’t part of mainstream conversations about money like it is today. At times I felt isolated and a bit embarrassed about how hard I found not spending money. However, I eventually got used to it and friends slowly got on board. Some of them even started to admit that they could do with a ‘no-spend’ and they were glad that, when I suggested meeting up, they knew that we’d be doing something that cost nothing at all or else eating cheaply at home.
How I survived
If you have never done a no-spend, it is hard to imagine surviving one. They are punitive and often the harsh, self-inflicted austerity obscures the many positives, such as no-spends providing an opportunity to reset your spending habits, and they allow you to examine what you can truly do without.
I don’t think that I would have coped With my year-long no-spend if I hadn’t experienced immediate and significant savings. It also helped that, after a few months, the people around me started to change their own money mindsets. But not everyone is as lucky and the sad reality is that not spending - or even just cutting back - still feels counter-cultural.
10 practical tips
There were several practical steps that helped me to go a year without spending frivolously, and I’d recommend them to anyone who is considering a no-spend or low-buy. These were:
Thinking about the scope of my no-spend. You don’t need to embark on a no-spend year to reap the benefits of cutting back. I wanted to make big savings, so I decided that I’d try to complete a no-spend year. I’d advise that anyone who is considering a no-spend thinks about what could work based on their own lifestyle. When I did my first no-spend, I lived, worked and did the bulk of my socialising in central and south east London. I was settled and didn’t expect to move, so I felt that I could commit to a no-spend for the longer term. My location also meant that it was feasible for me to cut out paying for transport and I could make good use of the free access to the Capital’s large galleries, museums and parks. A no-spend month, week or even just a few days might be more practical and realistic to commit to. Alternatively, you could focus your no-spend on specific areas of your spending, such as avoiding eating out. Either way, it’s worth giving some serious thought to the scope of your no-spend before nailing down your goal, and remember that if you decide on a shorter time frame, then it can easily be extended if you think that you’re up for a bigger challenge.
Tell people. You might be lucky and have friends or family who want to join in on your no-spend, but the reality is that you probably won’t. Initially, I found that people were curious at best, but it is still a good idea to tell people what you are up to, as hopefully they will support you. I also found that telling people led to some decent freebies. People frequently gave me things like toiletries that they didn’t want and they would pass on the details of free exhibitions and ideas for cost-free days out.
Have a plan. This applies to the period of your no-spend just as much as it does to each day of it. Create a list of your available resources, e.g. access to free museums, nearby parks, gift vouchers and loyalty points that you can use and memberships that you can take full advantage of. Stay on top of planning things that will make your days run smoothly, e.g. meal planning and food shopping. You should also plan how you will say ‘no’ have a list of ready-to-use statements that will help you reaffirm your goal when your resolve is tested.
Identify needs, wants and conditions for emergency spending. Whether you like it or not, the unexpected will happen and it’s best to decide up-front how you will handle emergency spending or needing to get the occasional taxi home. I decided that if I was having a late night, then I would always leave home with my purse so that I could pay for transport if I needed to, but otherwise, I’d be comfortable going cashless if I was within walking distance of home. I decided to spend on the basics (food, rent, basic toiletries, bike maintenance), and to avoid spending on ‘wants’ (clothes, make up, trying a new moisturiser just because I felt like it). Don’t be afraid to change your list as your no-spend progresses. Over time, I found that I didn’t need to buy toiletries at all thanks to gifts and items that I already owned lasting a lot longer than expected. I did, however, have to accept spending on repairing and maintaining some of my clothes more frequently, so I allowed myself to buy some clothes dye and spent money on alterations. I also cracked my bike helmet and needed to replace it.
Automate savings. Make sure that you’re tracking your money and staying in control of the amounts that you’re saving. These amounts could be small or large but, either way, keeping tabs on what you’re not spending and ensuring that you are putting the money to good use will help you see that you’re making progress. During my first no-spend, at the end of every month I transferred any money that I hadn’t spent into my ISA. I also set up an automatic payment into my savings account at the start of every month, just after my pay day.
Free gift ideas. It’s worth thinking about how you will handle birthdays, Xmas and other celebrations that typically involve gift exchanges. I agreed with friends and family that we would exchange handmade gifts and free experiences/skill swaps. I made cakes for birthdays and for Christmas I spent time making handmade cards, but didn’t exchange conventional gifts with anyone. Instead, I gave my time by babysitting and doing bike maintenance for friends. Decide what works for you at the outset of your no-spend and to avoid having to explain your way out of an awkward one-sided gift exchange, ensure that you set expectations with your friends and family.
Don’t abandon your no-spend if you have a blip. Everyone has fails during no-spends. Accept that bad days will happen and don’t be deterred by them. Just pick up where you left off and do the best that you can. Revise your no-spend plan, or its duration, if you need to.
Think ‘free’ first. Most communities have some form of ‘buy nothing’ group or forum, and getting to know all of them can be really helpful when you are doing a no-spend. Check out Freecycle, Facebook Marketplace and Olio. Use the Library of Things to rent items such as tools. There are also networks online that allow you to borrow party kits and tents.
Find your tribe. Try to tap into communities of people doing the same thing, or something similar. E.g. sign up to Instagram challenges that are focused on reducing spending and unsubscribe or unfollow accounts that tempt you to spend.
Identify habits that you will maintain. You will have successes and some things that you can easily go without even after your no-spend has finished. I continued to walk, run or cycle rather than use public transport and did this until I moved house. I went on to do a further two no-spend years, but I don’t think I’d embark on a fourth. I do still try to be mindful about how frequently I buy clothes and coffee out, I regularly go to free art exhibitions and sometimes I deliberately plan to have a no-spend day or weekend.