No Spend November is an idea that I’ve seen referenced a few times on finance blogs. It isn’t as well known as Movember or even NaNoWriMo, but seems to be picking up a little steam. The premise behind it is that for one solid month you cut out all non-essentials. Groceries, obviously, are allowed, but no extras. Pay your bills, but don’t add anything to them. Drive less. Eat all your meals at home.
When I first saw this, I thought it was a great idea, . It certainly fit in with my plans for the near future. After thinking about it for a bit, though, I’m starting to think that it really says something about our society. Even though people have higher levels of personal debt than ever before, even though a huge portion of people in North America live paycheque to paycheque (more than 75%, according to some reports), it still requires a special event to save more money than normal?
If someone has debt, whether credit card, car payments, or anything else with interest building up, why not make every month a ‘no spend’ month? Every dollar you spend on unnecessary items instead of chopping away at debt principle is a complete waste. It will feel so, so much better to be debt free than it does to have another outfit, or fancy meal, or night of drinking.
No Spend November is a good start. But really, why stop there?