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The no-spend challenge:
Spend nearly nothing for a month — or a year

What if you could cut your expenses in half — or more — for a month? We’re talking living thin, here. No clothes, no TV, no beer with pals.

Financial writer Michelle McGagh and her husband did it for a year. They didn’t buy coffee, eat out, or buy gas. She rode her bike everywhere. She spent only $35 on food every week. What happened? At the end of one year her jeans were threadbare, but she saved $23,000. McGagh wrote about her extreme challenge in her book, “The No Spend Year: How you can spend less and live more.”

McGagh’s challenge was extreme but even a month of thin living could pay off a bill.

According to Bankrate.com, the first thing to do is decide why. It could be to pay off a big bill that is coming or pad your savings account, but the goal should mean something to you.

Next steps:

– Eliminate any optional expense that comes out of your checking account such as subscriptions. You can resubscribe next month.
– Start thinking of some things as luxuries. You could get rid of Netflix for $10 a month or cable for $120, or both.
– Make a barebones food plan and stick to it. No prepared foods.
– Cellphone: No extra overages or get rid of the plan, if you can.
– No restaurants or pubs. Plan some things to do that are free.
Then count your cash at the end of the month!

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