Here is how to complete a low-spend month to save money

Here is how to complete a low-spend month to save moneyHere is how to complete a low-spend month to save moneyNew year, new budget. Do you want to take control of your money this year? Start off strong by doing a low-spend January Im sure youve heard ofDry January, where you commit to bedrngnis drinking any alcohol for 30 days. Well, there are also no-spend months, but I prefer to call them low-spend months, because its impossible to spend NO money at all.What does a low-spend month look like? You only spend money on the necessities rent, utilities, transportation, subscriptions, loans, groceries, etc. Anything that is not essential or required, like going out to eat or going shopping, is not allowed.What is the point of this exercise? Not only will it help you spend much less this month (and hopefully youll put that extra cash into savings or toward debt), but it will also show you what you really dont need to be spending money on. It will also show you that youre capable of cutting back on spending if you put your mind to it.So how does it work?Make a List of All the Essentials That You Must Pay ForIf youve already made a budget, youll have this list ready. If not, this is also a great exercise to get you halfway to having a budget List out all of the things that you know you have to pay for every month. This could be obvious things like rent, utilities, your student loan payment, etc. But it could also be co-pays for a prescription, metro fare, gas, groceries, and more. These should be things that you know you cant avoid paying for. Its helpful to have this list because you know you dont have to feel guilty for spending on these things while cutting back in other areas.Make a List of All the Non-Essentials That You Will Be Giving UpNow that you know whats essential, its time to write out what isnt. Get clear on the things that you know you want to give up or cut way back on during your low-spend month. This could be going out to eat, shopping, Uber, coffee, etc. Its especially helpful if its something that you know you overspend on during a typical month. Challenge yourself.Check In At Least Once a Week to See How Youre DoingJust like with budgeting and tracking your spending, its important to check in regularly when youre challenging yourself to spend much less than usual. Set time aside at least once a week to review your bank statements or receipts and see where your money is going. If you notice that youre having a hard time giving something up, think hard about it. Why is it hard to give up? Is it something that brings you joy, and therefore should be programmed into your basic budget? Or are there other things going on, like taking Uber because you hit snooze too many times in the morning?Write Down How Youre Feeling About the ChallengeCutting back on something and changing a habit is hard work. It takes time, and it doesnt always feel good. So you shouldnt expect this to be easy, and you should check in with yourself regularly. Keep track of how youre feeling as you go along. You can do this while youre tracking your spending. It can be just one line like, this sucks or this is easier than I expected. This will be a cathartic way to check in with yourself, give yourself a moment to complain, and then motivate yourself to keep going. It will also be a great way to look back later and see that you were able to get through itIf you dont think checking in with yourself will be motivating enough, try to find an accountability buddy. If you dont already have a friend doing this challenge with you, find one Check in with them once a week and tell them how youre doing and how youre feeling about it. It always helps to have a buddy. If none of your friends are doing this with you, join the Money Circle group and post in thereMake a List of What welches Easy to Give Up and What Was HardAt the end of this, youll have a good idea of what you can go without from now on Make a list of the things that you actually didnt mind giving up, and cut back on those in your normal day-to-day. You can decide if you can now make room in your budget to pay down debt or build up savings, or put your money towards other things that you really care about.This article was originally published on MaggieGermano.com.