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About That No-Spend Month
So last month, we told you that we were embarking on our first no-spend month. Now that the month is over, we thought it would be time to update you on how it went.
Well, October threw a couple of curve balls at us.
1. Amazon Prime announced days after we published our no-spend month plan, that they were going to have Amazon Prime day. Smack. Dab. In. The. Middle. Of. The. Month. But I am proud to announce that we only purchased 1 thing – a mattress topper. Yes, we are boring. We got a great deal and used a gift card for half of it. I spent less than $30 and our sleep is much improved.
2. Coronavirus Pandemic is still going on, and I am watching statistics (Johns Hopkins data) and I don’t exactly like where things are heading. No, this is not necessarily a curve ball because we knew we were in a pandemic, but I got spooked and felt the need to restock the pantry now instead of later. So, I did buy some items that we will need in the coming months. I don’t want to be caught with an empty pantry, or unable to find items I need if things get bad again and we need to limit our already limited grocery shopping trips.
Despite those curve balls, I still managed to keep our grocery spending to $210 for the entire month. That includes Adelaide’s birthday cake, and additional pantry stock up supplies. We didn’t eat out, we didn’t go shopping (except the mattress topper I mentioned above), and we didn’t spend anything for entertainment.
Positive Outlook Moving Forward
All in all, I would say this no-spend month was successful. We did stray slightly, but overall, we kept the costs down. It really wasn’t that difficult or stressful. We ate well, we enjoyed time together, and we are in a better position for our next financial move.
What’s that next step, you ask? Well, I also borrowed Dave Ramsey’s Total Money Makeover book from a friend, and we are going to give it a go! If you aren’t familiar with the Total Money Makeover there are 7 basic steps.
1. Build a $1000 emergency fund.
2. Pay off all debt (except your mortgage) using the snowball debt payment.
3. Build your emergency fund to cover you for 3-6 months.
4. Build your retirement fund.
5. Build your kids’ college fund.
6. Pay off house.
7. Build your wealth to the point where you can just live off the interest.
Check out his book here for more details and information on how to start your own Total Money Makeover journey.
Obviously, this journey is going to take a lot longer than one month, but our no-spend month set us in a great position to start paying down more debt. We will probably throw in a few more no-spend months in the not-so-distant future to supercharge any debt payments.
What have you done to save money and pay off debt? Have any of you followed Dave Ramsey’s steps? We would love to hear your tips, tricks, and stories. Comment below or on our Facebook page, and give us a like while you’re there!