Welcome to 2024! For some, New Year’s Eve is all about the celebration—dancing, drinking, watching the ball drop and locking lips at midnight. I hope you were all careful about who you kissed. The classic New Years tradition bonds the lovers for the next 12 months! For others, the holiday is centered more on clearing out the old in an effort to shift the energy and create new goals and intentions for the upcoming year. For me, it’s a new year brimming with opportunities for new health initiatives. So with that, let’s kick off January aka Financial Wellness Month with a financial wellness challenge. (12 New Year Rituals: Bring In Good Luck For New Year, 2020)
Wrapping up at years end can be expensive. Whether it be hosting holiday parties, feeding the masses (friends and family), gift giving or simply looking “the part” with new holiday fare and a spruced-up appearance—the money seems to flow starting about mid-November right on through to December 31st. Therefore, it makes sense to stop spending this month. Go Cold Turkey. And thus we embark upon a New Year No Spend Challenge. A no-spend challenge is a money-saving challenge where you make a point to restrain from unnecessary purchases all month long. Need an example of an “unnecessary” purchase? Think Amazon, Starbucks or that vanilla scented candle in the checkout line at TJ Maxx. Instead focus on spending your money on essentials only; rent, groceries and utilities. (Horton, 2023)
The New Year No Spend Challenge is an opportunity to rethink our spending habits and increase financial awareness. Ultimately, you may find that there are expenses that you can cut out moving forward that won’t negatively affect the quality of your life but could positively affect your bottom line. It’s a simple mathematical equation, Spend less = Save more. Once you see a little more money accumulating in your account by month’s end, you may find the motivation to continue saving after the challenge ends. (Martel)
The rules are simple and of course you can adjust the challenge as needed. If you’re not ready to embark on a whole month, try a 7- or 14-day challenge. Feeling inspired? Try it for 3 months. The goal is to curb your spending habits and reduce impulse spending. Fun fact—impulse spending carries a lifetime price tag of over $300,000 for the average American. You may find that removing the option to buy anything extraneous will be an enjoyable experience, dare I say even cathartic. Encourage your friends and family to participate in the challenge along with you. If you normally go out on the weekend, choose instead to host a crock pot game night or a rom-com movie marathon with everyone bringing their favorite snacks. Join us this month for Tycor’s January New Year No Spend Challenge. Let’s bring in 2024 with our financial caps a little more secure and a couple more dollars in our pockets. (Banes)
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12 NEW YEAR RITUALS: BRING IN GOOD LUCK FOR NEW YEAR. (2020, December 9). Retrieved from mamawunderbar.com: https://mamawunderbar.com/blogs/news/10-new-year-rituals-bring-in-good-luck-for-new-year
Banes, K. (n.d.). https://wealthtender.com/insights/money-management/the-far-reaching-benefits-of-a-no-spend-month-and-the-one-drawback/. Retrieved from wealthtender.com.
Horton, C. (2023, May 7). Why You Should Try A No-Spend January + How To Do One Successfully! Retrieved from clevergirlfinance.com: https://www.clevergirlfinance.com/no-spend-january/
Martel, J. (n.d.). How a no-spend challenge can reduce stress and make you happier. Retrieved from www.simplii.com: https://www.simplii.com/en/living-simplii/no-spend-challenge.html