My No Spend Rules
So first thing's first, I'll have to set up some rules or guidelines for myself to keep on track. If you're planning a no spend year, think about what you'd consider "allowed" spending and what you're trying to stop spending money on. What are you going to do with giftcards, birthday or holiday money, rebate cash? Think about where you are now with your spending and where you'd like to be. I'm going to list my rules and guidelines for myself below, but when you've drawn out your own they might look totally different from mine and that's okay, we all have different goals and comfort levels to adhere to.
Rule 1: Do not buy craft supplies unless it's basic things (think thread, adhesive, etc.) you need to finish a project.
So my main "problem" spend area is on my hobbies. I like to sew, knit, and cross stitch but lately I've noticed that I'm accumulating supplies like fabric, yarn, floss, and patterns for all three hobbies much more than I'm actually using them. This year I plan to make a list of projects I have started, or have purchased supplies for, and finish them. The only new supplies I will buy will be if I need anything to finish up anything on my list of approved projects for the year. I'll share my list in a later post for accountability purposes.
Patterns are a problem for me as well. I plan to make a spreadsheet of the patterns I have and plan out my projects for the year according to those patterns and the supplies I have on hand. I will buy no new patterns this year, there's no reason to.
The only exclusion to this rule is if I need to buy supplies for my business. I currently sell hand knit winter accessories and it's possible I may need to purchase yarns or supplies for that business. In this case it needs to be for an item I have planned to sell and whatever I make from that yarn needs to be put in my Facebook shop to sell. I can't make a scarf, decide it's pretty, and keep it for myself. I must use all stock yarn prior to buying new yarn for stock.
Rule 2: No new makeup, skin care, or hair products unless I'm replacing something I've used up.
Makeup and skincare products have been a problem for me lately. I own way more eye shadow than is necessary for a person who doesn't wear makeup on a daily basis. I'm going to work on a project pan to help me use up product and I will not be buying anything new unless I am completely out of something and need to replace it.
Rule 3: No new clothing unless I lose enough weight that I need to replace items in sizes that fit me.
Clothing has always been something I spend too much money on, I have enough to last me a year easily and the only way I could foresee myself needing anything new is if I lose the baby weight I'm planning to lose. In which case I will be allowed to buy a few basics to get me through until my no spend year is over and then I can evaluate what I need at that time.
Rule 4: Giftcards and birthday/Christmas money do not count
Any birthday or Christmas money or giftcards will not be counted in my no buy year. I can do with these what I want but I cannot go over the dollar amount on the giftcard or money I've been given.
Rule 6: Concerning books
I can keep my comic book subscriptions and will budget $50 per month for those. I cannot buy new books unless I need them for book club and am unable to find them at the library, or if an author I know and follow puts out a new book. So basically Steven King, Lisa See, Neil Gaiman, and George R.R. Martin (Maybe Winds of Winter she says, then laughs, and laughs, and laughs). My Audible subscription doesn't count towards this, if I decide to keep it.
Rule 6: $50 of each paycheck will be put into savings, once it's there it cannot be removed. Any money earned through Ibotta or Rakuten must also go into savings.
This is the last but also the most important rule. My main goal with this no spend year is to teach myself to stop living paycheck to paycheck. In order to do that I need to start saving money. I will take $50 from each pay (I get paid weekly) and put it in a savings account. This will be my spending money for things like Awesome Con, the Renaissance Fair, and any other fun experiences I want to do like going to the movies or having lunch with a friend, things I'd like to do now but never have money for because I'm spending it on material items. Any money I "earn" from rebate aps will also go directly into savings.
I know this was a long post and I don't blame you if you didn't read all of it. This is mostly to draw out my plan for the year and give myself something to hold me accountable to. I hope that if you did skim through or read it that it has given you something to think about when you create a list of your own! Stay tuned for next week's post where I'll be talking about some of my current knitting and sewing projects and plans for them in the upcoming year!
Rule 1: Do not buy craft supplies unless it's basic things (think thread, adhesive, etc.) you need to finish a project.
So my main "problem" spend area is on my hobbies. I like to sew, knit, and cross stitch but lately I've noticed that I'm accumulating supplies like fabric, yarn, floss, and patterns for all three hobbies much more than I'm actually using them. This year I plan to make a list of projects I have started, or have purchased supplies for, and finish them. The only new supplies I will buy will be if I need anything to finish up anything on my list of approved projects for the year. I'll share my list in a later post for accountability purposes.
Patterns are a problem for me as well. I plan to make a spreadsheet of the patterns I have and plan out my projects for the year according to those patterns and the supplies I have on hand. I will buy no new patterns this year, there's no reason to.
The only exclusion to this rule is if I need to buy supplies for my business. I currently sell hand knit winter accessories and it's possible I may need to purchase yarns or supplies for that business. In this case it needs to be for an item I have planned to sell and whatever I make from that yarn needs to be put in my Facebook shop to sell. I can't make a scarf, decide it's pretty, and keep it for myself. I must use all stock yarn prior to buying new yarn for stock.
Rule 2: No new makeup, skin care, or hair products unless I'm replacing something I've used up.
Makeup and skincare products have been a problem for me lately. I own way more eye shadow than is necessary for a person who doesn't wear makeup on a daily basis. I'm going to work on a project pan to help me use up product and I will not be buying anything new unless I am completely out of something and need to replace it.
Rule 3: No new clothing unless I lose enough weight that I need to replace items in sizes that fit me.
Clothing has always been something I spend too much money on, I have enough to last me a year easily and the only way I could foresee myself needing anything new is if I lose the baby weight I'm planning to lose. In which case I will be allowed to buy a few basics to get me through until my no spend year is over and then I can evaluate what I need at that time.
Rule 4: Giftcards and birthday/Christmas money do not count
Any birthday or Christmas money or giftcards will not be counted in my no buy year. I can do with these what I want but I cannot go over the dollar amount on the giftcard or money I've been given.
Rule 6: Concerning books
I can keep my comic book subscriptions and will budget $50 per month for those. I cannot buy new books unless I need them for book club and am unable to find them at the library, or if an author I know and follow puts out a new book. So basically Steven King, Lisa See, Neil Gaiman, and George R.R. Martin (Maybe Winds of Winter she says, then laughs, and laughs, and laughs). My Audible subscription doesn't count towards this, if I decide to keep it.
Rule 6: $50 of each paycheck will be put into savings, once it's there it cannot be removed. Any money earned through Ibotta or Rakuten must also go into savings.
This is the last but also the most important rule. My main goal with this no spend year is to teach myself to stop living paycheck to paycheck. In order to do that I need to start saving money. I will take $50 from each pay (I get paid weekly) and put it in a savings account. This will be my spending money for things like Awesome Con, the Renaissance Fair, and any other fun experiences I want to do like going to the movies or having lunch with a friend, things I'd like to do now but never have money for because I'm spending it on material items. Any money I "earn" from rebate aps will also go directly into savings.
I know this was a long post and I don't blame you if you didn't read all of it. This is mostly to draw out my plan for the year and give myself something to hold me accountable to. I hope that if you did skim through or read it that it has given you something to think about when you create a list of your own! Stay tuned for next week's post where I'll be talking about some of my current knitting and sewing projects and plans for them in the upcoming year!
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