By Kelly Maue

With December comes food, festivities, goodies, and gifts. And often a hefty price tag. All those extras add up, and can make the most wonderful time of year quite expensive. But there’s a way to help get a budget back on track: a no-spend challenge in January.

After all the wrapping paper hits the recycle bin, consider taking on this popular personal finance trend. Choose a set amount of time (like January!) and commit to cutting spending on all non-essentials. 

The rules are simple. Necessities like rent, utilities, gas, insurance, childcare, and basic groceries remain in the budget. All other spending undergoes scrutiny – and gets chopped. 

No more impulse buying. Put Amazon, Target, and Dollar Tree in a time-out. No new movies, subscriptions, or other fee-based entertainment. No new clothes, shoes, accessories, or salon visits. No new games or hobby-related expenditures. No specialty coffee shops, wine bars, or dining out. Cut out all discretionary spending. 

Dig through your freezer and use what you have on hand. Make it a personal mission to cook without buying loads of extra items. For clothes, take another look in the closet for something you love but forgot you had – or swap with a friend. And revisit an old interest or pastime, or start a new one, as long as additional purchases are not required. 

Get creative and find no-cost entertainment. Find a free concert. Go to the library and check out a book or take advantage of the activities they may offer. Take walks and explore nearby communities or get back to nature. Hang out with friends or family, but make sure they support the no-spend goal. 

Consider it a cleanse for your personal finances. Track your progress to find out where the problems are and what things tempt you. Try a spending app or journal to stay motivated. And be sure to celebrate small victories along the way – without spending money, of course. 

You may find that when you stop buying things impulsively, the yearning to do so fades. And when you start seeing and feeling financial success – even in small increments – that positive reinforcement can help form better habits. 

Other benefits include reducing incoming clutter, boosting creativity, feeling more in-control and less anxious, and hopefully saving money for a rainy day.

Simplify your life and plan a no-spend January. Then reflect on the month and adjust your budget. This challenge is a great way to help build your financial future well beyond 30 days while discovering  what’s most important to you.