Musings on No Spend for 2025

I've seen headlines for no-spend weeks, months, and even years all over the internet ever since I learned about the FIRE movement circa 2012. TikTok has been calling this frugal flex a "No Spend Challenge." 

While I've never held myself to a no-spend period of time, I have cut my expenses down to the bare necessities a few times. One memorable period was the three-month period between getting pre-approved for my mortgage and closing on my house. I ate down the pantry and baked my own bread to ensure my bank balance didn't budge to ensure my statements would pass muster when my financing was fully approved. While I went back to my old (admittedly frugal) spending habits after moving into my new empty house, I never forgot that extra few thousand dollars that seemed to appear out of thin air.

Given the current state of economic uncertainty as of the time of writing (November 2024), I find myself drawn to the idea of a no-spend month for January 2025. It's time to flex my frugality muscle like old times, just to see how much I can save

Motivations

Some folks seem motivated to cut their spending down to the bone to pay off debt, such as accumulated credit card balances or student loans. I am fortunate enough to not have any debt other than my mortgage, which I have no motivation to pay off because the rate is 2.6%. Other folks seem to use the no-spend period as a way to accelerate savings for an emergency fund or home renovations. I am all set on that front, too. 

I'm thinking of this challenge as a way to accelerate FIRE by investing the savings and growing my nest egg. It will also be a good opportunity to see what my monthly expenses are when cut down to the essentials. This will help me set a realistic FIRE number because I want to account for essentials, travel, and hobbies.

Practicalities

I'll have to set some parameters in order to judge whether this challenge is successful. My husband and I are already very thrifty and live well below our means. We also have a few goals and hobbies that I am not willing to give up for the duration of the challenge. For example, I took up running last year and I set a goal to run a specific number of timed races. Since very few of these races are free, I will be spending some money on race entry fees but I am happy to report that much of the race proceeds fund local charities. The fees also support timing companies, which is an industry I would never have realized existed without taking up running.

Here are my proposed parameters:
  • Overall goal is to minimize spending on non-essentials
  • Groceries and household items are certainly essential but I'll continue to search for the best deals
  • Athletic fees for races and classes are essential for health reasons
  • Clothing can only be purchased to replace an article that is worn out and unable to be repaired
  • Gifts should be handmade whenever possible, but the priority is the recipient's happiness
  • We do intend to travel next year but will, as always, keep it thrifty
I'll compare my spending from month-to-month and post about specific successes and failures. Exciting times ahead!

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