Wednesday, 27 January 2016

No-spend February

Last summer, Hubs and I met with a mortgage advisor who went through our monthly expenses in order to determine the size of mortgage we could have to buy our new home. We got the mortgage we wanted and needed, but the meeting left us reeling because we'd realised we couldn't account for almost a third of our income each month!

That's £800! 

So, in December, after everything had settled from the move, I decided to take a closer look at our finances and realised if we were good and didn't indulge on the 'extras', we could save £600 in one month! Obviously this was pretty impossible to do in the festive month of December, nor would we make it through January - we have three birthdays that month, one of which is Hubs - so we agreed we'd give it a go in February.

And 'No-spend February' was born!

So, what does a no spend month involve? Well, it isn't actually no spending because that'd be pretty impossible - we have a mortgage and bills to pay! So, we're cutting out all the extras, all the little spends that add up, in our case to almost £300 a month, which is equal to what we save each month. Who wouldn't want to double their savings just like that, so for the 29 days that make up February 2016 (damn Leap Year), we're cutting out takeaways, bought lunches, magazines, my 'must-have' home buys (which are rarely truly must-have) and anything else we do not need.

And that's the key word, need.

We're allowing ourselves to buy food, petrol (in order to get to work to earn the money we're gonna save) and gifts for the two birthdays we have this month. We're also going to pay the bills - gas, electric, TV, water, alarm and council tax, as well as our mobile phone contracts and our car and home insurance. But that's it!

If we stick to it, we should save close to £600 this month alone. Now I know this isn't a sustainable, long-term savings plan, but if we can do this once every three months, we could save over £2,000 this year!

I'm not quite sure how, but I've managed to convince my blogging bestie, Kelly, to give it a go too, so head over to her blog and she what she's planning to give up to save towards her fabulous September wedding!

Wish us luck!

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