In this 247th Episode of the Small Scale Life Podcast, Tom and Adam discuss origins, tips and guidelines for the February No-Spend Challenge (or Frugal February Challenge) on Small Scale Life. Can you survive the No-Spend Challenge for 28 days?
Unfortunately, this is the season....to pay the piper. December is usually expensive and gets us in trouble. The holidays bring us expenses with presents, gatherings, parties, events and vacations.
January brings us the cold hard reality: we have bills to pay and usually don't have enough money to cover the rest of the month. It can be stressful: there were times where Jules and I had $50 in the account to get us through the month!
Fortunately, February isn't usually as cold as January. We have an opportunity to catch our breath and dig ourselves out of a financial hole (provided that we don't blow it all out on Valentine's Day). We can literally thaw the deep freeze on our wallets and bank accounts if we take control of our budgets and cut spending.
How is your bank account looking right now?
Maybe it is a pocket full of sunshine and you are smiling.
Maybe it is empty as the grasslands of South Dakota and has tumbleweeds blowing across it.
Whatever situation you might be in right now, events and decisions in far off places are going to hurt our accounts. The fact is that tariffs on goods and energy are going to hurt the American consumer.
We need to acknowledge that fact and prepare accordingly, so even if you have a fat wallet and happy bank account, we need to prepare for what is coming at the stores and at the pump. It doesn't matter what you believe politically, there will be repercussions from policy decisions and actions in the far off Heart of the American Empire. Failing to prepare is preparing to fail. This is a hard reality, and I hope you understand that as we move forward and prepare accordingly.
If you are struggling financially, there are a few ways to get out of it. One way is to make more money (side hustles, extra jobs, etc.). Another way is to dramatically cut back on expenses, especially the ones that are not necessary. We are going to focus on cutting expenses dramatically in No-Spend Challenge or Frugal February.
Remember: February is the shortest month of the year. You can do this; we can help!
Learn, do, grow and be a little better everyday!
For more resources including tips, guidelines and budgeting tools, check out the post at Small Scale Life! (https://smallscalelife.com) Special Guest: Adam Rick.