Holiday spending always gets the best of me. The gifts, the food, the Christmas tree and decorations — sandwiched between two monthly rent payments — siphon money from my bank account. Every year I feel the sticker shock, briefly tuck my tail between my legs, then carry on like it never happened.
But this year I’m trying something different. I’m committing to a no-spend January. That means I’m freezing spending on unnecessary purchases this month to build my savings back up. Goodbye, mindless Target-app browsing. See you later, desserts.
I’m not the only one to emerge from the holiday season in less-than-ideal financial shape. More than half of 2019 holiday shoppers (55%) took on credit card debt, according to NerdWallet’s 2020 Holiday Shopping Report.
If you’re looking to shed holiday debt, boost your savings or simply manage your money better, a spending freeze can get you on track. Here’s how to embark on (and stick to) a no-spend month.
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