Posted by Mike Smith :: October 21, 2008 @ 8:55 am

The concept of a no-spend day has been gaining in popularity. Rather than stocking up ahead of time or making up for it afterwards, the idea is to make do with what you have and live a day without spending any money. It seems as though doing just about anything for one day is possible, but can you imagine such an exercise being stretched out to a whole month?

That was the basic goal of David Hochman and his family. David described his experiences in an article titled My Family’s No Buy Experiment in the October issue of Readers Digest. The magazine has also established a No-Spending discussion board for anyone interested in taking the challenge. His motivation came as he approached the checkout line at Target and realized that he didn’t need a single item in his cart, though he was about to pay $300 for it all.

Instead of making that purchase, he and his family committed to go an entire month without spending. He did pay his mortgage, utilities, and son’s tuition as well as allow for fresh fruit and milk purchases, though that last item was quickly capped at $100. All other spending was simply not allowed. That included more than just the expected cutbacks of eating out and buying clothes. Even groceries, Internet access, and gas for the car were not permitted.

You may think that such an exercise is pointless, or not possible in your own situation, but I disagree. In our society of excess, using what you already have is an excellent way to reduce spending. Looking through your pantry, couldn’t you last at least a week without buying any more food? If so, then a month doesn’t seem like so much of a stretch. Even if David’s experience just causes you to consider alternative solutions before spending money, it serves its purpose. Faced with a backed up shower and a feeling of defeat, David thought that his no-spend experiment might be over. But thanks to a borrowed Internet connection and a home remedy he was able to solve the problem and avoid a call to the plumber.

The personal value of the challenge seemed to come through at the end of the month for the Hochman family. Rather than run out and spend money to make up for their “sacrifices,” they found themselves continuing to enjoy many of the free activities they had discovered or created during their month without spending.

I’m not suggesting that we all try to go for a month without spending money. Many less fortunate people are required to make do with even less than the Hochmans had during their experimental month. The lesson that we can learn from their experience is that not only can we survive on less, but our lives may also be better, not worse, as a result.

How long could you go without spending any money?