No Spend January Challenge

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No Spend January

 The holidays are now behind us, and we are about to enter a new month and a new year! Improving financial health, including paying down debt, continues to be a top new year’s resolution for many, so now is the perfect time to reset financial habits. One way to do that is by participating in the No Spend January challenge—a month-long commitment to pause all unnecessary spending and focus on financial goals. This challenge is not about deprivation but is meant to help people make mindful choices in order to build better financial habits.

Benefits of Participating

 Making it through the No Spend January challenge is sure to give you a feeling of pride in your accomplishment! There are also many practical benefits to participating in the challenge, including:

• Boosting your savings – allocate saved funds toward debt, savings, or an emergency fund
• Resetting spending habits – break the cycle of impulse buying and focus on your priorities
• Reducing financial stress – take control of your money and feel empowered heading into the new year

How to Succeed

Changing spending habits is not always easy. Temptation to spend is everywhere. There is social pressure, lifestyle creep (spending more on non-essential items when income increases), advertising of sales and discounts, social media etc. Here are some tips to help you avoid the temptation:

• Plan meals in advance – save money by cooking at home and using what you already have
• Track spending – use a notebook or app to see exactly where your money goes
• Find free fun – replace costly activities with things like game nights, outdoor walks, or library visits
• Stay mindful – unsubscribe from sales emails and avoid shopping apps or unnecessary browsing
• Shift your mindset – think of it as an experiment in mindful living, not deprivation
• Celebrate small wins – each day without unnecessary spending builds financial discipline

No Spend January is more than a financial challenge—it’s a way to set the tone for your financial future in 2025. Remember, it’s not about perfection but progress. By cutting back now, you’re investing in a healthier, more stable financial year ahead.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.