I think it’s a good idea not to participate in no spend months just like it’s a good idea not to do diets. I don’t think it’s helpful and it’s not sustainable. However, I’d like to know your advice on overspending because some people are doing it and despite their budgeting practices or lack thereof it’s still a problem for the environment. I think that topic/thought was missing from this and it’s important to include when we talk about money.
You make a good point that takes us into a bigger conversation about consumption, which I don't want to conflate with spending. Money is meant to be spent, and restricting spending for the sake of a budget plan or any other arbitrary rules is unhealthy.
The relationship with consumption you're describing is a symptom of capitalism, where people are encouraged to consume because it drives money and power toward capitalists. They create a competitive environment where we're judged on the type and amount of things we consume (think: hairstyles, clothing, makeup, houses, cars, activities), and present consumption as a solution to the problems this environment causes.
All of this has to change for the sake of our humanity and our planet — but I caution you not to put the onus for that change on individual consumption. The environmental damage being done is at an institutional level, and the changes need to happen at that level, too. Rather than encourage individuals to restrict spending, we have to regulate production to reduce the harm caused by the things we buy.
Yup! Again, I agree that no spend challenges or restrictive budgeting isn’t helpful or beneficial just like diets. And it’s definitely a systematic issue and should be dealt with at an institutional level. But is choosing where we spend as individuals not a form of resistance against capitalism? Considering that significant regulation hasn’t happened yet wouldn’t it still be beneficial for us as a collective to choose a form of resistance that the higher powers can feel? Assuming that people start to see and care about how detrimental this system is to our society and the planet. It’s definitely a very large topic I just thought that inclusion would have been a good idea. However, it’s still a good and insightful read!
Thank you so much for the shout-out! I’m always down to help people find ways to reduce what they don’t need, and to make space for what they do want more of in their lives (usually, time!).
I’m super interested in this topic of avoiding no-spend challenges, as I’m trying out my first one right now, ha! I didn’t realize it was such a tired trope. I’m going to be really mindful of all the pitfalls you pointed out and notice how this experience makes me feel. For me, the goal isn’t to punish myself, but to get out of the habit of buying stuff to solve my everyday problems. I’m enjoying your newsletter lots — thanks for writing!
What a serendipitous connection :) I love that you're using the challenge as a way to be mindful of how you use money. I'm always cautious of this approach, because our culture likes to use "mindfulness" or "minimalism" as a means to "restriction" around money. But being aware of that risk can help you use this as an opportunity to better understand how you spend and how you want to use money going forward, without imposing restrictions that aren't in your best interest.
Thank you for the shout out, Dana. Just got done scheduling my newsletter for the week and realized we wrote about similar topics, once again. Just reaffirms I’m not the only one in the personal finance world who feels the same way.
I used Upsolve to file for bankruptcy and didn't hire a lawyer. It didn't take too long post-bankruptcy for the credit card offers to start rolling in.
I should also add I had a pretty straightforward chapter 7 bankruptcy, but I wouldn't have been able to file if I had to hire a lawyer, financially. The credit card offers post-bankruptcy were indeed high interest/predatory, but I was used to that being that I've had trash credit forever. I opened a few just so I would have access to some credit, instead of having none. While you aren't getting great terms by any means, I think there is an appeal to you as a customer being that they know you can't file again for X number of years.
I think that no-spend challenges are actually very helpful, especially if you view them as a learning/observing opportunity. They are a good way to pause nonessential spending and actually reflect on what you are consuming. I did one back in July and thought about these questions: What are the things I’m mindlessly spending on? How can I meet this want in an alternative way? If I wait a month, will this desire go away? When the month was over, I didn’t go out and immediately buy everything I was wanting in the no-spend month, I made spending decisions that were more aligned with my values.
I love that you're taking step toward spending more mindfully (I call this "conscious spending"). I recommend non-restrictive ways to do the same thing, including any mindfulness practices (like meditation), and a spending diary that lets you get in touch with what you're wanting and why. It's important as you're getting in touch with how you want to use money that you understand not only what you want to STOP spending on but also what kind of spending you want to ADD to your life, and a restrictive challenge only answers the first question.
I think it’s a good idea not to participate in no spend months just like it’s a good idea not to do diets. I don’t think it’s helpful and it’s not sustainable. However, I’d like to know your advice on overspending because some people are doing it and despite their budgeting practices or lack thereof it’s still a problem for the environment. I think that topic/thought was missing from this and it’s important to include when we talk about money.
You make a good point that takes us into a bigger conversation about consumption, which I don't want to conflate with spending. Money is meant to be spent, and restricting spending for the sake of a budget plan or any other arbitrary rules is unhealthy.
The relationship with consumption you're describing is a symptom of capitalism, where people are encouraged to consume because it drives money and power toward capitalists. They create a competitive environment where we're judged on the type and amount of things we consume (think: hairstyles, clothing, makeup, houses, cars, activities), and present consumption as a solution to the problems this environment causes.
All of this has to change for the sake of our humanity and our planet — but I caution you not to put the onus for that change on individual consumption. The environmental damage being done is at an institutional level, and the changes need to happen at that level, too. Rather than encourage individuals to restrict spending, we have to regulate production to reduce the harm caused by the things we buy.
Yup! Again, I agree that no spend challenges or restrictive budgeting isn’t helpful or beneficial just like diets. And it’s definitely a systematic issue and should be dealt with at an institutional level. But is choosing where we spend as individuals not a form of resistance against capitalism? Considering that significant regulation hasn’t happened yet wouldn’t it still be beneficial for us as a collective to choose a form of resistance that the higher powers can feel? Assuming that people start to see and care about how detrimental this system is to our society and the planet. It’s definitely a very large topic I just thought that inclusion would have been a good idea. However, it’s still a good and insightful read!
Thank you so much for the shout-out! I’m always down to help people find ways to reduce what they don’t need, and to make space for what they do want more of in their lives (usually, time!).
I’m super interested in this topic of avoiding no-spend challenges, as I’m trying out my first one right now, ha! I didn’t realize it was such a tired trope. I’m going to be really mindful of all the pitfalls you pointed out and notice how this experience makes me feel. For me, the goal isn’t to punish myself, but to get out of the habit of buying stuff to solve my everyday problems. I’m enjoying your newsletter lots — thanks for writing!
What a serendipitous connection :) I love that you're using the challenge as a way to be mindful of how you use money. I'm always cautious of this approach, because our culture likes to use "mindfulness" or "minimalism" as a means to "restriction" around money. But being aware of that risk can help you use this as an opportunity to better understand how you spend and how you want to use money going forward, without imposing restrictions that aren't in your best interest.
Thank you for the shout out, Dana. Just got done scheduling my newsletter for the week and realized we wrote about similar topics, once again. Just reaffirms I’m not the only one in the personal finance world who feels the same way.
Thank goodness! So nice to have more voices in this conversation! Looking forward to your piece.
Ope, suddenly reconsidering my no-spend challenge... And also so very excited for your book!
I used Upsolve to file for bankruptcy and didn't hire a lawyer. It didn't take too long post-bankruptcy for the credit card offers to start rolling in.
Thanks for the tip; I’ll check out Upsolve. Did you take any of the credit card offers, or find that they were mostly predatory?
I should also add I had a pretty straightforward chapter 7 bankruptcy, but I wouldn't have been able to file if I had to hire a lawyer, financially. The credit card offers post-bankruptcy were indeed high interest/predatory, but I was used to that being that I've had trash credit forever. I opened a few just so I would have access to some credit, instead of having none. While you aren't getting great terms by any means, I think there is an appeal to you as a customer being that they know you can't file again for X number of years.
I think that no-spend challenges are actually very helpful, especially if you view them as a learning/observing opportunity. They are a good way to pause nonessential spending and actually reflect on what you are consuming. I did one back in July and thought about these questions: What are the things I’m mindlessly spending on? How can I meet this want in an alternative way? If I wait a month, will this desire go away? When the month was over, I didn’t go out and immediately buy everything I was wanting in the no-spend month, I made spending decisions that were more aligned with my values.
I love that you're taking step toward spending more mindfully (I call this "conscious spending"). I recommend non-restrictive ways to do the same thing, including any mindfulness practices (like meditation), and a spending diary that lets you get in touch with what you're wanting and why. It's important as you're getting in touch with how you want to use money that you understand not only what you want to STOP spending on but also what kind of spending you want to ADD to your life, and a restrictive challenge only answers the first question.
Hey Dana-
I'd love to give you the requested feedback in the survey, and your survey software is telling me that the survey is now closed...
Maybe I am missing something?
Oh no! Thank you for letting me know. I fixed the issue. It should be re-opened now!