When the summer season approaches, the ads for vacations, beaches, and summer concert series can easily lead people to empty their savings accounts and rack up credit card debt. (And that’s not including those of us struggling with inflation without going on fancy vacations!)
However, every year thousands of people say NO to overspending and take control of their finances through the “No Buy July” savings challenge.
Like many other savings challenges, No Buy July offers you the chance to strengthen your willpower muscle, understand your wants versus your needs, and save money for things that actually matter to you.
Today, I’ll walk you through a blueprint for your entire month of July. I’ll explain the challenge in detail, help you write your own rules, and offer some practical tips to roll into August richer than you started.
The “No Buy July” Challenge
The goal of “No Buy July” is easy to understand, but tricky to pull off: for the entire month of July, you commit to only buying the essentials.
A no spend month isn’t a month of being bored at home, though; it’s an exciting way to gain control over your finances, break free from tricky marketing, and spending money mindfully, not mindlessly.
By taking a break from spending, you can start reflecting on what’s really important to you now, and what goals you might achieve with some extra savings.
Unlike other monthly no spend challenges like No Spend January though, No Buy July is a pretty intense challenge. Because it’s smack in the middle of summer, you’ll probably need to say no to some exciting activities. Vacations, road trips, water parks, and ice cream treats all show up in advertisements around this time. You might feel as if everyone is having fun except you!
However, July highlights how a no spend challenge really shines. It forces you to really look at what can make you happy, instead of relying on advertisements to think of fun ideas for you.
Do you need two weeks away on the beach? Or can you get the rest and relaxation you actually need to fill your cup in smaller ways, like a long weekend catching up with old friends?
Do you need a triple scoop brownie sundae? Or can you actually be happy with a simple a glass of root beer and a scoop of store-bought ice cream?
When you choose to do No Buy July, it gives you the chance to understand yourself better, be more creative, and keep more of your hard-earned money.
No Buy July Rules
First, it’s important to remember No Buy July is 100% on your terms. There’s no trophy or certificate you’ll earn on August 1st for completing the challenge, after all.
This means you can still “win” the challenge with a variety of different rules. All versions agree on what you should pay for, like bills, rent, and groceries. But there are a few different versions of what you can’t buy during July. Here are some examples:
- In the simplest version of the rules, you can simply cut out one category of spending, like “no eating out,” “no shopping on Amazon,” or “no buying clothes/makeup/gadgets.” Whatever!
- In a slightly harder version, you can make all non-essential purchases off-limits, EXCEPT anything you’ve approved by the first day of your challenge. This allows you to still buy a few select items like a take-out pizza for your 4th of July party or pay for your kid’s amusement park ticket with his summer camp.
- The final, hardest version of the No Buy July rules includes absolutely NO spending money on things other than bills and essential groceries.
You can play by any of the above rule sets and still succeed, because in every version you’re saving money you’d otherwise spend! If you need more detailed explanation of the rules though or you still have specific questions, I’ve done an entire article breaking the no buy month rules down in detail.
Tips to Win the “No Buy July” Challenge
Though I’ve also done an entire article on tips to crush your no spend month, here are a few that are specific to No Buy July:
Establish your “why.”
Are you trying to save money for an emergency fund? Get out of debt? Learn more about your spending habits? Save for some big, upcoming expense?
Knowing why you’re doing such a crazy challenge will help motivate you when the temptations to spend get strong. You can even print photos, cut magazine pictures, or write your “why” on a note card and use them as reminders by your mirror or taped to your credit card!
Make your list of rules.
Look at the above section and actually write down the rules you’ll use. Do you consider Netflix “essential?” What about using gift cards you already have to shop for non-essentials?
Having written rules will help you not “cheat” later on in the month when you get really tempted. It’s worth saving them somewhere in a purse, wallet, or on your phone so you’ll have access to them when you’re out and about.
Look at your calendar.
This one is important! Have you been invited to any 4th of July parties or family reunions? Is it anyone’s birthday or anniversary? Make sure you look ahead at what’s coming up so you can plan how you’ll handle any expected costs.
Prepare your budget.
Before July begins, create a budget that lists essential expenses such as rent/mortgage, utilities, groceries, and any other fixed costs. Then, be sure to plan for your increased savings. Are you going to put the money you save into a sinking fund? Throw it at existing debt?
Know where you’ll stash your cash.
Some people really struggle to save. So deciding where to “hide” your money can make all the difference in whether or not your savings challenge will go well.
If you’ll be saving mostly dollar bills or change, you might want a physical place that makes accessing money more difficult, like one of these piggy banks for grown ups that requires a password to open. Just make sure you have a trusted friend create the password, or make up something random and hide the code in a safe place! The best part about these password-protected banks is that they’re reusable (unlike the ‘break them to get the money’ banks). So you can do challenge after challenge!
If you’re more interested in saving money digitally, I’d suggest the Chime banking app. Chime offers savings accounts that automatically save a portion of your paycheck, so you’ll never even see the money in your checking account and think it’s available to spend.
Eliminate temptations.
Unsubscribe from promo and store emails, avoid online shopping websites, and steer clear of physical stores unless necessary. (One great way is to limit grocery shopping to once a week!) You can also delete or “hide” the shopping apps on your phone so you don’t see them as easily. Reducing exposure to temptations will make it easier to stay on track.
Tell your friends and family.
The last thing you want is your Aunt to try guilting you into shopping, or your friends from work constantly asking you to happy hour. Tell them whatever you’re comfortable with, but a simple, “I’m doing a challenge this month to not spend any extra money. Maybe I’ll catch you in August!” should do the trick.
Do free activities.
Of course, a no spend challenge doesn’t mean your social life dies. Invite friends over to binge watch your favorite shows or host a bonfire. Heck, you could even throw a “Christmas in July” party and play White Elephant with whatever random items you and your friends decluttered from your basement.
July is also an excellent time to find free events like Shakespeare in the Park (or other outdoor theater or concerts), 4th of July fireworks, parades, Farmer’s Markets and Art Walks. Of course, there are also plenty of free local and state parks, beaches, and nature walks to take advantage of, too.
Don’t forget about your local library for renting books, e-books, DVDs, video games, and even physical games, tools, and activities for rainy days!
Embrace meal planning.
Cooking at home is not only cost-effective but also healthier. Use meal planning to reduce the temptation of eating out and wasting food. You can look up ‘copy cat recipes’ from your favorite restaurants if you still have a hankering for Olive Garden or Taco Bell.
If you don’t have a grill, be sure to check out my article on cheap summer meals for hot weather so you can cook without heating up your kitchen too much!
Seek support and accountability.
In addition to telling friends and family about your goals to avoid temptation, you might also consider finding an accountability buddy. They might even be an online friend only, but having someone to check in and ask about your progress can keep you accountable and motivated throughout the challenge.
Celebrate success.
As you progress through July, celebrate your achievements, whether it’s saving a specific amount, resisting a tempting sale, or paying off a debt. Getting excited each time you hit a milestone will reinforce your dedication to the challenge.
Remember, “No Buy July” is not about depriving yourself; it’s about making intentional choices and changing your relationship with money. Embrace the challenge, stay mindful of your spending, and then take what you learn in July and apply it to every month going forward (even if you give yourself some more wiggle room in your budget).
That’s all from me for today! If you’d like to get notified the next time I post money-saving content (especially if you’re trying to do family life on a budget), you can subscribe to my weekly email newsletter below.