Spend Nothing Month: Seriously Saving Money

MSN recently posted an article on a group of people who pledged to buy nothing but necessities for a whole month. Could you do it? Not buying anything for a month but what you absolutely must have will certainly save you a lot of money. Pledges reports savings ranging from $250- $800. Even the low end of the savings is a huge amount. If you were to take the pledge for an entire year you'd be saving between $3000 and $9600 a year. That's a lot of money towards credit card payments, mortgage payments, car payments, or your child's education. The challenge is detailed below.

Buy absolutely nothing but what you absolutely must have. Buy only what you need. The main purpose of this challenge is for you to figure out the differences between wants and needs. What you determine as a need is up to you. Your personal circumstances will determine what you need and what you don't. For most people food and toiletries are enough. However, there may be other things in your life that you simply can't give up. Of course, even once you've made your list of must haves go over it again and think very hard about whether any of them are things that you just really want.

As a young and broke college student, I've already been following this plan mostly. However, I've now decided to make it an active part of my life. I will no longer be buying anything I don't need. My housing and food is provided under my room and board payment. Currently, the only thing I pay for is my tuition payment (that's non-negotiable) and my credit card payments (also non-negotiable). My person weakness is Starbucks and the occasional breakfast bought outside my meal plan. Cutting those out I will be saving about $50 a month. It's not a lot but it adds up, especially for a college student. Also included in a fee I paid at the very beginning of the year is a gym membership for the entire year. It was a small one time fee and the benefits keep going. That's one thing I can keep and still not spend any extra money.

As for toiletries... I have enough to make it until the end of the year when I go home and my parents can help support me. Transportation between school and home is also non-negotiable. However, I will be buying weeks or possibly months ahead of time so I will be getting cheaper fares. The tickets go on my credit card so transportation actually ends up being a part of my credit card bill.

So, let's hear your plan. What are you planning to give up? Can you go a month without buying anything except absolute necessities? What is a necessity for you and what is just something you want but can live without? We want to hear your story about living a month without buying anything unnecessary. Maybe it's already a part of your everyday life. If you are that disciplined, kudos to you. However, if you're like the majority of people you make many unplanned unnecessary purchases. Sound off AC Producers, we want to hear your frugal month stories.