6 No-Spend Tips to Help You Save Money in the New Year

By Claire Gillespie
January 14, 2022

For many people, midlife is a time when things tend to feel pretty settled in most areas. Maybe you have a lot of “life events” checked off your to-do list. But even if your career and family feel relatively stable, it’s still not unusual to have financial debt in your 40s, 50s, or 60s.

Midlife is really a prime time to evaluate your finances and how you’re choosing to spend and invest your money, says Anna Newell Jones, author of The Spender’s Guide to Debt-Free Living. “It’s a good time to ask, ‘Is how I’m living—and spending—working for me?”’ she says. “Have the financial choices you’ve made up to this point truly served you, or have you been going through the motions and doing what you’ve been told you ‘should’ be doing?”

One way to do a financial reset is to take part in a no-spend or low-spend month, also known as a spending fast. In short, spend as little as you can for 30 days, trying to buy only the essentials.