‘No Spend September’ is here - is it time you discovered JOMO?

By Kylie Moss · · 2 min read
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Not all social media challenges are short-lived sensations. The ‘No Spend September’ challenge has been gaining traction with Aussies over the past few years, and for many who partake, the Joy of Missing Out (JOMO) has long term benefits for their ongoing financial situation and general well-being.

Interested in giving it a try? Here’s what you need to know:

What is No Spend September?

No Spend September is a 30 day challenge (usually done in the month of September) in which you consciously stop spending money on non-essential items and shop more mindfully with the money that you do spend.

The beauty of this challenge is that you can set the rules . You can opt to go hard core and ditch all discretionary spending for the month or if you have a specific vice or money habit that you want to break (like that daily macha or Uber eats habit), just focus on that.

Finding joy in missing out

Some of the significant financial benefits that you’ll get from embracing JOMO for the month can include:

  • Regaining financial control :  hitting pause on that spending auto-pilot will open your eyes to your good and bad money habits. It will give you an opportunity to direct your money towards top money goals like saving for a holiday, smashing debt or building long-term wealth rather than watch it disappear.
  • Enhanced decision-making : JOMO creates mental space and this clarity can lead to sharper thinking about your overall financial goals and help you to make smarter choices.
  • Increased creativity: stepping away from spending just might spark a new passion or even a  new unexpected income stream. For instance, you could find yourself experimenting with new recipes using what you have in the pantry or rediscovering hobbies like drawing or painting that you can then monetise in some way.

Ready to give it a try? Here’s how to start:

1. Define what ‘no spend’ means for you.

2. Map out your plan and how you’ll avoid impulse buys

3. Find an accountability buddy - this could be a friend, family member or the online community of No Spend Septembers.

4. Track your progress each week (maybe park those savings into a new high interest savings account )

5. Celebrate your success