TONAWANDA, N.Y. (WKBW) — If you're looking for a way to jump-start your savings, a mom and daughter from the City of Tonawanda might have an idea for you.
Kelly Russ and her six-year-old daughter Charlotte spent the beginning of 2024 doing a "No Spend January."
"It all started with just trying to recover after the holiday season," Russ explained.
So the two decided together they would spend January enjoying the things they got for Christmas, spending time outside, and saying no to any extras.
"No going to Target to the toy aisle, no going out to eat," said Russ.
They still bought essentials like gas and groceries, but tried to use all the food in their pantry, and said no to any extra expenses. Kelly also sold some things she was no longer using on Facebook Marketplace to try and bring in some extra cash.
The two did make one trip every week - to the bank - where they would deposit money, and also get cash to fill up a savings binder that Charlotte used to save.
"We would come home and put money into little envelopes - for the 100-envelope savings binder," said Russ. "If you fill envelopes 1-100 by the time you fill up the book it will be a little over $5,000."
By the end of their "no spend month," the two put away nearly a thousand dollars.
Sarah Blankenship with Wilcox Financial Group says if you're stuck when it comes to saving, something like a no-spend month can really help.
"A no-spend month can be a really great way to jump-start yourself if you're feeling like you're in a slump, or you're overindulging for a while," she explained.
She says you can pick how you want to structure it. You might decide to cut out all extras like Kelly and Charlotte, or you might decide to cut out some things - like eating out or online shopping.
Where are we spending excessively- or a lot of our discretionary (spending) and see if maybe you can cut that in half moving forward," Blankenship explained.
She also said it's important to make sure you don't spend the next month "making up for" the money you didn't spend - because that could have a slingshot effect.
Kelly says this was important for her to do with Charlotte because it helped her daughter learn how to save, and more about money management. Charlotte also became somewhat of a budding businesswoman herself - offering to read a book to family members or wash their windows to make a little extra money.
"I learned sometimes you need to stop spending," said Charlotte. "And take a break from doing that - so you can get more money."
The two are hoping to use the money they saved for something big - like an iPad or a vacation together. Russ says she'd consider doing another month the same way.
"It was challenging, but we did it, we survived and we'll do it again." she laughed.
