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BUSINESS Wednesday 6 January 2021
Millennial Money: How to nail a no-spend month

By LAUREN SCHWAHN of which is exactly what some
NerdWallet people need to stay the
Holiday spending always course.
gets the best of me. The "Maybe every time you
gifts, the food, the Christ- make a meal at home and
mas tree and decorations don't go out to a restaurant,
— sandwiched between you post it on Instagram.
two monthly rent payments And your tribe gets excited
— siphon money from my and gives you those kudos
bank account. Every year I and that recognition you
feel the sticker shock, brief- need to stick it out," Marte
ly tuck my tail between my says.
legs, then carry on like it GET CREATIVE
never happened. When Larsen goes through
But this year I'm trying a no-spend period, she
something different. I'm looks for no-cost resources
committing to a no-spend to fill the void. She down-
January. That means I'm loads free audiobooks
freezing spending on un- through her library to get
necessary purchases this her entertainment fix. In-
month to build my savings In this Nov. 30, 2020 file photo, a shopper walks by a holiday window display in New York. stead of grabbing food to
back up. Goodbye, mind- Associated Press go, she uses a website that
less Target-app browsing. suggests recipes based on
See you later, desserts. no need to take it to an Next, choose a time frame. idea and somebody ingredients she already has
I'm not the only one to extreme, especially during A no-spend challenge can shared it with you on social in her pantry. (Try Super-
emerge from the holiday a pandemic when many last a full calendar month, media, you're not going to Cook or MyFridgeFood.)
season in less-than-ideal fi- of us have already scaled 30 days, four weeks or stick with it," Marte says. Many expenses have free
nancial shape. More than back our spending. whatever period you pre- Attaching a specific goal alternatives. See what clev-
half of 2019 holiday shop- Everyone has expenses fer. Some people sched- can create a stronger er workarounds you can
pers (55%) took on credit they can't go without, like ule a "Frugal February" emotional connection and come up with.
card debt, according to groceries and electricity. because it's the shortest inspire you to carry on. BUILD IN A BUFFER FOR
NerdWallet's 2020 Holiday You get to decide which month. If that still seems too FIND A SUPPORT SYSTEM CHEAT DAYS
Shopping Report. categories are untouch- long, start with a week and A no-spend challenge can Mistakes and surprises hap-
If you're looking to shed able and which ones to see how it goes. feel daunting if you go it pen. Planning for them
holiday debt, boost your cut. KNOW YOUR MOTIVATION alone. Telling family and will help you avoid feeling
savings or simply man- Start by defining your Before diving into a no- friends about it — or bet- shame or throwing in the
age your money better, a discretionary expenses, spend month, really think ter yet, encouraging them towel.
spending freeze can get known as "wants." For many about what you're trying to to join — gives you a "built- "You could decide, 'I'm not
you on track. Here's how to of us, those include res- achieve, says Kristin Larsen, in accountability system," going to eat out at any
embark on (and stick to) a taurant dinners, alcohol or who runs the blog Believe in Marte says. Your squad can restaurants this month, but
no-spend month. frivolous online shopping. a Budget. Are you planning provide crucial tips, reassur- I'm going to put in the bud-
CUSTOMIZE IT Leo Marte, a certified fi- to pay down holiday debt ance or even constructive get for a takeout night in
A "no-spend month" sounds nancial planner based in or student loans? Do you criticism when you need it. case we have a bad day
strict, but there are no Huntersville, North Carolina, want to start an emergen- Making your journey public at work and don't want to
hard-and-fast rules. Obvi- suggests using a budgeting cy fund or save for a trip? on social media networks cook,'" Marte says.
ously, it's about reducing app to easily identify your "If you're just doing a no- or other online forums takes It's also OK to set aside a
spending. But resolving to nonessential spending cat- spend month because it's accountability one step little reward money in your
spend no money whatso- egories. Then, pick which fashionable or because further. It shines a spotlight budget for when things go
ever is unrealistic. There's ones to pause. you thought it was a nice on successes and failures, well. q

NYSE withdraws plans to delist 3 Chinese phone carriers

NEW YORK (AP) — The New barring Americans from in- would hurt U.S. and other
York Stock Exchange says vesting in securities issued investors worldwide.
it is withdrawing plans to by companies deemed to Political analysts expect lit-
remove shares of three Chi- be linked to the Chinese tle change in policy under
nese state-owned phone military. Hong Kong-traded President-elect Joe Biden
carriers under an order by shares in the three compa- due to widespread frustra-
President Donald Trump. nies surged Tuesday. China tion with China's trade and
The exchange cited "fur- Telecom rose 5.7%, China human rights records and
ther consultation" with U.S. Mobile jumped 5.5% and accusations of spying and
regulators but gave no oth- China Unicom surged 6.7%. technology theft. U.S. offi-
er details of its decision in a Shares in all three have fall- cials have complained that
notice issued late Monday. en recently. China's ruling Communist
The NYSE earlier announced The Chinese government Party takes advantage of
plans to remove China has accused Washington access to American tech-
Telecom Corp. Ltd., China of misusing national secu- nology and investment to In this Nov. 16, 2020 file photo, a man wearing a mask passes
Mobile Ltd. and China Uni- rity as an excuse to ham- expand its military, already the New York Stock Exchange, in New York.
com Hong Kong Ltd. after per competition and has one of the world's biggest Associated Press
Trump's order in November warned that Trump's order and most heavily armed.q