'No-spend January': New trend to curb spending

Instead of Dry January, another trend is taking hold. It's called "No-spend January." 

Throughout the month, people partaking in the trend are putting a pause on their spending after going all out for holiday gifts and parties.

The goal is to focus on buying only the necessities. Participants say they're skipping things like eating out -- including takeout orders, and staying away from bars as well as online shopping.

It also includes watching movies on streaming services instead of going to a theatre.

"I would rather see people be a little bit more realistic, set these goals that are attainable that then you can feel good about and then that can transition further into the year…into the first quarter and into the summer and beyond," said Bryan Kuderna. 

Kuderna is the author of "What Should I Do With My Money" and a certified financial planner.

Financial advisors say that even small changes, like making coffee at home instead of going to a café every day, can add up. Planners urge people to track their spending so they know exactly where their money is going.

This story was reported in Oakland, Calif.