What is a No Spending Challenge?
A no spending challenge is just about what it sounds like– no spending. This challenge is typically done over a month, but can take place for any amount of time. You might ask how it is possible to survive without spending anything for that long. There are some expectations for the no spending rule. For example, you are able to spend money on essential purchases or bills such as rent, gas, and groceries. Although this challenge sounds daunting, it can open your eyes to all your unnecessary costs day to day.
Personalizing it to Fit Your Needs
Everyone has different spending habits that they want to fix. Some people might go out to eat all that time while others might spend a little too much time at the mall or on Amazon. Whatever the habit you are trying to break, this challenge can help you get there. It’s important to set goals of what you are wanting to get out of this challenge before you begin.
It’s important to note the potential flaw that can come out of the no spend challenge. Many people choose to overspend at the end to compensate for time lost. As a reward, some people might blow a lot of money that they would have otherwise saved from the no spend challenge. It’s important to remember the reason you are doing the challenge to begin with.
So are you ready to take on the challenge? Are you wanting to cut down your spending habits but overwhelmed with how to even go about it? Here are five valuable tips that can help you during your no spending challenge:
- Meal Prep- Planning meals ahead of time can reduce unwanted spending on eating out.
- Find free entertainment- Often entertainment costs us money. Whether it’s going out to eat or seeing a movie, we are spending. To avoid this, it’s important to create a list of free activities. Some might include going for a walk in the park, swimming at a lake, or having a movie night at home.
- Find an accountability partner- Finding someone to do the no spend challenge with can help a lot! This also gives you someone to hang out with that is also trying not to spend money.
- Track your progress- Logging your progress can help you visualize how much you are saving. This will be your motivation to keep saving!
- Come up with an award when you complete the challenge- Find a way to reward yourself at a low cost to give yourself motivation during the challenge.
So, next time you feel like you need to cut back on your spending, try the no spending challenge. Challenge one of your friends or family members to a month of only spending money on the essentials. See just how different your spending habits are at the end of the challenge. By completing the challenge, you can learn what habits you want to continue in everyday life.