So, you want to save more money?
A no-spend challenge is a great way to both prioritize your expenses and save more money. Why not try it for 30 days and see how much you can save? Not only will you be able to better manage your spending during the challenge, but it will help you reset your spending habits and quickly pay off debt.
You'll be amazed at the amount you're able to save!
Since working from home, having days where I spent $0 on coffee or takeaway food has become a bit of a fun challenge for me. Not only do I get a lot of buzz from knowing that I saved myself some money, I also feel much lighter and happier. Not spending a single dime when I don't need to helps me realize what really matters to me most and what my values are.
If a no spend challenge sounds pretty impossible right now for you, don't worry! Although the term “no spend” does sound challenging, there are certain rules within this challenge that allows you to spend money. However, like any challenge and just like starting a habit, you will resist these changes in the beginning.
In this post, you will learn all about:
- What a no spend challenge is
- How to do a no spend challenge
- The benefits of doing a no spend challenge month
- 7 tips for a successful no-spend challenge
What Is A No-Spend Challenge?
Contents
When I first heard the term “no spend challenge”, I thought it meant that I cannot spend a single dime!
On the contrary, a no spend challenge is a self-commitment to not spend money on certain things and items for a predetermined length of time. Similar to a detox where you will stay away from sugar for a month or go vegan for a whole year, a no spend challenge is like rehab for your “guilty” spending habits.
From doing a no-spend challenge for a week, two weeks or a full month, you'll learn more about what you value and spend your money on. Essentially, doing a no-spend challenge helps you cut down your expenditure on luxury items that usually fall under the category of “wants”.
In other words, a no-spend challenge helps you to detox harmful money habits that encourages you to spend more money that you should.
The Benefits Of Doing A No-Spend Challenge
Apart from saving lots of money quickly in a short period of time, doing a no-spend challenge has plenty of benefits to you beyond giving you better financial health.
In fact, completing a no-spend challenge can:
- Help you acquire hobbies to avoid spending money unnecessarily
- Build healthier emotional habits. Instead of going clothes shopping because you feel stressed, you might opt for a nice bubble bath or yoga session at home. Both which do not cost you any money.
- It can break addictions(such as my addiction to drinking coffee and dining out at cafes)
- Help you break the cycle of living paycheck to paycheck.
- Encourage you to embrace a frugal lifestyle. Being frugal does not necessarily mean living cheaply, but rather having the ability to say “no” to things you don't really need.
In our world of instant gratification and buy-now-pay-later mentality, it is getting harder each day to say “no” to things. Whether it is because we struggle with the fear of missing out, or because we don't want to look bad in front of our peers, spending money we don't have is a surefire way to have more debt and financial stress.
Doing a no-spend challenge is a fun way to help you practise saying “no” once in a while to things you can live without and gain perspective about your values.
What Do You Do On A No-Spend Challenge?
So, what are the things you can do on a no-spend challenge? No-spend does not mean spending NO money at all, but rather not spending money on unnecessary items.
Just like how I assumed it meant not having fun when I heard the term “no-spend”, I'm sure you are also a little confused. You might start to panic and think, “What will I eat” or “Can I go out with my friends”…
Don't worry too much about this! The whole point of this challenge is that you make the rules. You decide what you will spend your money on, what you won't spend it on and continue paying your bills and subscriptions.
Essentially, the no-spend challenge is all about having more control over your everyday spending habits over your non-essential expenses. For example, instead of always going out for a coffee whenever I get bored, I opt to make myself a nice warm cup of green tea at home.
Having an alternative to our normal spending habits helps us to pause and realize that sometimes it is an emotional crutch that we hang on to. Some people have an addiction to online shopping, some just can't stop having a beer at the pub every night…Doing a no-spend challenge will help you weed out these bad habits that are costing you a lot of money in the long run.
How Do You Do A No Spend Challenge?
Now we are getting to the fun part. If you would like to have a successful no-spend challenge, here are 7 tips to help you do so without a hitch:
1) Get Ready
Before you even start your challenge, spend some time to prepare and get ready! Just like getting ready for month-long lockdowns, getting your necessary groceries and essential items to weather the challenge will help you get through it with ease.
If you are going to challenge yourself to a month of ZERO take outs or meals out, spend some time planning out your meals. Find some slow cooker or casserole recipes you can make that are nutritious but are cheap to make, and plan them out. Depending on how long your plan to do your no-spend challenge, adjust your meal plan accordingly.
2) Tell your loved ones about the challenge
The next step is really important to your no-spend challenge's success.
Don't be shy to tell friends and family members of your challenge ahead of time! That way you will not only have people who will hold you accountable when you lapse, you will also get the emotional support of your loved ones during the challenge.
Another thing I also highly recommend that you do is to tell the world about your challenge. Whether it is a quick announcement to your followers on Instagram, Twitter or Facebook, telling the world about doing a no-spend challenge is also a great way to track your progress. Not only will your fans be invested in how well your challenge is going, you will also be able to talk about your challenge and learn things from it.
3) Create a vision board to remind you of your “why”
Similar to a workout challenge or diet where you curb something in order to achieve a goal, having your “why” at the front of your mind will help you succeed better.
Create a vision board of the result from doing a no-spend challenge in order to visualize the person you become after your challenge is done. Will you have more money, less debt, or just simply feel happier and with more energy? No matter what it is, remembering the reason behind doing this no-spend challenge will give you the motivation to keep going.
4) Set a time frame
Unsure what time frame is the best for your no-spend challenge?
You can print and use the free and easy to use no-spend challenge printable below as many times as you want, however you want. Choose the kind of no-spend challenge below to get started.
a) No-Spend Day
Perfect for a complete beginner, doing a no-spend day is a great way to dip your toes in and get a feel of how the challenge is like.
A great example of doing a no-spend day is to stay home for most of the day without spending a dime. I sometimes do this when I have a lot of work to do from home and am not particularly in the mood to go out. It's pretty simple but effective in helping me save money!
b) No-Spend Weekend
If you would like to do a no-spend weekend, I highly recommend doing this with your partner, friend or spouse.
This is a great way to not only look at your personal spending habits, it also opens your eyes to your combined financial or household expenses. It is a great exercise that helps you bond as a family, as well as help you save money for things that matter to you such as a nice vacation, renting a nicer apartment or saving up to start a family.
c) No-Spend Week
Whether you do this on a regular basis, or whenever you feel like you need to take a break from spending, a no-spend week is for intermediates who are getting the hang of the no-spend challenge.
As this is a time frame that is slightly harder than just not spending money on unnecessary things for a day, the no-spend week challenge will help you save more money and have more significant benefits to your well-being and even mental health.
You can also journal about your no-spend week so that you can track your progress week over week and tweak things to improve your challenge.
d) No-Spend Fortnight/No-Spend Month
The hardest challenge of them all, the no-spend fortnight or no-spend month is for those who really need a serious overhaul in their spending!
As the saying goes “go hard or go home”, doing a no-spend fortnight or no-spend month challenge will help anyone significantly reduce their spending and curb self-sabotaging habits.
5) Decide what you are going to spend on
Once you have decided which time frame suits you best, it is time to decide on what you are going to spend money on and what you are NOT going to. Write these down somewhere you can see throughout your challenge, so that you have a clear idea about what you can or can't spend money on.
Put this list somewhere you can refer to daily. You can write it down on your mobile phone, hang it up on your wall, or even stick it on your fridge.
Track your spending each day using the no-spend challenge printable below. There are a couple of trackers you can print out and also place somewhere in your home you can look at each day.
6) Plan out how you are going to fill out your time
If you're taking out a few expenditures for your no-spend challenge such as:
- No groceries for a whole month
- Not spending money on coffee for a fortnight
- or zero takeaway meals for one whole weekend
You will definitely feel a little deprived and bored because you are not doing your usual activities. That is why it is important to fill out your time by planning out alternatives before you start your challenge.
Here are some suggestions on things you can do instead:
- No grocery shopping –> Learn to garden and grow your own food!
- Cafe and takeaway coffee ban –> Use this time to meditate or do some painting
- Zero takeaway meals –> Cook with your family or learn to bake
7) Understand your spending habits
After you have completed your week-long or month-long challenge, it is time to sit down and understand your spending habits. Take a look at how much money you have spent and saved during the period of your no-spend challenge.
You can understand you and your spending habits better when you reflect on the reasons WHY you spend on certain things. Look for patterns in which you repeated spend on the same items. These are some great questions to help you reflect on your spending habits:
- What is the underlying reason behind this expense? Is it because I want some social interaction, stress relief or because I am addicted to doing this activity?
- Will it make a difference if I buy this item now versus later? If so, why do I still do it?
- How does spending money on this expense improve my life?
- What does my spending habit tell me about my values(as in the things that are important to you such as happiness, vitality, wellness etc.)
Free Easy No Spend Challenge Printable
Ready to get started with your no-spend challenge? Keep track of your progress and stay motivated with this free and easy printable! All you have to do is ask for your copy, choose the pages you need and go!
Conclusion
We all need a little help once in a while when it comes to saving more money, paying off debt or stopping the vile cycle of living paycheck to paycheck. If you feel like a kick in the butt is what you need right now, I highly recommend doing a no-spend challenge.
Remember to grab your copy of the FREE no-spend challenge printable above to help you stay motivated!
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