Do you want to minimise your spending? Or want to save for some future plan? Or just want to start or try a minimalist lifestyle? No Spend challenge will help you with that.
The method is amazing for those who want to avoid or resist the impulse of spending money. It becomes hard for some people to track their money and avoid wasting hard-earned money on things that they might not even require. They might have made plenty of plans to start saving from next month or week, but the day never comes. If all of those things sound familiar to you, you should read the whole article. In this blog, we will be discussing what the no spend challenge means? How to stop spending money for 30 days? How to find your motivation to keep up with the plan and many more.
No Spend Challenge- What is it?
First thing first, what is this no-spend challenge and how does it work?
Basically, in this challenge, you try to resist spending your money for a certain period of time. However, you can add a few things that are necessary for your living and are unavoidable, but no extra spending.
How long the challenge lasts?
Some do it for a weekend, some for weeks, and some for months, it ultimately depends on you and your purpose of saving or not spending.
How much to spend?
Again that’s up to you. You can surely leave some allowances and exceptionals for groceries, foods, or other necessities. The only purpose of the no spend challenge is to minimize your temptation of buying.
Initially, it may seem hard especially for those who are extravagant and can not control their spending. However, do not worry, we have prepared a helpful guide with a few tips that will help you attain the goal.
Timeframe for No Spend Challenge
Before starting planning for your challenge it is essential to first decide what is the timeframe of your no-spend challenge. Follow the points below to find out:
As the name suggested it only last for a day in your whole week. The person has to spend the minimum or no money for his/ her weekend. It is perfect for those who end up spending too much on a party or hang out with friends and family. So this no-spend challenge is the perfect way to find out new ways to do all the fun but for no or minimum cost.
It is a weekly challenge where you have to manage or minimize your spending habit on daily basis for a week. This can be attained by avoiding Starbucks coffee or getting lunch with your co-workers.
It is a little tough for beginners, but where there is a will, there is a way. The challenge can be difficult at first but it also has higher rewards. If you want to make no spend challenge as a permanent lifestyle then you should try this one. The month challenge definitely has a longer effect than the previous one. Scientifically speaking, one can make or break a habit after 25 days.
How Does It Work?
The primary goal of the no spend challenge is to stop buying things that are not important or does not add value to your life. To find the best way to track and manage your spending is by making a chart of needs vs wants.
Needs are those things that are necessary for your living. However, wants are those things that are not “necessary” for living rather they are just materialistic wants. After preparing a table of needs and wants you can decide which are the important things that are allowed to spend on and what are the things that can be excluded.
The below are a few lists that can be helpful to make your allowance list of the no spend challenge.
Things you can spend on:
- Mobile or internet bills
- Foods and groceries
Things you should cut spending on:
- drinks/ coffee/ partying
- Expensive activities
The above listicles should be a completely personal choice. You know better where you should save your money.
Start the No Spend Challenge
Before starting you must plan your steps, and set some ground rules. Communicating with your family and partner to avoid any miscommunication. Now let’s explore the different tips that will help you to start your no-spend challenge.
Find Your Motivation
It is very important for you to search for your motivation for starting the no spend challenge. If you do not have enough motivation then it could be hard for you to sustain for a long time. To find your reason to no spend. Is it for your debt repayment? Saving for the new car? Shifting to the new city?
If you have some goals, then managing your no spend challenge will be easy. If you are yet not sure, then find one. Once you have found your way, things will surely help you to focus on not spending.
Time Period of the No Spend Challenge
After finding out the motive of starting the no spend challenge, now come to the next step. How long do you want to stretch the challenge time? If you are a beginner then start small, may a week or two. A month challenge will be a little hard for the beginners. Whatever you choose small or big time limit, make sure you are consistent in that. Do not break the challenge, because that will break your confidence for the next time.
Discuss With Your Family or Partner
Do not just start the challenge without discussing it with your family, that might confuse them and eventually create miscommunication. Make sure everyone agrees with the goals, otherwise the challenge will become chaos and obviously hard to achieve.
Put Away All Your Debit/ Credit Cards
Put it away, lock them!
Do not keep them in your wallet or purse. Simple rule, if you do not have them, you can not spend. Manage your spending by creating cash envelopes.
Craving to Buy Something
The challenge period could be hard, especially the long ones. You must feel distracted by some amazing product or service. Well, list it down for the future. The thing can wait for some days until you completed your challenge period. And most of the time, things are just distractions that you might think you want or need, but they do not matter much in your life. Therefore, after some days you might not even want to buy it anymore.
But, if the stuff is something that you really need and comes under necessity then try redeeming your gift cards.
Making a Different Bank Account
Keeping all your money in one bank account may not be a good decision if you spend a lot of money. Hence, try to keep your money in a different bank account, where you can put the money you want to save.
Go For Free Activities
Sometimes, kids are not much support if you are planning to reduce your spending. Eating out, involving inexpensive activities might cost a lot. Do your research, find somewhere you can attend the free events. Google if there are some free events in your city or not.
Ten Easy Tips for No Spend Challenge
Now since you have decided your main motive to do this and also planned out the duration of the challenge, it is time to share some tips to make your journey a little easy. The following tips will help you to become consistent with your challenge and also guide you to spend less or no money during the challenge period. Let’s have a look.
Oh, saving on a meal can save a lot of money. One person can spend out up to $500 every week on meals. Therefore, planning your meal is very important to become consistent with your spending.
If you have enough time then meal planning is easy. But if you do not have much time, then find some service where you can get necessary and healthy food for a much cheaper price.
Ensure that you have planned everything before starting the challenge, adding or subtracting points might disturb your no-spend challenge.
A person wastes hundreds of dollars by wasting the food items of the pantry. Hence, plan a pantry challenge, in which you first need to finish all the pantry stock up, before buying. There is much application that will help you to track your food and help you to stop wasting it, eventually saving your money.
Find Someone to Motivate You
Even with a very solid will, it is hard to keep up with it, there the motivating companion helps you to stick up to the plan.
Tell your close people, and let them check up on you. If you do not share it with anyone it will be easy for you to cheating. There are many social media group and community, you can join them and get helpful ideas.
Unsubscribe the Emails
Some emails can be very tempting to buy an exciting product or get the luring service. It is best to unsubscribe from those emails. You might need to open your email much time during your work hence it becomes impossible to resist the catchy sales or discounted gadgets.
Once you completed the no spend challenge you can subscribe to them later.
Don’t Buy Things Until They are Necessary
Use the things that are available at your place and do not buy if the stuff can wait. This practice will help you to understand which things are necessary and things that do not add any value to your lives.
How to Deal with Broken No Spend Challenges
It happens, especially if you are a beginner. But, you do not curse or beat yourself up. Start again!
It is a great thing that you are trying this practice and aware enough to take the first step. Although, do not self criticize or tell yourself, that the challenge is not your you and all.
Remember changes are messy. So start all over again, learn from the mistakes you made and plan another no-spend challenge. Reaching the goal is more important than the number of trials.
No Spend challenges is an incredible practice to change your spending habit and save money. If you become consistent with the challenge, you will see noticeable growth. You can also save your money more efficiently and also feel good about yourself. This behavior will also allow to you keep control over yourself. You can also get much helpful application where you can manage and track our growth during the no spend challenge.
Hopefully, this article was helpful and informative for you. Share the blog with your friends who want to save their money and planning for months, but could start it. If the article helped you and motivate you to take the no spend challenge then, share your thoughts in the comment section. Check our other informative article on our website.