Is money tight? Or did you just get through a large spending month? A No Spend challenge is just what you need right now. But we’ll get to the “how” and “why” in a minute.
A No Spend Challenge doesn’t have to be difficult or stressful. Moreover, it doesn’t have to last for 30 days or even 2 weeks. You’re in charge here and you get to make all the rules and set those financial goals for your challenge. This is important so that the challenge it’s actually doable for YOU!
This challenge will help you save money and get your budget on track. Below are 5 tips to get you started and make your no spend time successful and fun.
Keep it real
Determine the time frame for your No Spend Challenge. And be realistic about it. A goal is easier to achieve only if it’s realistic and has a finality element to it.
The first step to making your challenge a successful one would be setting the timeframe in days or weeks that you won’t spend unnecessary money on.
We will caution you though against trying for over 30 days, especially if you’re new to the concept. It will be a drastic spending change. So, maybe start with a one-week or 15-day No-Spend Challenge. But if you think you’re strong-willed you can dive right into a No Spend Challenge.
Find somebody to lean on
Walking into a No-Spend Challenge alone can feel daunting. So you might as well get your tribe to do it with you. Your tribe could be your family and friends about it. Encouraging them to join in will allow you to stay accountable. Your squad will help you with crucial tips, reassurances, or even constructive criticism when you need it.
Mistakes happen! Acknowledge them, don’t beat yourself up about it and move on! But better safe than sorry, so keep a backup ready for your future possible mistakes. That way you can even avoid feeling shame for throwing in the towel.
But we’re also here to reassure you that it’s ok to set aside a little reward money in your budget for when things go well. But remember to set limits in advance so you don’t go overboard.
Make the cut
Preparing to do a No Spend Challenge? Know where your money goes out and comes in—in other words, work on a budget. Decide where spending is necessary and what things you can do without.
You’ll still have to pay your monthly bills and buy groceries, because duh, you’re not trying to hurt your credit score or starve. But do you really need that new lipstick when 5 others still lay unused in your drawer? Or is grabbing that take-out dinner really necessary your refrigerator is full of leftovers? Think about it!
Know your motivation
Why are you diving into a No Spend challenge for really? Think about what you’re trying to achieve. Are cutting down to save for a holiday or student loans? Or do you want to start an emergency fund?
If you’re just doing it because it’s trending on social media you thought it was a nice idea you might just not stick with it. Goals create a strong emotional connection and inspire you to carry on.