If just hearing the word “challenge” makes you cringe because of everything you see on social media, you’re not alone. However, challenging yourself is still an excellent way to improve, see what you’re capable of, and explore new ideas. Also, doing a no-spend challenge can help you save some money, so why not give it a shot?
What Is a No-Spend Challenge and Is It for You?
You’ve probably seen people doing this type of challenge with results all over the board. Spending less might have been your New Year’s resolution, and you probably gave up in a week or two. Fortunately, there are a few types of the no-spend challenge, so you can tailor it to suit you.
Why would someone go for a no-spend challenge in the first place? Firstly, most people decide to try it after spending too much money (on holidays, vacations, or celebrations). Secondly, it’s still a great way to use the food you’ve been keeping in your fridge or shelves for too long.
Most importantly, it’s a fantastic way to identify where you spend the most of your hard-earned money. You’d be surprised by how much stuff we don’t really need. Let’s see how a no-spend challenge works and how you can make saving money fun!
The Most Common Variants of the No-Spend Challenge
Since the no-spend challenge is a personal endeavor, you get to decide its length and the conditions you’d like to stick to. Here are the four main variants:
No-spend weekend is obviously the shortest and easiest variant for those looking to limit their spending. We all spend some money on things we need (like groceries) during the week, and then go all out over the weekend. If you want to try the no-spend challenge without committing too hard, the weekend variant is a great option.
A no-spend week is a bit trickier. You might want to avoid spending money on snacks at work, buying Starbucks every morning on your way to work, etc. Still, this variant gives you a chance to clear out your fridge or pantry.
A no-spend month is where things get serious. Unlike the shorter variants, it requires some careful planning and consideration. There’s no way you can spend a month without spending any money, so don’t even try it. You’ll have to pay your bills, get food, gas, and other essentials. So, instead of trying not to buy anything, create a list of things you can buy and stay away from everything else.
Finally, a no-spend year is the most demanding version of the no-spend challenge. It’s quite a long time to go without treating yourself. However, it pays off tremendously in the end. If you manage to pull it off, then you’ll definitely see how much it can impact your budget and spending habits!
How to Make It Easier
If you’ve decided to give it a shot, then you’re probably a bit worried about reaching the finish line successfully. Changing your spending habits will probably be scary indeed. Here are a few quick tips to make things easier and increase your chances of success.
Make sure you set a clear goal. There’s a huge difference between thinking of saving money and actually saving money. If you decide to reward yourself with a treat after completing a no-spend challenge successfully will make things a lot easier. It can be a free gift card for a short challenge or a brand new gaming console for a longer one.
- Start small
Instead of going for a no-spend year, try a shorter challenge first to get a feel for it. If you complete a no-spend weekend successfully, go for a no-spend week, and move up from there.
- Be prepared
Plan your meals at home, so you don’t end up buying snacks while you’re out.
- Avoid ads and promotional emails
This way, you won’t feel tempted to spend money just because a good deal or a flash sale is happening at your favorite store. It won’t be a problem if you don’t know about it!
- Exercise restraint
If you really want to buy something, take a picture or create a bookmark and return to it once you complete the challenge. There’s a good chance you might change your mind by then.
- Don’t do it alone
Tell everyone you know about the no-spend challenge and give it a shot together. Going through it with a friend or a family member will help you support each other, if nothing else!
Final Thoughts
It’s one thing to identify our needs and wants, and a completely different thing to differentiate between them. Still, it’s a critical step toward understanding budgeting because responsible spending is critical for healthy personal finances. Another way to help your budget is to earn more, preferably without investing too much time and effort.
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