One of the best ways to save money is to do a no-spend challenge. This is a great way to get your finances and spending back on track. Or to just reign in your impulse buys and overspending on things you don’t really need.
A great way to do this is to block out a chunk of time and not spend any money. Or do a spending freeze where you don’t spend any unnecessary money for a period of time.
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What is a no-spend challenge?
In a nutshell, a no-spend challenge is a strategic approach to saving money and/or getting control of spending. It takes some shuffling and commitment. But the results are totally worth it.
Once you decide you want to do a spending freeze, you need to set the time frame or duration and what you’re going to cut out.
When you have your basis covered then it’s time to really dive in.
Understand Your Motivation
Just with anything else you should have something that motivates you to cut your spending for a time.
Some ideas are:
- To save for the holidays
- Cut down debt
- Save for a vacation
- Pad your savings account
- Prepare for a big purchase
The best way to do this is to first figure out your why and post it somewhere you will see every day of the challenge.
That will help to keep you motivated to continue when you’re tempted to give in.
One way to find out your why is to grab a piece of paper and answer some questions.
- Why do you want to cut your spending
- What is the ultimate goal
- Who is going to benefit from doing this
- Where is the extra money going to end up.
These are just a few things you can ask yourself when you prepare to stop spending extra money.
Grab Your No-Spend Challenge Tracker Sheet Here!
No spend challenge time frame
There are several different ways to do a no-spend challenge. It could be a few days, a week, or even a month.
I really wouldn’t suggest going for more than a month.
Because it can start to feel like you’re depriving yourself and your family of things that they want.
When first starting I would recommend doing just a weekend or a few days during the week.
Which is what I do.
Each week I have days where I commit to not spending any money on non-essential items or services.
Which means no Dunkin trips, no take-out, etc. Once I got used to it, it became easier to not stop after work and grab a coffee on the way home.
Related Reading: Christmas Savings Challenge and Ways to Make a Budget
What to cut out
There are different things you want to consider before you start cutting out things.
Things like gas and bills are NOT included for obvious reasons.
But I’m sure there are other things you can cut your spending on for a little while.
Just a few ideas are:
- Take-out meals
- Coffee runs
- Manicures and pedicures
- Entertainment
- New clothes or shoes
- New home décor
- New games and toys for the kids
The key thing to remember is that it’s not forever and you will see how much you save when you stop buying things you don’t really need.
Once you start seeing the cash pile up use a Cash Savings Binder to keep track of all of it.
How do adjust to a no spend challenge
The first hurdle to this is to make sure to prepare yourself and your family ahead of time.
Make sure the kids and spouse know that you are challenging yourself (and them) to not spend money on things you don’t need.
If they want a new toy suggest they do chores to earn money for it.
Or if it’s close to the holidays or their birthday that they wait till then to ask for it.
They can always put it on a wish list after the challenge is done.
But chances are they will probably forget about whatever it was anyway.
You may even want to let friends and other family members in on it. That way they know not to ask you to do things where you might spend money.
Take a good look at where and how you spend money to decide what you’re going to cut out for the duration of the challenge. And plan on alternatives to that item or service.
Tips and tricks for a savings challenge
One of the best ways to make a no-spend challenge successful is to have a few tricks up your sleeve before you start.
Some ideas are:
- Make sure you plan out meals to cook at home
- Stock up on food and snacks to eat at home
- Plan different ways to entertain the family
- Find out what free things are going on in the area
Other things you can do to prepare for a no-buying challenge is to pay bills ahead SO you don’t forget or have late fees.
If you’re a coffee person (my people) then brew coffee at home or buy pre-made iced coffee when you go grocery shopping.
Instead of eating lunch out for work, try meal prepping your lunches to take with you.
These are just a few ideas. But I’m sure you can see where I’m going with it.
Final thoughts
If you’re new to the idea of doing a spending freeze or savings challenge then this can be a lot to wrap your head around.
But after the first time, you do one you will see the benefits of doing them regularly. And will probably start to add them in throughout the year.
The thing to remember is that this is something that is totally tailored to YOUR life and habits. So there’s really no wrong way to do it once you’ve committed to doing a no-spend challenge.
Let me know what you think in the comments!
Don’t forget to grab your free printable no-spend challenge tracker!