Are you looking to save more money, pay down debt, or stop over-spending on unnecessary things? Then, a no spend month might be the perfect solution for you!
I’ve done multiple no spend challenges over the years and I can’t even begin to explain how beneficial they are. They’re definitely difficult and take a lot of willpower, but they’re beyond worth it. Think about it, what would you do with a few extra hundred dollars this month? How about an extra thousand dollars?
Last January, I completed a no spend month and was able to put an extra $1,430 dollars towards my debt. Not only was I able to make a significantly larger payment than usual, but the challenge also taught me important life and financial skills, which you can read about here.
What is a No Spend Challenge?
A no spend challenge is exactly what it sounds like – a challenge in which you do not spend any money on specific things for a set period of time. You set the time duration and the rules of the challenge, but generally, you only spend money on your regular monthly bills (rent, utilities internet, groceries) and other necessities.
Doing a no spend challenge is a great way to save extra money, reset your bank account, and/or pay down debts that you may have!
Why Should You Do a No Spend Challenge?
So many reasons! If one of your goals is to save up to buy a house, a car, maybe go back to school or go on a vacation, then this is a great way to save some extra cash FAST! You wouldn’t believe how much money you can save when you remove your food delivery, dining out, Uber, clothing purchases, beauty services and home decor expenses. You can save a lot of money!
This challenge can also help you understand your purchasing decisions and how your emotions play into them. If you’re an impulsive spender who always ends up wondering where all your money went at the end of each month, then doing a no spend challenge will help you understand your spending habits and what urges you to spend money.
Paying off debt is another reason to complete a no spend month. You can make a huge dent in paying down your debt when you don’t spend any money on unnecessary things for an entire month. If you are in the process of paying off student loans, click here to learn the 8 proven student loan pay off tips that I implemented to pay off my debt fast!
A No Spend Challenge might be perfect for you if your goal is to:
- Pay off debt (student loans, car loan, credit card debt, etc.)
- Save extra money for a house, a car or another large purchase
- Build an emergency fund
- Stop overspending or impulse spending
- Understand your purchasing decisions
No Spend Challenge Rules
Okay, now you have to determine the length of your no spend challenge and the items you can and cannot spend money on.
The length of the challenge is totally up to you! You can try doing it for one week, two weeks, a month or whatever works for you! I’ve found that one month works the best for me. It’s not too long, but it’s not too short either!
Make sure you clearly outline what you can and cannot spend money on during this time period. Write it down and stick to it! Here are a few ideas.
What You Cannot Spend Money On:
- Clothes and accessories
- Dining out or food delivery
- Home decor
- Entertainment or activities
- Uber
- Beauty services (manicures, pedicures, massages)
- non-necessities
What You Can Spend Money On:
- Rent or mortgage
- Utilities
- WiFi/Internet
- Groceries
- Cell Phone
- Gas
- Regular debt payments (student loans, car loan, etc.)
- necessities
If cutting out all non-essential spending for a whole month is too much, you can always try focusing on one category at a time. If you spend a lot of money on clothes, then make it a goal to not buy any new clothes or shoes for a month.
As a reminder, tailor the no spend challenge to your life!
10 Tips to Successfully Complete a No Spend Challenge
Here are my top ten tips for successfully completing a no spend month! You’re going to want to take notes or save this post on Pinterest so you can refer back to it!
1. Know Your Goals and Your WHY
Before you start the challenge, make sure you get clear on your goals. Why are you doing a no spend challenge? What is your why? Meaning, why are you doing a no spend challenge? What are you trying to achieve?
When the challenge gets tough and you feel the urge to buy something, think back to your financial goals and your why. Why did you start the challenge to begin with?
2. Order Groceries Online
When you order groceries online or do curbside pick up you won’t be tempted to buy anything extra in stores. I know when I shop in stores I buy a lot more than what’s on my grocery list!
3. Unsubscribe from all retail emails
By unsubscribing from all store emails you won’t be tempted to shop the sales happening! When you’re not aware of sales or special deals going on, you’ll be less likely to online shop.
4. Track your spending + your progress daily
Keeping track of your daily expenses is important. At the end of each day, review what you spent money on and your progress with the challenge! Keeping tabs on how you’re doing will motivate you to push through and complete it.
5. Change your mindset
Your mindset is so important and can ultimately determine whether you’ll succeed or fail. Make sure you’re head is in the right space and you’re clear on why you’re completing the challenge.
When it gets tough, instead of thinking about when the challenge will end, think about all the benefits! Think about how much money you’re saving, how much debt you’re paying down, or that vacation that you’ll be able to go on with the extra money.
6. Make a Plan
A week or two before you do the challenge, create a plan for how you’ll stick to it! Head to the grocery store to buy any food, write down your goals and what you hope to achieve by doing this, come up with free activities to do during the month, etc.
7. Tell your friends and family!
Make sure that your closest friends and family know so they can hold you accountable and help you complete the challenge! Better yet, ask them to do it with you! Everything is more fun when you do it as a group!
8. Focus on gratitude
There’s going to be days where you’re tempted to buy things. When those days come, focus on practicing gratitude and what you already have in your life. There’s so much to be grateful for!
9. Make a budget
At the beginning of the month, layout your budget! If you don’t currently have one, you can download my free monthly budgeting document here! This document will allow you to track all of your your finances, monthly bills, expenses, income and debt in one place! It’s been a game changer for me and has helped me pay off over $38,000 worth of debt in the last two years.
Click here to download your free budgeting document!
10. Find Free things to do!
If you’re not going to spend any money for a whole month, then finding fun, free things to do is a must! Here is your ultimate guide to the best free things to do when you’re on a no spend challenge!
Need even more ideas on things to do that don’t involve spending any money!? Here are 12 productive things to check off your list while you’re doing a no spend month.
Resources
I wanted to highlight a few resources that will be extremely beneficial to you during a no spend month!
1. Personal Development Books
Here is a list of 30 self improvement books that you must read!! Books on achieving your dreams, forming new habits, the importance of morning routines, health and wellness, and more! I’ve rounded up the absolute best of the best!
These books will inspire you to become your best self and hopefully shoot for the stars!
2. Monthly Budgeting Document
Like I mentioned before, this budgeting document is a must for tracking all of your finances! By using it, you’ll gain a better understanding of your spending habits and be able to reach your financial goals faster.
Read this post to learn how to set up your budget the right way in order to achieve your goals, save more money and pay off debt fast!!
3. Goal Planning Worksheet
Here’s my favorite quarterly goal setting and achieving worksheet. I sit down every new quarter (and month) to lay out my goals and the exact strategies I will use to achieve them.
This worksheet is awesome and will help you lay out the goals you want to achieve from a no spend challenge and in general!
Other posts you may like:
8 Tips to Pay Off Your Student Loans Fast
Money Saving and Spending Tips You Should Live By
15 Money Saving Hacks That Will Save You Hundreds
This post shared all the best tips on how to successfully complete a no spend month + save hundreds!
