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Today, I’m going to tell you the ins and outs of no spend challenges and how this type of challenge will help you to save more money. I’m also going to give you a free no spend tracker that I created to help you get started!
I will get straight to the point and dive into what no spending challenges are and how you can start a challenge today!
To get your Free No Spend Tracker, click the link below to begin the download!
No Spend TrackersWhat is a No Spend Challenge?
A no spend challenge is just what it sounds like, there is no spending. You choose a period of time to not spend any money. You pay your bills and necessary expenses, but you do not spend money on extras. I love no spend challenges because it helps me to stop overspending. I have a problem with impulse buying and it comes down to my self-control. No spend challenges are a great way to reduce spending in certain areas of your budget. For me it’s home décor, but it may be another area for you.
Types of No Spend Challenges
There are various types of no spend challenges. You can choose to not spend any money on anything besides your bills. This means no eating out, movies, coffee runs, and other extras during the no spend challenge.
Another method is to not spend any money on groceries and use only the food in your home. This would also be considered a pantry challenge and is a great way to use up food before it goes bad.
A common no spend challenge is to choose a certain budget category that you won’t spend money on during the no spend challenge. It could be no eating out, getting your nails or hair done, going to concerts, or buying clothing. This is an easier way to do a no spend challenge because you choose one category. But make sure that you don’t overspend in other categories.
It’s your money, so you make the rules of your no spend challenge!
How Long Does a No Spend Challenge Last?
The challenge can be completed over the span of a day, weekend, week, month, or a year. Here’s how it would look for each length of time:
A Day: No spending for the entire day. It may be better to choose a day of the week that you tend to spend money on extras. It’s a challenge, so mix it up to really push yourself to not spend.
A Weekend: This option means that you will choose a weekend to do your no spend challenge. You will not spend any money during that weekend, but there are lots of free activities that you can do!
A Week: This is where it gets more difficult! If you choose this amount of time, you will not be spending any money for the entire week on extras. So, if your coworkers invite you to lunch, it’s a no unless they are paying. The benefit is that you will save more money!
A Month: If you really want to challenge yourself, then try to go a month without spending on unnecessary things. You will forgo all of the extras, but your wallet will thank you. This will take a great deal of self-control, but the payoff will be worth it!
A Year: Okay, a month is challenging, but a YEAR OF NO SPENDING is a 10 on the difficulty scale! If you really want to go all in on the no spend challenge, then try no spending for a year. There are people who have achieved this and have posted videos talking about their no spend year. It is possible, so by all means go for it!
If you have never completed a no spend challenge, then I would suggest starting with a day and then increasing the challenge from there.
Tracking and Saving Money During Your No Spend Challenge
How do you save money during a no spend challenge? You simply put aside the money that you would have spent. The money saved during the no spend challenge can be put into savings or a sinking fund.
Tracking your no spend challenge is important because it will help you to see your progress. It also helps you to stay motivated! I use trackers for every challenge that I complete. You can also write your no spend days on your calendar to keep track of your progress. I have also seen people post their no spend days on social media to stay accountable. I have done group no spend challenges, and the group helped me to stay encouraged on the days that I wanted to quit.
Free No Spend Challenge Tracker
I want to help you get started today, so what’s better than a FREEBIE! I created the no spend month tracker to help you keep track of the days that you do not spend money.
This tracker can be used to save money for each day that you do not spend money. It is available in an A6 Size and US Letter size. It can be used for any month, and you do not have to participate for the entire month. It can be used for any length of time that you choose. I always emphasize that this is YOUR MONEY, so you get to decide.
To get your Free No Spend Tracker, Click the link to Begin the Download:
No Spend TrackersPlease feel free to check out the free budgeting resource library that has all a bunch of budgeting trackers to help you transform your finances: Free Budgeting Resource Library.
Conclusion
By now you know the benefits of a no spend challenge and how using one can save you money. You know what a no spend challenge is, the types of no spend challenges, and how long no spend challenges last. It’s time for you to challenge yourself and achieve your goals!
If you plan to do a no spend challenge, I would love for you to leave a comment below! Let me know how long your no spend challenge will last and how you will track your progress. Please share this with someone who this would help and connect with me on social media (@TheSavingButterfly)!
