10 Tips for Completing A Successful No Spend Challenge
With January right around the corner, you might be feeling the effects of all of the holiday spending. I know I am, which is why I’m planning to do a no spend challenge and if you’re reading this, then your probably thinking about doing one as well.
The beauty of a no spend challenge is that you get to make your own rules. Do what works best for you and helps you to reach your financial goals. So, if you’re interested in learning more, keep reading to find out what a no spend challenge is and how to best prepare you and your family for success.
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What is a No Spend Challenge?
If you’ve never participated in a no spend challenge, then you might be wondering what it is and how to do one. The beauty of it is, you get to set the rules and decide how it will work.
Will it be for a weekend, two weeks or a month? Will you only spend money on necessary expenses like utilities and gas or will you allow yourself to still purchase coffee out? Can you spend gift cards? How much will you lower your grocery bill for the challenge? These are all questions that you will need to think through as you plan for your no spend challenge.
I’ve done complete no spend months where I don’t spend any extra money and I’ve done challenges where I still spend as usual on groceries and eating out, but then cut out all other extra spending. It’s up to you to figure out how it will work and how long it will last.
Many people do no spend January since it’s a great time to reset and pull back, but you don’t have to do a whole month. In fact, if it’s your first challenge, you could just commit to two weeks and see how you feel.
Why Do a No Spend Challenge?
People choose to do a no spend challenge for many reasons and knowing your why will help you to reach your goals and complete it successfully. Are you solely trying to save money or is clutter an issue and you want to stop the flow of products coming into the house?
Are you trying to kick your daily coffee habit or wanting to reduce your impact on the environment? Do you want to do a pantry/freezer clean out and use of all of the odds and ends that have accumulated or are you wanting to reduce your reliance on prepackaged snacks and want to learn how to make your own?
You can do a no spend challenge for any or all of these reasons, but think it through and figure out why you want to participate in order to keep you motivated throughout the challenge.
Now that we’ve figured out what the challenge is and why you want to participate, I’m going to share with you some tips for success.
No Spend Challenge Tips for Success:
- Set Your Parameters – Like I stated earlier, you need to think through your goals for the challenge and plan out your rules, like how long will it last and what you are allowed to spend money on during that time frame.
- Have a Talk with Your Family – If you are married or a parent, you might want to have a talk with them before the challenge starts letting them know what is coming and why you are planning a no spend challenge.
- Think Through Any Required Purchases – Look at the month or weeks ahead and see if there are any special expenses that you just can’t get around such as birthday gifts, already planned trips or anniversaries. You might need to make exceptions for already planned events like these or you could try making a homemade gift or do an at home date for your anniversary, which would keep you within the challenge rules. Either way, it’s best to have a plan for these things before the challenge starts.
- Create a Meal Plan – If you are planning on significantly lowering your grocery bill for the challenge and not eating out, then you will need to do a quick freezer/pantry inventory and create 14 or 30 day meal plan based on what you already have. You may want to do a grocery trip before the challenge starts and stock up on a few things you know you will need, but try not to panic buy. If creating a meal plan for that long seems daunting, then just create a simple one week plan with your basic family favorites, like tacos, chili, breakfast for dinner and potato soup. You can always repeat the same meal plan for simplicity’s sake.
- Unsubscribe From E-mails – If you get any daily or weekly retail e-mails from your favorite brands, then you will want to unsubscribe from them for the challenge so that you aren’t tempted unnecessarily to spend. Also, if Instagram or Pinterest trigger you to spend, then try to stay away from them or limit your time on those apps.
- Practice an Abundance Mindset – This one can be difficult living in a consumer driven culture, but its a great practice to cultivate contentment and see the good. Instead of being down because you can’t go buy a new outfit, look at all of the clothes that you do have and give thanks. Tell yourself that you have enough and you are grateful for it. Also, you can tell yourself that whatever it is that you want to buy or think you need will be there after the challenge is over. Looking at what you have instead of what you don’t is a great practice for mental well being and will be a huge asset during the challenge.
- Find Local Free Resources & Activities – If you do get the itch to go out, check Facebook for local free events. Your library is also a great resource where you have access to books, movies and more. Get creative and see what you can do in your community without having to spend money.
- Track Your Success – Find a free printable habit tracker or no spend tracker and print it to put up on your fridge. If you go the day without spending then color it green, if you do end up spending money then color it red. If you make a mistake, don’t let it ruin the whole challenge, but get back up the next day and try again.
- Use the Opportunity to Declutter, Clean, Read or Exercise – Use the challenge time as a time to catch up on decluttering, deep cleaning, exercising, reading or any other project that you’ve been putting off. This will give your something to focus on without spending money, plus it’s good for you!
- Plan Dinner or Game Nights With Friends – Having a couple of fun things on the calendar with help to keep you busy and give you something to look forward to. Invite friends over for dinner and games or a movie. This is a great way to feel like you aren’t missing out on anything by not spending. Don’t wait for someone to invite you over, just get something on the calendar.
I hope these tips will help you to plan and implement your no spend challenge. Another thank that you can do is search for Facebook groups or hashtags where you can talk with people who are also doing a no spend challenge. Social media a great way to find community to help motivate you for success.
