budget

Using a No Spend Challenge to Save Money

Using a nO Spend challenge to save money.png

Oh hey there!

Hard to believe it’s already mid-August - eek! Summer sure is flying.

Last month in my membership, the Kick Down Debt Club, I started a challenge to spend less and save more in order to keep our budgets on track through month end. It was so much fun (in a finance nerdy kind of way!)

Do you have a tendency to overspend or just need a way to jump start some savings? If so, I highly suggest adopting a No Spend Challenge of your own!

I also recorded a podcast outlining how to do this (which you can check out HERE!) but here's the written guidelines of how to conduct your own No Spend Challenge:

Step 1) Determine how long your challenge will run. I suggest 5-7 days max so you don’t get unmotivated as the time goes on, and also love using this type of challenge either at the beginning of the month to kick it off on the right foot, or at the end of the month to end on a strong note!

Step 2) Set a target for how many days you want to have be “no spend” days. “No spend” means days that are not including already planned for and necessary spending such as grocery trips, gas, bills etc.) I wouldn’t try to do the entire 5 or 7 days (depending on how long you decided to run the challenge for), but aim for a few no spend days out of that stretch.

Step 3) Get some accountability. Enlist your partner to join you in the challenge, tell a friend or coworker about it, or join us in the Kick Down Debt Club!

Step 4) Use a "Can Wait" list and write down all the things you are tempted to buy during this time (or add them to your virtual shopping cart!) Studies show that if you can postpone a purchase 24-48 hours, it’s more likely that you will convince yourself out of purchasing it all together.

Step 5) Celebrate in a non-monetary way when completed! It’s OK if you didn’t meet all the no spend days that you were hoping to. The point is to make you more mindful of your spending and create better habits moving forward. Indulge in a long bath, bake some cookies, or treat yourself in some other way that doesn’t cost money.

Step 6) Plan your next No Spend Challenge! Again, I love using these at the beginning or end of month. The next challenge we are doing is a No Spend Food challenge (aka limiting how much we get takeout/dine out!) If you’re interested in joining for the next one, check out the Club HERE!

Will you adopt your own No Spend Challenge? If so, leave a comment below and let me know! I love hearing from you.

Until next time…

Cheers to your abundance!

Katie O.