Have you ever considered trying a no-spend challenge? Whether a week, month, or even a year no-spend challenges have been growing in popularity. What is it, and will it save you money?
Although it has been a while, I have completed 2 no-spend challenges in the past.
After only being on my debt-free journey for 3 months, I decided to partake in my first challenge at the start of 2017.
And maybe it’s the fitness lover in me, but I love a good challenge.
Before starting my financial journey, I had never heard of a no-spend challenge.
Let’s talk about what a no-spend challenge is, what are the rules, how you can start one, and whether or not it will actually save you money.
What does a no spend challenge mean?
A no-spend challenge is when you challenge yourself to not spend money.
Go figure.
The goal is to go for a set period of time without spending money on certain items or things.
The good news is you can make a no-spend challenge mean whatever you want.
The catch is although there are rules, they are not often straight forward. This is why so many people enjoy them and actually save money.
Think of it this way
Want to grow muscle? You need to challenge your strength.
This is also true with money.
For us to grow, we need to embrace what is difficult.
A challenge encourages problem-solving, planning, execution, and focus. And what is it also does is increase self-esteem, confidence, and accomplishment.
Realize you can still see the benefits from a challenge even if you fail.
No-spend challenge rules
The rules to a no spend challenge are…
…whatever rules you make.
You can make, or not have, any rule you want. That is the beautiful thing about participating in something like this.
Here are some examples of rules that you can implement if you choose to do your own challenge.
First, pick a duration of time.
Your first rule is going to be how long you choose to participate.
Will your no-spend challenge last for one week, one month, 6 months?
Both times I did a challenge like this I chose to do 1 month.
And because I chose 1 month I also had to choose which months.
January is probably one of the most popular because it is right after the holidays and the perfect opportunity for a fresh start.
September and November are also very popular. Right before the holidays might be a good time to decrease your spending to prep for the season ahead.
September can be a quiet month, and because of school starting, some view it as a “starting point” just like January.
Really any month, week, or year works.
What I also want you to know is, don’t avoid participating because you feel as though it is not the right time.
Certain weeks, months, and years are obviously harder than others to not spend money. But never trying a no-spend challenge becuase it isn’t the right time, isn’t a challenge at all.
Just go ahead and give it a try. What is the worst that could happen? You don’t save as much as you thought you would?
Once you have your when, you need to find your what.
What are you, and are you not going to spend your money on
Sit down and decide what you want your challenge to include.
This could include, not giving yourself personal money, not going out to eat, cutting out a certain category, or decreasing a category.
Analyze your budget and be realistic about what you can challenge yourself to complete.
If you don’t have a great budget, check out how I build my budget HERE.
What you do need to spend your money on are your bills and necessities.
Doing a no-spend challenge doesn’t mean you don’t pay for your regular necessary expenses.
When I participated
I chose to not give myself any spending money.
That meant that I would save $100 instantly. It was actually $200 because Michael participated too.
I also decided to challenge myself to not spend any money on eating out. So that was another $100 in savings.
I also removed any sort of miscellaneous spending, which was the hardest part.
Here are some great examples of what you could cut:
Maybe spending money on coffee is something you do regularly but could cut back on.
Do you eat out for lunch or dinner enough that you could decrease that?
If you fund a beauty or clothing sinking fund, maybe skip it and send that money straight to your financial goal instead.
There are so many ways you can make your own rules.
No-spend challenge example
For 3 months I will only eat out if it is a happy hour special. I will reduce my personal spending money amount by $50, and for one full year only buy beauty supplies when something is empty and needs to be replaced.
How to get ready for a no spend
So, if you choose to participate in a no-spend challenge should you prepare for one?
If you mean buying things before hand, no.
Choosing to do a no-spend challenge and purchasing or buying things the month before is counterproductive.
If you spend more money than normal before the challenge, then was it actually worth it?
If you stocked up on food for one month and then challenged yourself to spend $100 less the next month, then you really didn’t save yourself any money.
We want to do a no-spend challenge to accelerate our financial goals not stay the same.
The best way to prepare for a no-spend challenge is to evaluate why you want to do one, write down what your rules are, figure out how you will track your success, and evaluate your potential obstacles.
Obstacles during a no spend
Speaking of obstacles, to help you be successful, it is smart to think about what might get in your way.
Just like I advise my clients, brainstorm some of the obstacles that may come up.
For example, if you have a birthday during your no spend, make it part of your rules.
| Spend | No Spend |
| Bills/payments | Home decor |
| Birthdays/holidays | Shoes |
| Gift cards | Coffee out only once per week |
| When something is empty or needs to be replaced | Take-out |
If weekends are a spending trigger for you, find some ways to avoid the temptations.
Prepping your food, and packing a lunch, might be the difference between you eating at home or getting takeout.
What you would do if a friend asked you to go out to eat or go shopping.?
Do you have kids? What are some challenges they could present that wouldn’t align with your rules?
Honestly, there are a million things that could become an obstacle for you, but some of them are easily avoidable.
What can you do to not spend money
So if you can’t spend money, what can you do?
I could tell you to look up free things to do in your area but, you probably already know that.
Here are some examples of what I did.
Weekends were the most triggering time for me, so I tried to fill them with productive activities and things I enjoy.
Each weekend I picked a place in my apartment to declutter.
I cleaned out closets, cupboards, donated a bunch, and my life and apartment benefited from it.
Deep cleaning was also on my list of things to do. Like my fridge, baseboards, light fixtures and, cabinets.
I also made intentional plans with friends. If you have a movie night, it will give you something to look forward to.
Exercising was also a great way to get out of the house and do something. And it also didn’t tempt me to spend any money.
Even if I just walked on the treadmill, I would listen to music or a podcast. Walking outside would have been more ideal, but walking outside in NY in January isn’t a great time.
Instead of ordering out, we would make pizza, drink beers, and make homemade desserts.
I also would allow myself to use gift cards.
Becuase I did a no-spend challenge in January, I had more gift cards than usual. If I felt the itch to spend money, I allowed myself to use gift cards or personal money I already had.
I also read a lot, watched Netflix, and did at-home pamper nights on the weekends.
Different types of no spend challenges
There are also different types of no-spend challenges.
You don’t have to to a challenge that is a typical “not spend any money” type of challenge.
Try to do a pantry challenge. Where you use up items you have in your pantry.
You can do a “no buy” challenge. Where you list items that you no longer want to buy. Like home decor, books, coffee out, alcohol, makeup, etc.
Cut out certain websites that are triggering.
Challenge yourself to not buy anything on Amazon for a certain period of time. Having the convenience of purchasing things online makes you more likely to buy them.
You can challenge yourself in any way that you want.
Do’s and Don’ts of a no spend
- Track your progress. You don’t have to do this, but it can be really rewarding. Use a chart, app, document, to check off each day you are successful.
- Make sure to define your rules. To know if you are successful, you need to have your rules established.
- Let it be known there will be obstacles. Plan the best you can, but do be prepared that something might happen that derails you.
- Be firm on your goals. Remember why you want to complete a challenge like this. Calculate how much you could potentially put towards your goal.
- Make sure you pay your bills!
- Do cut unnecessary spending.
- Make a list of things that you can do instead of overly focusing on what you can’t.
Does a no spend work?
If you are successful. Yes.
Cutting out just eating out and personal money from our budget allowed us to save an extra $300 in one month.
Our most successful month, even having a pretty expensive slip, allowed us to put over $4,000 towards debt.
No spend Year
If you are interested in trying to go a long period of time without spending, know that it is possible.
Unfortunately I have no experience in this but there are some people who do:
Rachel from Confused Millennial
The Year of Less by Cait Flanders is a great book about spending less. Even if you aren’t doing a full no-spend year, it is really interesting and inspirational.
No spend challenges are a great way to try and reach your financial goals faster. I highly recommend giving them a shot.
Have you ever tried a no spend challenge?
Interested in reading more?
The best way to write a budget for beginners
How to make a money vision board for financial motivation
What are sinking funds and how they will save your budget
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