define your goals
The rising cost of living has put a huge strain on household finances, so taking a no-spend challenge can help you get control of your spending. You still pay for the essentials, such as your mortgage and utility bills – the focus is on cutting down on any extra spending on unnecessary items, whether it’s takeaway coffee, clothes or impulse purchases.
It’s helpful to have a specific goal. This could be building an emergency fund, or saving for something special, an event, perhaps, or a weekend away. Think about it carefully and try to find something worth starting with instead of setting yourself an impossible goal.
You can write down your goal or cut out pictures from magazines and stick them on the vision board to reinforce what you’re saving for. This can help when there is a risk of distraction from your normal spending intentions.
Maddie Alexander-Grout, a consumer money expert who runs an app called Mad About Money, sets at least one day a week as a no-spend day. She says: “By doing four to five no-cost days a month we save around £250. The money is going towards our holiday to the Isle of Wight this year.
“I always write down the things we’re saving for, and once we’ve achieved one goal we start working towards the next goal, which is now money for a deposit on a new house. There are more savings.”
set your rules
You can customize the challenge so that it works for you. Like Alexander-Grout, you can choose one day each week to avoid the expense, or you can choose a longer period and do it less regularly.
Francesca Henry, founder of The Money Fox, a platform that helps women learn how to budget and build wealth, says: “I started by not spending for a week and then extended that period to where I was mindful about my spending. I wanted to know a little more deeply.” Habits. I really use it as an analysis tool rather than seeing it as a strict challenge.
Ultimately, the challenge of not spending is about gaining more control over your finances rather than strict restrictions. “You may have a certain event going on during the period you decide to spend, such as a day out with the kids,” says Henry. “It’s up to you whether you allow yourself to do that or not.”
plan ahead
If you have rules that say you can’t spend at all, you’ll want to make sure you’ve covered your essential needs before starting your no-spend challenge. This includes making sure you have the toiletries you need every day and the food you need for periods of time without spending.
To help you resist temptation, set aside a little time to unsubscribe from any tempting sales emails you receive from retailers. You can also delete your payment information from sites that make shopping easy at the click of your mouse, and your card information from your phone. Adding obstacles to make spending harder will give you time to think twice before breaking your rules.
get creative
You may have spending restrictions, but that doesn’t mean you can’t have fun. If you search the hashtag #nospendchallenge on social media you’ll find various posts on using this time for free creative activities, self-care, and finding new hobbies.
Lynn Beattie, personal finance expert and founder of the blog Mrs. Mommypenny, says: “Days spent with the kids during a no-spend week could include long walks and picnics at home, video calls to spend time with friends or their “May involve going home.” “Instead of eating at an expensive restaurant, go home to watch a movie.”
You can explore free programs, community gardens, or online courses in your area. You can borrow books from the library instead of buying books, or begin do-it-yourself projects to develop new skills, such as repairing household items and clothing, or making homemade gifts.
keep accounts
A good way to stay motivated is to track your progress so you can see how far you have reached your goal. There are different ways to do this. Try printing out a no-expenditure calendar and ticking off each day as you complete it, or use stickers to mark the days as you go.
You can use a free diary to write down your challenges and what you’re learning along the way. This can help you reflect on your successes, and what will and won’t work for you for a future no-spend period. Making notes can be a useful process every time you want to avoid spending on an unnecessary purchase.
You may want to let your family and friends know what you’re doing to keep yourself accountable. Connecting with online communities like the Facebook group 2024 No Spend Challenge can also be a way to get support and insight into what works best.
to reflect
A period of no spending can shed useful light on your spending patterns. You might be surprised how often expenses suddenly add up in just one day, especially when you’re tired, stressed, or distracted. Or you may realize that you’ve fallen into a routine of buying a particular thing that you can actually live without.
Behavioral finance expert Greg Davis says: “Freedom from these automatic spending habits can provide a valuable reset, and also help us realign our priorities. We often do not realize how little we need something until we are forced to give it up for a time.
He says this “spending freeze” may even make you wonder why you ever thought what you spent your money on was so important. “And it will give you great insight into what luxuries really matter to you. Ultimately, it’s a good rehearsal for future times when you may have to make cuts,” he says.
Henry says: “The most useful thing I’ve learned from analyzing my spending habits is how much I am influenced by people on social media, especially if I’m having a bad day. I unfollowed accounts that were making me feel like I should buy more stuff and followed accounts that were more focused on my life goals.’
Your no-spending period may make you more conscious of where your money is going, and you may be better prepared to answer the question “Do I really need this?” Is?”