A no spend challenge is not a new concept. However, finding new ways to not spend your money unnecessarily, practice discipline while at it, and still have some fun will always be fresh.
If you’re new to the no spend challenge lifestyle, I’m going to break it down in this article.
No Spend Challenge Explained
A no spend challenge is a personal finance task that involves not spending any money (except for essential items) over a period of time.
The amount of time for this challenge could be on a weekly or monthly basis depending on your goals.
A no spend challenge has many benefits with the highest being to save more money and pay off debt.
A no spend challenge can be a very powerful initiative to help you learn how to better manage your finances.
It’s obvious that if you spend less, you’ll save more but this doesn’t always happen naturally especially since you’re not intentional about it.
When you start practicing the no spend challenge lifestyle, you’ll learn how to be more intentional with spending.
Additionally, a no spend challenge will help you recalibrate your spending habits and reset your money brain.
A no spend challenge is another form of paying down debt faster and shoring up your emergency funds.
Who Can Do a No Spend Challenge?
Anyone can do a no spend challenge – irrespective of what stage you are in life. I’m debt free yet I still practice no spend days or weeks.
I track how much I save by not spending any money that day or week. It’s a fun habit to develop and stay with throughout your life.
So whether you’re $500, $5,000, or $50,000 in debt, go ahead and start a no spend challenge today!
And don’t be afraid to fail at a no spend challenge. The first time I tried out a no spend challenge, it lasted less than 5 days.
It felt so unnatural to me and I had to invent some really interesting ways to keep my cards away from me but with practice, a healthy habit was formed.
I will say building this habit took some time but each day you stay with a no spend challenge is one day closer to building the intentional spending habit.
When you arrive at the intentional spending mindset, you can expect spending your hard-earned money on the right things to become a default mental mode.
Final Thoughts on No Spend Challenge Lifestyle
As we delve more into the no spend challenge on this website, I will be breaking down the best tips to help you get through your challenges.
There will also be week-to-week and month-to-month challenges and I will be sharing my best tools to help you achieve your financial goals.
If you want to be notified whenever new posts are uploaded on No Spend Challenge Lifestyle, be sure to join the mailing list.
You can enter your details in the sign-up widget that appears above and below this article.
Anna is a writer, dreamer, and traveler. She believes in having fun now while also planning for the future. She funds her lifestyle by making smart financial investments and decisions. Her favorite tools include investing through Questrade, no-fee banking, and more. Learn more about Anna here. Check out her favorite tools and resources here.