What is a no-spend challenge and why should you do it?

by Carole John

What is the no-spend challenge?

Want to save some cash? Here is a challenge for you!

The idea of a no-spend challenge is a proportional function of saving more. Once one undertakes the challenge, they put themselves to the test of spending less or nothing at all to save more. Most individuals make the challenge a game.  To try and figure out if they can go through a day, week, or month without spending as usual. The timeline is personal and based on one’s capability and capacity to sustain their challenge. However, necessities are exempt from the challenge, that is, things one cannot do without.

Cut on expenses

The challenge is only focused on cutting expenses on things that one does not require to run their life.  That includes things like burgers, Pizza, and other luxurious products. It is important because it helps to differentiate between wants and needs. 
There are a couple of reasons why one should take the no-spend challenge. 

Ways to save money

Why you should take the no-spend challenge

  • Help in stopping or resetting bad habits – normally, overspending has become a habit for most people, and a no-spend challenge is a key to solving the problem. 
  • Restock emergency funds – emergency events normally recur, and some people find themselves in a fix if they have no emergency funds.  This challenge may help restock the accounts to be well prepared for uncertainties.
No Spend Challenge to save money
Source: Investedwallet.com
  • Save to pay debt or vacation – a no-spend challenge may help one to save some bucks to clear bad and pre-existing debts once and for all. Also, they may save for a vacation if in need of one.
  • Develop a sense of control – a no-spend challenge puts one in a position of control and ownership of every money that comes in and goes out.
Source: Chime
  • It will change your perspective on your money– Most people only know the money they have and then start missing it while it is gone.  The challenge helps you to look at money as future wealth and how you can use it for security. 
  • Transform your Financial future– by spending less and saving more you will slowly build up into a stable financial future. 

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