Can you imagine going a whole month without spending a single dollar? A no-spend challenge can provoke you to revamp your financial mindset by spending zero dollars beyond your necessary recurring expenses like housing, transportation, and groceries.
It’s become the standard to do a no-spend challenge that lasts an entire month, but if you’re just getting started, try doing a no-spend weekend or a no-spend week. Then work yourself up to a month. It takes determination and willpower to make it happen, but first, you need to do some preparation.
You’ll want to make plans in advance for any spending you’d normally do in that month. Think about things like purchasing gifts for upcoming birthdays, making home repairs, or buying tickets to social events. Next, find alternatives for your usual leisure activities that come with a cost, like swapping an evening at your favorite jazz club for an open-mic night.
Some people who do month-long no-spend challenges do it without purchasing groceries. Instead, they prep and freeze meals in advance, or clean out their pantries to use items that have lingered there.
Can’t make it through your whole no-spend challenge? Don’t give up! Take notes about what happened so you can learn from the experience. Even if you can’t go an entire month without spending money, you’re sure to save a lot more than you’ve grown accustomed to while getting a reality check about your spending habits.