When you have a goal in mind it’s always great motivation for taking steps to get that goal completed. Money goals are no different. A great way to save money towards a goal is to try a no spend month.
What Is A No Spend Challenge?
During a no spend month, you only spend money on the necessities. This means that you don’t spend money on eating out, activities, fun money, or anything that isn’t directly related to surviving.
Your money should go to your shelter, heating, electricity, and food, but pretty much nothing else. Decide if you consider it necessary and go from there. If you can, cancel all subscriptions and memberships.
Why Try A No Spend Challenge?
A no spend challenge can help you to save for a goal. It can also help you to reach a goal you already have set, but aren’t as close as you would like to be. Not spending money for a month can help you to be more aware of where your money is going. You can recognize when and what you want to spend money on.
What You Shouldn’t Buy?
What you shouldn’t buy on a no spend challenge includes the following:
- Clothes
- Reading materials (including digital)
- Food from restaurants
- Extra personal care products
- Home decor
How To Start
The first thing to do when you want to have a no spend month is to set a goal. Why do you want to save money? Are you saving for a house, to pay off debt, to travel?
The next thing to do before you start a no spend month is to plan. Plan activities that don’t cost money. Plan cheap meals. Plan what to do when you’re tempted to spend money. Plan for after the challenge is over.
Once you have planned what to do, start not spending money!
Activities
Outdoor
- Go on a walk
- Go to a park
- Go on a bike ride
- Have a picnic
- Go camping
- Go birdwatching
- Fly a kite
- Explore the woods
- Visit the beach
- Try geocaching
- Try gardening
- Look at the stars
Indoor
- Play a board game
- Try a puzzle
- Build a marble drop
- Go to the library
- Bake something
- Try a new recipe
- Read
- Draw
- Paint
- Write a journal
- Have a dance party
Volunteer
- Volunteer at a soup kitchen
- Volunteer at an animal shelter
- Volunteer at an old folks home
Cleaning
- Declutter
- Clean your home
- Organize papers
- Organize pantry
- Sell things
With Friends
- Hang out with a friend
- Invite friends for a board game night
- Invite friends for a video game night
- Organize a clothing swap
- Organize a movie swap
- Have a bad gift exchange
Go Places
- Go to an open house
- Go to a bazaar
- Visit the library
- Take a walk downtown
Screen Time
- Learn a new skill from youtube
- Khan academy class
- Have a movie marathon
- Play a video game
Saving Money
- Set your budget
- Meal plan
- Make a to do list
- Set goals
Cheap Meals
When you’re trying not to spend money, It can be a good idea to save on your groceries as well.
Related: How To Save On Groceries
- Check out my post on $50 for two weeks of meals
- Try to only make meals from your pantry
- Go for meals that have fewer ingredients
- Try making everything from scratch
When You’re Tempted
If you want to spend money during your no spend month, think about why you want to spend the money. Are you sad, are you angry, are you happy, or excited? What emotion is fuling your desire to spend money.
Once you have figured out why, see if there is a healthier way to handle your emotions. Some healthy options include, praying, talking with family and friends, writing, or exercising. If your family and friends already know you’re doing a no spend month then they can help provide accountability for you.
Remember why you decided to start the no spend month in the first place. Think about the reason you want to save money. Remember why and it will help you to gain motivation to keep going with your no spend month.
Thankful
Remember to be thankful for all the blessings you have. Use what you have. A no spend challenge is an amazing way for you to realize all the items you already have that can be used for fun and entertainment. A no spend challenge can help your mindset to be focused on what you have instead of what you don’t have.
Afterwards
After your no spend month, you have to make sure you don’t double your spending the next month or it will all be for nothing. The next month you have to remind yourself of all the great progress you made towards your goal. Go back to your previous budget, or if you didn’t have a budget, set one using my post on how to set a budget.
You can do it! If you’ve made it one month, see if you can make it another, or try again in a couple of months. If you slip and spend money on something, you can always start over the next minute or hour or day. Not spending money can be tough, but it can be so rewarding. See if you can reap the benefits of a no spend challenge.
