Welcome to the fab ‘No Spend’ diet of the financial and frugal world!
What Is A No Spend Challenge?
A No Spend challenge is not spending money for a specific period of time, say a weekend, week or even a month. The time period for our Women On Wealth challenge is one month, starting 4 February, 2019. But you can start any time that you want.
Key takeaway from this challenge: reduce your outgoing money by cutting out non-essentials.
Why do the No Spend Challenge 2019? Its a great way to kick start your savings or debt repayment or even to recover from unexpected expenses that have put a dent in your Emergency Fund with the chunk of money you save from the challenge.
This month long challenge can be a toughie, but the rewards are great. This is about starting to make a permanent lifestyle change forever, rather than just for a few days. It’s about stopping habits like purposeless shopping and replacing them with habits that will last a lifetime.
It’s also an eye-opening experience, my friends!
Keep reading to see why taking on this No Spend Challenge 2019, is awesome and how you can easily start and stick to your very own no-spend challenge, starting today!
Pressing the “pause” button on your purchases will do more than save you cash. It will give you clarity on what you Need and what you Want.
Needs are items that are absolute essentials, like rent, electricity bills, school fees, etc.
Wants are the little ‘luxuries’ that you spend on but instead of adding to your financial goals, they suck the life out of them! For example, the extra pair of shoes that you bought, that you never wear, or the holiday that you took that left you broke, or … you get the idea.
No Spend challenges help you become financially fit, just like a good diet helps you get in shape.
Here’s what you need to do to begin your No Spend Challenge 2019
- Figure Out Why You’re Doing It.
Create a goal, write it down or draw it out. Put it in a place where you can see it every day – like the bathroom mirror. Its easy to forget why you’re doing this challenge, so its a good reminder, every day.
- Make a list of what is an acceptable purchase and what is not.
For example, paying off credit card bills or rent is a must.
- Review the rules with your family or with a ‘Spend Fast Buddy’.
They can remind you when you’re going off track and when you’re on track, they can acknowledge your effort!
- Use this period to consume the items stocked in your fridge or pantry.
Use items before their expiry date. It’s the right time to get creative with your meals intead of ordering out.
- Put away your credit/debit cards.
Obviously, right? It’s just too easy to whip out a credit card and use it. Consider creating cash envelopes to help monitor and control spending as needed for things like groceries and petrol.
- Research free entertainment in your area.
Museums, free concerts in the park, hiking, reading – the list is long, if you put your mind to it!
- Still Want To Buy Something?
Make a list and put it in a drawer. Promise yourself that if you can wait until the end of the spending period, you can purchase it. There’s a really good chance that after you’ve made it through your No Spend challenge, you won’t want it anymore. It’s a great way to break yourself of those impulse purchases!
Drop us line or leave a comment below to ask for support or just share how it’s going!
We would love to know!