Like the title implies, its time for a no spend challenge.
Quick question?: Have you ever had a no spend day or even week?
If you haven't and you’ve been struggling to save money and manage your spending, or you just love a challenge, you should consider freezing your spending for a few days to reset your finances and generate some savings.
Incorporating a spending freeze into your schedule can be quite healthy for your finances especially when you feel overwhelmed with it all. One way to do this is by adding a no spend day or week into your monthly budget.
Here are some tips will help you get prepared and maximise the best results!
1. Plan Ahead :
Answer the following:
- Is it going to be a No-Spend Day or a No-Spend Week?
- What do you hope to achieve?
- You’re probably looking to save more money but why?
- What are unavoidable expenses? i.e. toll gate fees
This is one of those things that its best you plan ahead for. Narrowing down your goal can help motivate you during tough moments of temptation during the process.
After tracking my spending recently, I noticed that I’d been very guilty of structuring my budget for lunches at work and after a slight health issue, which is resulting in a diet change, home lunches are a must and to be honest taking some time off from making those purchases sounds like a great idea.
2. Set your rules :
These can be simple guidelines to ensure you aren't over restricting yourself or damaging yourself in overall.
For example : Spending way more prepping for your no-spend than you would if you went on your normal routine
- Do not compromise safety
- Do not compromise your health
3. Avoid Triggers :
Don't window shop, mute that friend that only calls for that break-the-bank night out, Unsubscribe from those emails that basically speak directly to card and translate into debit alerts. Trust me, that 2 for 1 pizza deal will be back after your no spend period.
4. For No-Spend try No-Waste :
You know that extra plate of food you were meant to leave for dinner but you take to watch that next episode? No? Just me? ***Covers Face *** well on that note whatever wasteful or unnecessary thing you do, be more prudent so you won't cave in :)
5.Get Creative :
When you decide not to spend, you are going to find out all the little things that break the bank. Find new recipes,have a list of free activities or alternatives to your regular lifestyle. I.e. For date night : Game night rather than dinner.
6.Be Accountable to Someone :
You are more likely to follow through if you are accountable to someone, so get a partner or sign up for our first no spend challenge. We will be running a no spend day every Wednesday and a no spend week every month.
Most Importantly, make it fun, NO-SPEND challenge is NOT a punishment, it helps your discipline, creativity and you bank account so why not ? Just think of it even if you quit mid way you saved abit.
At the end of the day you either save a little money or a lot of money.
Its a WIN-WIN
Want to Join our First NO-SPEND WEEK??? 13 OCT - 19 OCT Inclusive Click Here
Want A FREE NO-SPEND PLANNER. Click Here
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