Have you ever successfully completed a No Spend Challenge?
It sounds like a daunting task.
I thought so too until I did it. It becomes easier the longer you do it. You just have to get started.
Slowly, your habits will change. Your mindset will change. It’s quite refreshing. You realize you’re more capable than you thought.
You also realize that you might be buying things because you think you’ll get happiness from them. But that happiness is short-lived or not actually true happiness.
How do you not spend money?
Here’s my complete no spend challenge guide – the rules and best practices – to help you successfully complete your no-spend challenge.
Related Saving Money Articles:
- 18 Things I stopped buying to save $1000’s
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- 7 Important tips to simplify your life you need to know
What is a no spend challenge?
It’s when you challenge yourself to not spend any money over a set period of time.
There are many types of no spend challenges. For example, some people allow the spending of necessities like groceries and gas.
Based on your lifestyle and situation, you can decide which type of no spend challenge works best for you.
Why do a no spend challenge?
The no spend challenge can be difficult. The eye opening insights are worth it!
No spend challenges have many benefits including:
- Changing your spending habits to remove impulse purchases (e.g. getting coffee at your local coffee shop)
- Accelerating progress on your financial goals (e.g. early retirement, paying off student loans, saving for a house)
- Opening up your mind and pushing your boundaries (i.e. You make the best use out of the things you already have. It forces you to be resourceful and creative. You understand what’s a real need vs. a want.)
- Learning new skills to avoid paying for things (i.e. You learn how to fix things so you can use them again)
How do you get started on a no spend challenge?
The first thing you have to do is decide what type of no buy challenge you’d like to do. What are your no spend challenge rules and parameters?
Here are rules you need to determine:
- Allowances: What you’re allowed to spend money on
- Time frame: What’s the time frame of the challenge
We’ll talk about all these factors in more detail below.
How do you select allowances?
You need to determine what’s a need vs. a want.
An example of a need is “food”. If you want to give yourself less flexibility, you can narrow this down to “groceries” only or “groceries and some restaurants for special occasions”.
Other examples of needs are gas, toiletries, and medical products. It’s helpful to break down certain categories so you’re not just writing down toiletries. You’re including what specific toiletries are allowed e.g. toilet paper.
You can also note any necessary items that unexpectedly break (although you might want to try to fix these yourself before getting a replacement – this is part of the spirit of the challenge!).
The key is to write down this list of needs. The more comprehensive, the better. You want this list handy so you can refer to it throughout the challenge. So you know exactly what you can and can’t spend money on during this challenge.
How do you pick a no spend challenge timeline?
There are many timelines you can target depending on your comfort level and financial goals. Here are 4 options.
1. No Spend Weekend Challenge
If you’re just starting out on your savings journey and want to ease yourself into a no spend challenge, you can try it over a weekend.
In this challenge, you’ll most likely focus on activities like:
- Finding free entertainment and activities
- Cooking at home
- Walking around (as opposed to driving)
2. No Spend Week Challenge
This challenge takes it a step further.
No spending for the whole week might involve weekly meal prep. This way you don’t get take-out for lunches or dinners. You make the coffee at work or at home and don’t buy coffee.
3. No Spend Month Challenge
In this challenge, you’re making your no spend actions into habits.
Whenever you want something, you’re asking yourself if you really need it. You’re increasingly deciding to be satisfied with the material items you have and making the best use out of it.
4. No Spend Year Challenge
This challenge is a lifestyle change. You’ll have to learn new skills and use creative strategies to get things without spending money on them.
If traveling is important to you, you might want to focus on economical travel options like camping.
This period goes over major holidays and celebrations like Christmas and birthdays. You’ll have to consider DIY gifts, no gifts, or perhaps give the gift of an experience e.g. take them to a free event or on a hike.
This is a difficult challenge to partake in, but it will broaden your outlook on life. You will grow from this in ways you never anticipated.
Which time frame is right for you?
Based on your lifestyle and goals, select a time frame that’s challenging, but not too uncomfortable. You want to give yourself the best chance at success! If you’re new to frugal living, ease yourself into a weekend challenge. You can slowly work your way up to a week and then a month.
How do you successfully execute a no spend challenge?
How do you live wthout spending money? Here are tips for how to successfully complete your no spend challenge.
1. Determine WHY you’re doing this no spend challenge
You need a goal to motivate yourself especially when you feel the urge to spend. It might be the goal of saving towards a
- Early retirement!
Put this goal in an area that’s visible like the fridge, white board or the screensaver on your computer. You want to walk by it everyday so you can remind yourself why you’re doing this challenge. Why it’s worth it.
2. Set your no spend challenge rules
Don’t forget to set your no spend challenge rules (i.e. time frame, allowances).
It’s also important to display this list so you can always refer to it.
3. Discuss the no spend challenge with your family and close friends
Your family and friends are your influencers. You want them to be ideally onside. You want supportive people around you. People that are cheering you on.
It can be strange to bring this topic up. You don’t have to make it into a big discussion. Just casually mention that you’re trying this challenge because you’re exploring frugal living and/or minimalism.
You might intrigue them. They might disagree with your decision. If they care about you, they’ll want you to succeed. They’ll know you’re doing this for a greater purpose.
4. Get creative with what you have.
Use what’s in the pantry and the freezer. Cook up those dry beans you’ve had in the pantry for months! This is a great opportunity to clean out your pantry and use foods that you might not even realize are close to expiring.
Here are a few other things you could do:
- Use gift cards you already have
- Use loyalty card points
- Barter with what you own
- Consider trading your time for things you need
You can get really creative once you start looking for alternative solutions other than spending.
5. Embrace learning new skills
With the no spend challenge, you will inevitably have to learn new skills. It could be cooking meals. Learning how to fix an appliance.
You’ll run into a problem. While you could easily feel frustrated and want a quick fix, view this as a learning opportunity. A chance to grow.
Look up that youtube video on how to DIY the problem. We’re so lucky to live in a time when there’s so much information readily available online. Use it! Failing is great because you’re still learning!
6. Explore free activities
Plan free activities with your family. This could mean playing board games or watching movies from the library.
If you know you’ll be meeting with friends during the no spend challenge, plan ahead. Suggest free activities like play dates at the house or the park, or going to a free event at the library.
7. Hide credit cards
I’m a big fan of credit cards because of the credit card points.
Some people need their credit cards taken away otherwise they’ll spend it on unnecessary items. With the ease of buying things immediately with credit cards, you can easily spend beyond your means.
You know yourself best. If you feel like you can’t control your spending habits, hide the credit cards and just use cash.
8. Remove any distracting activities that encourage shopping
- Don’t visit the mall
- Don’t do any online window shopping
- Unsubscribe from emails that send you the latest sales
- Don’t go to buy and sell Facebook groups
- Avoid tuning in on the ads when watching TV or listening to the radio (These are designed to make you spend money!)
Replace that time you usually spend shopping with a hobby that’s NOT about spending money.
For example, I used to browse deal sites on a regular basis.
When I stopped doing that, I started reading a lot. That’s actually what led to starting this blog. I love blogging! It challenges me. I learn new things everyday. It’s one of the most rewarding things I’ve ever done.
9. Thoroughly assess whether you need an item
If you feel like you really need something and it’s not on your pre-approved list of needs (on your no spend challenge rules), than ask yourself these questions:
- Did you need it yesterday? This will help you determine if it’s a true necessity.
- Are you getting the best deal by purchasing it today? If not, wait until the right time, which might be Black Friday.
- Can you wait until after the no spend challenge to purchase it? To get it off your mind, you can write it down. After the no spend challenge, bring up the list of items you wanted to purchase and see if you still want those items. Odds are, you’ll have found a solution to the problem. Or you realized you didn’t need it as badly as you thought you did.
- What are you actually getting out of this item? Are you getting short-term happiness? Is it meaningful happiness? Are you buying something because it’s trending? Perhaps it’s associated with an ideal image? Often we buy things to satisfy an immediate need or because it represents something we want to become. There’s nothing wrong with buying things because it makes you feel good. It’s good to be cognizant of your true motivation for buying and explore if there is another way to feel joyful.
- How else can you solve this problem? Can you borrow the item? Can you get it for free? Can you get it used?
What do you do AFTER the no spend challenge ends?
Congratulate yourself! No spend challenges are not easy. Pat yourself on the back for a job well done.
Now before you start reverting back to old habits, it’s time to reflect.
- How much money have you saved during that period?
- What have you learned?
- What new habits do you want to incorporate into your routine?
- When do you want to do your NEXT no spend challenge?
While no spend challenges are great tools to amp up your savings in a short period of time, it’s the growth and development during that period that’s going to result in massive savings in the long-term.
Just think about how saving a $5 coffee/day * 5 days a week * 52 weeks in a year *10 years = $13,000! And that’s just for 10 years! If you do that for 30 years, that’s $39,000 you’re saving.
What if you can’t do a no spend challenge, but you STILL want to save money?
Here are the best resources for saving money:
Ebates is great because you can get up to 40% back for shopping online at over 2500 stores – many of which you would normally shop at like Amazon, eBay, Macy’s, Kohl’s, Walmart etc. It’s FREE to sign up.
For U.S. residents, Ebates will give you a welcome bonus of $10 after making your first online purchase of $25 or more. For Canadians, it’s a $5 welcome bonus for signing up. You can read more about how to use Ebates here!
Checkout51 is an app that gives you cash back for your groceries!
If you purchase any groceries on their list (which sometimes includes everyday essentials like bananas), you can snap a picture of your receipt on your app (they make it super easy). The approval takes roughly a few days and then cha-ching – you’ll get money in your Checkout51 account!
If you spend hours meal planning every week only to stress out some days and eat out, you might be interested in the $5 meal plan. For $5/month, they send you a weekly meal plan where every meal will cost approximately $2/person! They save you time and money so that you can focus on doing things you enjoy like hanging with your kid!
They offer a 14 day FREE trial (approximately 40 recipes) – regular or gluten-free – that you can cancel at any time with no questions asked.
This membership has 2 great benefits: free 2 day shipping and free access to movies, TV shows, music and books. You no longer have to worry about last minute items. You can cancel your other movie, music and book subscription services. You can also get 20% off diapers and baby food when you have more than 5 subscriptions.
Get the Amazon 30 day FREE trial here. You can cancel at anytime. No questions asked.
Related Money Saving Articles:
- 18 Things I stopped buying to save $1000’s
- 11 Simple ways to decrease your groceries costs by 50%!
- 60+ Easy ways to reduce your home utilities costs
What if you’ve already MAXED your savings? What can you do now?
The reality is that there’s only so much money you can save.
At some point, you need to shift your focus to making money.
Here are some easy ways to make money:
If you want to earn a little bit of side cash quickly and easily each day, here’s a list of other legitimate survey companies I’ve tried and liked:
- Swagbucks: This site also offers ways to earn gift cards and cash for searching the internet, shopping online, watching videos, and playing games.
- Survey Club
- Survey Junkie (Only in U.S., Canada and Australia)
Become a Mystery Shopper
Mystery shopping is a fun way to make money fast while getting paid to go shopping.
BestMark is a legit company offering mystery shops in the U.S. and Canada. They pay cash for doing a mystery shop in person or over the phone or online. Some of their mystery shops involve getting your car’s oil changed or having a meal at a restaurant. You would get paid for things you would normally do anyways!
You don’t need any experience. BestMark doesn’t require you to take a minimum number of shops each month. BestMark also has a referral program. You can earn extra cash for people you refer who sign up and perform a shop.
Sell your skills through Fiverr
Whatever your skill or service is, you can often sell it through Fiverr. I’ve seen people sell photos of their kid holding a sign up that says Happy Birthday for $5. I’ve seen video testimonials of products for $5. Digital services often do well here like graphic design, marketing, writing, translation, video, music, or programming.
There’s also Fiverr Pro, which is a top quality, vetted pool of professionals offering all types of services. I’ve heard the key to doing really well on Fiverr is to make your work automated. Set up a template that can be easily executed.
Related Making Extra Money Articles:
- 11 Flexible Work-at-Home Jobs for Stay-at-Home Moms
- How to make up to $100/hour as a Virtual Assistant – an in demand job!
- 11 Easy Ways to Make $100 Quickly in 2019
Have you done a no spend challenge? What tips would you recommend? Comment below!
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