Boosting Savings: The No Spend Challenge

are-you-up-for-the-challenge

In a previous post I briefly discussed money challenges and how people use them as extra motivators to either boost savings or pay down debt. Whether you’re saving for a vacation, a house or just want to improve your money management skills, you can never have too many tools or tricks at your disposal. This is why I encourage people to get creative about improving their financial behaviors. Not everyone gets as excited about personal finances as I do, so it doesn’t hurt to find a way to spice it up.

Today’s post is dedicated to the No Spend Challenge.

What is it: It’s exactly what it sounds like: No spending for 30 days. “But I have to pay rent and eat!” The goal of this challenge is to cut non-essential spending from your budget, so please don’t use this post as a reason why you haven’t paid your landlord. You still have to pay for the necessities like food, shelter and medical care. However discretionary spending like clothes, eating out, coffee, cigarettes, alcohol, etc. are out. If you don’t need it to live, it’s OUT!

Outcome: It varies per person. Some people will have more discretionary spending in their budget than others. It all depends on your spending habits.

Variations: The most common way to switch this up is to increase the number of days of the challenge. You can further boost it by cutting out additional things that you may not have cut out before like cable.

Why I like it: It forces you to reevaluate your spending habits and make you realize that you don’t really NEED all the things you think you do and it could be a start to a more frugal you.

You can start this challenge at any time during the year as long as there are still 30 or more days left.

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