It’s a new year, new you, right? Well, if it were only that easy we would all be meeting our New Year’s resolutions right away! One of my favorite ways to start off the year is with a no spend challenge to stretch myself and really break old habits.
My friend mentioned she and her husband do a No Spend Challenge in January right after the Christmas holidays, and I thought that was a GREAT idea for my readers who are interested in starting a budget in the new year. If you didn’t save as much as you wanted at Christmas, then this is a great challenge!
Since you all are learning to be money savvy mamas, doing a no spend challenge might be just the kick in the pants you need!
Whether you’re a beginner at budgeting or you’ve already grabbed the best budget template for couples, this is a great challenge to jump into.
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No Spend Challenge Free Printable to Stop Impulse Buying
What is a No Spend Challenge?
If you’re wondering what exactly a “No Spend Challenge” is, you’re not the only one!
I define it is a great habit breaker for those impulse buyers out there who always have Target and Amazon literally at the tips of their fingers.
Sometimes you just have to get rid of that craving and commit to no spending on extra stuff after the holiday craziness.
When is the best time to complete a no spend challenge?
A No Spend Challenge is perfect to do after holidays, spending sprees, or when you really want to get a jump start on your financial goals.
For example, if you’re saving up for your first emergency fund or perhaps the downpayment on your dream home, a no spend challenge is a great way to start!
How long is a no spend challenge?
A no spend challenge encourages you to stop spending for a certain amount of time on the UNNECESSARY items. There’s lots of varieties! And what’s awesome is, YOU get to choose how long you’ll do it for.
The key is breaking habits and creating new ones.
Related Post: 110 Habits To Track In the New Year
No Spend Challenge Options:
- One Day: This is perfect if you’re new to no spend challenges! It might actually be harder than you think.
- One Week (5-7 Days): While one day of no spending can happen relatively easily, you will have to be intentional to get a full week of not spending a dime. It will require a little more strategic planning.
- One Month: This is a REALLY great challenge. If I am doing a one month no spend though, I typically still grocery shop once per week but minimize the rest of my unnecessary spending.
- 365 days: Eventually you might work your way up to a whole year of no spending!
Grab this Christmas Budget Planner to Save for Christmas All Year Long. Budgeting made easy.
Why should you do a No Spend Challenge?
This challenge is not for the people who already have it all together and find themselves floating in money at the end of the month. (I always picture Donald Duck diving into a pool of cash in his vault…anyone else?)
This challenge is for those of us (::hand raised::) who need a little kick-in-the-rear to stop spending on frivolous things. They need a reminder to stop spending money and instead “shop their home” first.
I don’t know about you, but it’s soooo easy to pull up Amazon and make a purchase for something I think I need “now.”
Instant gratification. Off the to-do list. Awesome.
But sometimes I pull the trigger a little too quickly. I realize that “Oh… I guess I could have repurposed some old boxes in the closet rather than buying the newest storage containers. Hmmm.”
A No Spend Challenge stop spending habits and starts savings habits.
Before we get into the how, go ahead and sign-up to receive the No Spend Challenge Free Printable here that way you can follow along.
<< DOWNLOAD the No Spend Challenge FREE Printable >>
How to do a No Spend Challenge
There are lots of different ways to do a no spend challenge (like I mentioned above), but here are the basics.
Follow the No Spend Challenge Rules
The general rules are:
no spending on anything except bills, gas, and groceries.
Bonus points if you can minimize the gas and groceries part of it.
I have kids so we go through milk like crazy, but I do try to grocery shop only once per week and hit-up Costco only once a month.
The awesome thing about this challenge is YOU can decide your own rules.
Sometimes I do “mini-challenges” of no restaurants for a month, or even more specifically, no Starbucks for a month 😉 Whatever it is that gets you more intentional about saving more money!
Items to Cut During a No Spend Challenge
Here are a few items you should consider not buying during a no spend challenge:
- Restaurants
- Coffee
- Clothes
- Entertainment
- Golf
- Getting your hair/nails done
- Uber/Lyft
- Anything that could be considered a want!
Decide the number of days
For this 15 Day No Spend Challenge., I encourage you to find 15 days within one month to not spend. This could be two weeks straight. This could be every other day. Whatever floats your boat.
I double dog dare you to go 15 days in a month without spending! See, now you have to do it.
I made the free printable. mentioned above for easy tracking and to motivate you. Again, it’s totally free, so don’t forget to grab it here!
Challenge yourself
Think it’s too easy to do a 15 Day No Spend Challenge? Great! You’re awesome! I want to hear about you conquered a month-long No Spend Challenge instead. The printable works for that too by the way.
Reward yourself
If you meet your goals, then prepare to give yourself a little reward for meeting your goal. Rewarding yourself for your new savings habits is how you create new ones that stick! At least, that’s what I learned from Charles Duhigg in the Power of Habit.
The great thing about this challenge is it’s one day at a time. Small moments lead to great success!
Tips for a successful No Spend Challenge
Identify Your Weaknesses
If you’re prone to buying things on Amazon randomly, delete the app! If you splurge when you grocery shop at Target, shop somewhere else. Identify your weaknesses so that you can avoid them while you do this challenge.
Tell your friends and family
When you tell the world you’re committing to a challenge, it will give you a little accountability. It will also help others not feel offended if you’re invited to lunch or another random activity, if you politely decline or offer a different activity instead!
Change Your Routine
Often time we get into a rut when it comes to spending habits. We buy the same thing because we pass it in the grocery store. Which is why you want to do this challenge!
Change up your routine to start a new habit. Go shopping on a different day of the week. Walk the opposite direction through the store. Drive a different way to work. All of these will cause you to see and do new things!
Transfer savings immediately
I don’t know about you but I love actually seeing that what I’m doing is working. To see the difference, check your savings account balance at the beginning of the month.
As the month goes on, every time you make a choice not to spend, transfer that amount to your savings account immediately.
For example, you eat your lunch at work. Great, transfer $8 to your savings account.
You decide to postpone your nail appointment one week. Great, transfer that $25 to your savings.
You choose water instead of coffee during Bible study. Perfect, add $3 (or $5) to that savings. Every dollar counts!
Unsubscribe from promotion e-mails
If there’s a company that pops up in your e-mail, that gets you every time when it says, “Sale! Need to buy now!” Set-up an auto transfer for that e-mail to go into a junk folder that you don’t see. This will be less tempting!
I promise you, most items come back on sale at a later date. And if you decide you need it at said later date, then by all means, bring back the sales.
Pursue a new hobby or get stuff done
Go for a walk or use that gym membership you’ve been paying for. Or get stuff done around the house that you’ve been putting off.
Whatever you decide, start a new habit to replace the old shopping habit and fill up your time!
Put away your credit card
If it’s too tempting to swipe that card, lock it away in your safe for a week/15 days/month. Before you do, grab some cash from the ATM!
Pack a lunch
My guiltiest pleasure when I worked full time was going out to eat at lunch. Try packing a lunch for an entire week. I’d love to see what you’re eating on Instagram. Share with the #nospendwin
Invite a friend
Challenges are best done in a community. Grab a partner (it could be your spouse!) to join the challenge with you!
Send them this link or share on Facebook (<–button to your left…or down below on mobile) so that they can download the No Spend Challenge Free Printable too! I always do way better when I’m doing a challenge with someone.
Commonly Asked Questions About No Spend Challenge
How do I get ready for a No Spend Challenge?
The biggest thing is to not over think it! Just start today! If you’re really a planner, do one trip at the beginning of the month for the majority of your groceries and household supplies that you think you might need for the month. But the biggest thing is to just start!
What will I do during the No Spend Challenge?
Take the time to research free entertainment for you and your family! I guarantee you there are some parks nearby that you haven’t checked out yet or some free events offered by the city.
How much can I save with a No Spend Challenge?
According to Gallup, Americans spend on average around $100 per day on “stuff.” That seemed high to me! After calculating our 2018 expenses and removing bills, groceries, and gas, we averaged $70 for our 5-person household. Again, this did not include bills like insurance, HOA, Netflix, phone bills, groceries, etc. So, what does this mean?
If you go 30 days without spending money, you could save anywhere from $2,000 to $3,000 over the month. That would be awesome! So what’s stopping you?
Download the No Spend Challenge Free Printable
How can I have no spending days?
My first recommendation is start with a short weekend and go from there! But, if you’d like a 30 Day Simple Savings Challenge to participate in, you can sign-up here.
You can also learn a bunch of tips and tricks to save more with this post (especially when you’re on a tight budget).
Other Budgeting and Money Saving Posts You May Like:
24 Ways to Save Money on a Tight Budget
How to thrive on one income with a new baby
Free Printable Money Saving Charts
15 Ways to Declutter Your Finances
How married couples handle finances (real examples!)