How to Do a 'No Spend Challenge' to Save Money

Have you been planning to start saving for some time but have no idea where to start? Have you tried some basic savings tricks but weren't happy with the results? No worries. We might have the perfect recipe to help you kick start your journey.

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This challenge might seem extreme but has shown to have tremendous results for people who have taken and completed it. If you are looking for inspiration, check out these hashtags on Instagram' #nospendchallenge', '#nospendmonth,' '#wizely.'

So let us get right into what a No Spend Challenge is and what you need to do to take and complete one successfully.

A no spend challenge is a commitment to yourself regarding your spending plans for a specified period.

Some people like to do 'No Spend Weekends,' some prefer a 'No Spend Week.' It all depends on how far you want to take it and what suits your needs. As for the no spending part, some people prefer to pre-decide precisely what things they will be allowed to spend on while some prefer to buy all the essentials beforehand and spend the whole duration without spending a single penny.

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Now let us look at some things to keep in mind before taking up the challenge.

1. Make a Game Plan - No challenge can be successful without a good strategy. Let's say we are taking a 'no spend month' challenge. It is recommended to pay our rent, bills, etc. beforehand and get all the essential supplies. It is necessary to think about what we consider crucial. This will help separate our needs from our wants so that we can make financially wise decisions once the challenge is over.

2. Make an Announcement - Telling our friends and family about this challenge could also act as positive reinforcement and help us get more focused on completing the challenge. An Instagram post with relevant hashtags can be beneficial for ourselves and the community that wants to do something similar and is looking for community support.

3. Set Clear Boundaries - It is natural for us to miss out on some essentials that we really might need during the challenge. It is okay to go ahead and purchase it; however, the idea is to grow our willpower, and it is we who have to set the exact boundaries. Buying some painkillers because you had a headache sounds reasonable, but wanting a beer after a tiring day is where you must decide what the right decision would be.

4. Find Healthier Alternatives - A lot of times we spend on stuff because we have nothing better to do. Use your free time to come up with inexpensive and healthier entertainment alternatives. If you fill up your time with plans, enjoy that are also better financial decisions, your urge to go out for that movie or get a drink at your nearby bar will automatically start to fade.

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The purpose is to understand one's spending habits well and exercise the 'no' muscle. Impulsive purchases consume a considerable portion of spending, and the idea is to control it better. So are you ready to take up this challenge?

(Check out 'Learn & Grow with Wizely' to read and learn more about money challenges and rewards.)