You might have seen the no-spend challenge popping up on social media or your ‘For You Page’ on TikTok recently. Let’s break it down and give you some helpful tips to give it a go.
The no-spend challenge is all about pressing pause on spending your extra cash, and only focussing on the essentials. Whether you choose to do a no-spend month or year, you commit to not buying anything that isn’t absolutely necessary, even if you think you ‘deserve a little treat’. The idea behind it is that it’s not about feeling deprived of the things that bring you joy in life, but it’s about seeing how much you can save and appreciating what you already have.
The no-spend challenge is a chance for you to change your money mindset, be deinfluenced, and break free from the pressure to spend more money. But, that doesn’t mean that you can’t change the challenge to suit your lifestyle.
For many people in debt or poverty in the UK, the thought of spending less can be unrealistic, especially if you’re living in a deficit budget. The no-spend challenge can still acknowledge that, but help you reflect on your tight budget, find ways to be more resourceful, and encourage you to get free debt help.
For those who do have some spare cash after essential living costs, you can adapt the challenge to your lifestyle and values if you want to, such as supporting local, small businesses, and having a more mindful approach to spending.
Try to pinpoint where you’re tempted to spend your money. Is it online shopping, social situations, or boredom? Once you know your triggers, you can learn how to stop impulse buying.
Understand your spending habits and get personalised tips with our interactive money personality quiz.
For some of us, a no-spend year may feel pretty unrealistic and extreme. Why not start off small and commit to a no-spend month or less? This can give you a chance to build your confidence and see how much you can save in a short space of time.
A no-spend challenge isn’t just about restricting your finances or saving money, but it’s also about appreciating what you already have. By practising gratitude, you can shift your focus from wanting more, to seeing what you do have right in front of you.
Learn how to practice gratitude and improve your general wellbeing with Mind’s free resource that helps you take more mindful moments.
As well as taking our money personality quiz, it’s important to read the tips at the end and make real changes to try and shift your money mindset.
Try to recognise where you are currently, reflect on how you got here, and use practical tips in our money mindset blog to get you where you need to be.
A no-spend challenge is the perfect time to practice deinfluencing. Instead of wanting to buy the next best thing or ‘must-have’ products, focus on what’s right in front of you and think critically about your purchases.
Try to limit your screen time to avoid buying trending things out of boredom. You could even unsubscribe from emails or notifications that tempt you to spend.
Having a savings goal in mind can boost your commitment to the no-spend challenge, and give you a clear goal to work towards. It’ll also help you to stay accountable and motivated.
Keep on top of your savings goals by following the 50/30/20 rule.
Make sure you learn how to make a budget for your essential living costs, and stick to it. Making a meal plan can be a lifesaver for your essential food shop, and stop you from buying unnecessary items. You could even create your own meal planner on Canva using some of their free templates.
Download our free budget worksheet today to help you create your budget.
Who says that a no-spend challenge has to be dull? You can turn this challenge into a fun, creative journey. Explore free activities like visiting museums, going for walks or choosing library books over new books.
Find creative ways to save your money in our money saving challenges blog.
Keep a journal, spreadsheet or note on your phone about your progress. By writing down what you’ve saved over time, this can help you to stay motivated and continue your no-spend challenge.
Learn how to build an emergency fund and track your progress along the way.
At the end of the day, we’re all human, and we might have some slip-ups when it comes to the no-buy challenge, and that’s okay! Whether you’ve had a small treat or splurged on something bigger, try not to feel guilty about it. It’s all about recognising your spending habits and adapting the challenge to fit your lifestyle and savings goals.
Wherever you are financially, we can help you reach your goals. Whether it’s debt help you’re looking for or money coaching, use our free services and get help near you.
