Do a no-spend challenge, and you can save up to $2,000 monthly!
A great and effective way to save money fast is to do a no-spend challenge. It allows you to save more of your hard-earned money, avoid making impulsive purchases, and put your cash toward a savings goal or paying off debt.
Personally, I’ve done several no-spend challenges that helped me get back on track with my finances, but I haven’t been able to go longer than 3 weeks. This doesn’t mean that you can’t go even longer than that. I used to be pretty impulsive when it came to spending money, and I still feel tempted to do that sometimes.
If you’re in the same position, doing a no-spend challenge can really help. You can do it for a month, a week, or just a weekend. The goal is to limit impulse buys and reign in spending.
A no-spend month is a bit more difficult to do and will take more motivation than just a no-spend weekend. However, as you may guess, a no-spend month will give you the biggest reward.
Without further ado, here are some helpful tips to do a no-spend challenge and reach your financial goal!
1. Meal plan
Planning meals ahead is a great no-spend challenge that saves so much money! For example, last month, I saved over $500 by planning my meals. When I first did a zero-based budget, I was spending $1100 a month on food and eating out.
My food budget is now $500, which includes household products and cat food.
Meal planning is pretty easy when you have the time. If you’re a busy person, you can pay for a service that plans meals for you. The good thing is that they are cheap, starting at $5 a month.
So, what you need to do is have a plan and purchase everything ahead of the challenge. Make sure to also have the ingredients for a quick and easy backup meal or two in case you don’t feel like cooking.
2. Pantry challenge
Another no-spend challenge you can try is using up all the food you have in the pantry. This means not buying anything more than what you have stocked up on. You can cook meals with the ingredients you already have on hand. This is great for when you have a lot stored up.
According to recent data, Americans waste a pound of food per individual per day! This no-spend challenge can help you use the food that may be getting close to going bad. This way, you make sure you don’t throw money out the window and, at the same time, don’t spend extra cash.
You’ll have to stock up on foods before the challenge, depending on what you already have stored up. If you decide to do a whole month, you can freeze a lot of foods to save trips to the store.
3. Free activities
You can still have fun while doing a no-spend challenge. There are many free local activities that you can do without spending a penny; you just have to do a bit of research to find something that fits your interests and hobbies.
You can find out what is going on in your area by following your local town’s website, Facebook pages, or the library. Some communities even have websites that keep track of local cheap or free activities. You can go to a free-entry concert, bring a picnic to the park, go for a walk, or play badminton in the park.
4. Unsubscribe from emails
This is a great tip when you’re doing a no-spend challenge. Unsubscribe from store emails or any emails you are sent because they can be pretty tempting. You receive one, open it, and you’re suddenly tempted to spend money on some product.
There’s a reason every store asks for your email address when you check out. It works really well for sales!
It’s a smart marketing strategy that’s meant to boost product visibility. Upon receiving those emails, you feel more tempted to spend money you may not have spent otherwise. So, eliminate the temptation and press the “unsubscribe” button. On the bright side, if you subscribe again later, most stores will give you a welcome coupon.
5. Stock up
Another thing that can help you do a no-spend challenge is making sure to stock up on any needed products. This usually implies incurring an upfront cost, but you save it during the challenge.
Make sure you stock up not just on food but also on other household essentials, such as toilet paper, cleaning products, toothpaste, pet food, etc. Basically, you need to make sure that what you have stored up will last through the entire challenge. By the way, Amazon currently has some nice deals on house cleaning products.
It’s not the end of the world if you do forget something and have to run to the store. Just make sure that you don’t end up buying things you don’t need.
6. Be accountable to someone
There’s more chance to successfully finish a no-spend challenge if you let someone know that you’re doing it. Moreover, if you do this with your spouse, you can motivate each other to achieve the goal. If you do this alone, let a friend know your plans.
If you don’t tell anyone, then it’s easy to “cheat” or give up because you may think, “Who really knows?” You can even find a Facebook group with folks looking for frugal tips, join it, get ideas, and stay accountable.
This being said, tell your family and friends so that they know why you may say “no” to a dinner at the restaurant or spending money. They hopefully will not try to tempt you and can offer moral support as well.
7. Leave money at home
This is a great tip when it comes to doing a no-spend challenge. Basically, you should aim to only take the cash for whatever you need at the store. Don’t take any extra money with you; this way, you won’t be tempted to overspend.
So, leave your whole wallet or cash envelopes at home and take only the amount you need. If you know you’re going to pay by card, make a list of the products you need to buy, estimate the amount of money you need for them, and make sure you stick to it at the store.
If you’re just going out to take a walk, leave your wallet at home.
8. Use gift cards
According to the latest data, $1 billion goes to waste every year on gift cards. If you’ve got any you’ve received from friends or family, don’t throw that money away; use it up. In fact, if you decide to do a no-spend challenge, gift cards are actually very helpful.
Just don’t forget that some gift cards start charging a certain fee out of the balance if you haven’t used them after a certain time frame.
If you have any and choose to use them up, make sure to only take them or a little extra cash just in case. However, just like tip No. 7, don’t take extra money or your whole wallet when you leave the house so you aren’t tempted to overspend.
If you liked our article on tips to do a successful no-spend challenge, you may also want to read Senior Discounts: 12 Grocery Stores That Offer Them.
