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How To Do a No-Spend Challenge

How To Do a No-Spend Challenge

How To Do a No-Spend Challenge

Introduction

If you’re like me, you can never seem to get your spending under control. I put away money in my bank account, but then it just flies out the door when I’m shopping or running errands. Or maybe that’s just how my brain works—I don’t know! But one thing is certain: if we want to get serious about setting up a savings plan for ourselves, we need some discipline. That’s where no-spend challenges come in!

Track your spending

The first step is to track your spending for a month. This can be done using any budgeting app. But I prefer Mvelopes because it’s similar in function and design to Mint.

Once you’ve got all of that setup, make sure to include all of the expenses—including small ones like coffee or lunch!

You’ll also want to make sure that there are no large ticket items on this list (for example: a new TV). If something seems too expensive compared with other things in your life (like rent), then maybe it’s time for another way of thinking about finances instead

Set a goal

Setting a goal will help you focus on what you are saving for. If you don’t know what your goal is, then it won’t happen! It’s important to set reasonable goals that are achievable but not too easy. A good example of a reasonable savings goal would be $500 in 6 months (or whatever amount works for you).

Make a list of what you can buy

  • Make a list of what you can buy
  • Don’t buy anything on the list, or else it’s not a no-spend challenge anymore!
  • Also don’t buy anything else, because that would be weird and lame (and also disappointing).

Do your research before you start spending

Before you start your no-spend challenge, there are some things you should do.

  • Do your research. Look for the best prices on things you buy regularly and try to find coupons, discounts and sales that will help save money. You can also look for free shipping or rewards programs that will give back to you when buying from them in future. If there’s something specific that appeals to someone else in the household (like their favorite snack), see if they’ll be willing to share!
  • Find alternatives for what’s already popular among young adults today. Coffee shops have become less expensive than ever before, Movie theaters offer free tickets every day at select locations. Now restaurants often offer half-priced appetizers during happy hours. Concerts happen everywhere at all times now—and so forth…

Get out of the house

  • Go for a walk. This is one of the best ways to get out, and if you don’t have time or desire to do something else, go for a walk! You’ll feel better when you’re not sitting around all day doing anything (or worse). Plus, it’s good exercise!
  • Visit a park. Parks are great places to go because they have lots of things going on. People playing games or just walking their dogs; kids playing Frisbee; nature lovers picking up flowers or mushrooms; people reading books in peace. You can find whatever kind of activity suits your mood at any given moment. And when visiting parks becomes too much work? Just close your eyes and pretend that everything around you has disappeared into thin air so that there’s only yourself left standing there holding onto this earthy ball called “reality.” It’ll be nice!
  • Go see some animals in their natural habitat (or whatever other type). If we’re talking about real life animals—not stuffed ones from museums—go visit them at the zoo or aquarium nearest where ever it is that we live (and please don’t forget bringing along extra cash because those places charge admission fees). If none exist near where ever it is our lives currently reside then maybe consider going online instead?

Get an accountability partner

If you’re going to be honest with yourself and stick to your goals, it’s a good idea to have an accountability partner. This person can help keep you on track by checking in regularly, reminding you of your goal and keeping you accountable for staying within the budgeted amount of money.

It’s also important that this person is not in the same household as yourself—you don’t want someone who could take advantage of your situation or try and sabotage what could otherwise be a successful challenge!

A no-spend challenge helps you kickstart your savings goals.

A no-spend challenge helps you kickstart your savings goals.

The idea behind a no-spend challenge is simple: you cut down on your spending, or even stop entirely from spending money altogether. If this sounds like an impossible task for someone who’s already living paycheck to paycheck, don’t worry! There are plenty of ways to ease into it slowly and build up momentum over time. For example:

  • Cut back on how much money you spend in each category (food and drink, transportation) by only buying what is absolutely necessary at first—like coffee instead of lunch every day or using public transportation instead of driving everywhere. Once the habit becomes part of your routine again, increase the amount that goes toward these types of purchases until they stop being necessary altogether; then start saving some extra cash every week or month just so that one day there won’t be anything left over at all!

Conclusion

So there you have it! If you want to kickstart your savings habit and get out of debt, try the no-spend challenge. It’s a great way to start saving money on those things that are important to you—and once you feel more comfortable with your finances, it becomes easier to keep going.

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