I added it all up… I spent over $600 on personal shopping, going out to dinner, and little treats for myself in the 40 days before starting a no-spend challenge. Putting that truth out into the universe is a little terrifying, but with that knowledge about me, I welcome you to the first post of my No-Spend Challenge!
You might be reading this because you want to save money. Well giving up spending is a perfect way to keep the money that you have!
Many give up spending to prepare for a big purchase like a vacation or a down payment on a house, and some put a spending freeze when their debts get a little overwhelming.
For me, I mainly want to give up spending to learn more about desire and will power, but money saved is going to be a huge benefit to my financial health. This current challenge is within the 40 days of Lent for the cultural unity in this period of sacrifice, but you could utilize these skills at any starting point and for any length of time.
There’s four steps to prepare your budget and mind. Let’s get started.
1. Get the info
First, you need to know where, when, and how much of your money is spent.
Nearly all my spending is on credit cards which has some pros and cons. It is nice to earn cash-back rewards, to see everything somewhat organized for you, and to be able to plan your payments. Unfortunately, it is also really easy to use cards mindlessly! While my cards are set up on full auto-pay, I had originally set that system up for the monthly expenses only. I let my tracking get away from me for months, and with the holidays and losing my side-job last month, the auto-pay amount just seemed to be getting bigger.
I’ll admit, I love the things I can do with money. I am grateful for what I have, but there’s always that want for something else. Shopping and dining out are such easy vices to feed. Online shopping is simpler than ever with free and fast shipping, as well as devices that remember our card information for us. Ads leave their little cookie crumbs everywhere, reminding us how hungry we are for their items and services. Retail therapy, even with low-spend options like a thrift store or dollar tree, is still feeding that dopamine hungry brain. Speaking of hunger… everyone eats, and dining out is one of the easiest ways to meet up with friends or have a date night. In Metro Detroit, something new is opening every week, and as foodies and finer-things living people, we always want to try the latest hot spot. Acknowledging your weak spots leads us to the next step.
2. Set up limits and permissions
I am primarily abstaining from dining out and shopping for pleasure. This includes meals as well as drinks/treats/coffee, impulse buys, online shopping, real life shopping, and thrifting.
I obviously need to spend some money during this challenge and so will you. I have to pay my mortgage and various insurances (car, health, etc), pay for past debt and loans, and whatever energy and home service expenses we incur at home. These costs are essentially fixed each month, so I will not be tracking them in the posts to follow. If you need help setting up a budget, check out my previous posts.
Basic grocery shopping and daily living items are necessary, and typically hover in a budget-appropriate range (roughly $450 per month for two people). My partner suggested we raise the food budget since we won’t be going out, but I intend on staying within our normal range.
I am allowing certain non-essential expenses that I believe contribute positively to my well being, such as therapy and exercise classes, and you’ll hopefully make similar decisions that will make this challenge more comfortable.
3. Prepare for the worst, expect the best
So you’ve thought about what to do, but what can you do to make sure you’re set for success?
Here are some ideas I am trying to make a no-spend period easier.
Get support:
- Tell your friends, family, co-workers
- Invite others to participate with you (even just for a week or a night)
- Consider trades if you really need something, in person or on sites like Facebook Marketplace
Reduce Temptation:
- Unsubscribe from retailer emails
- mute / snooze retailer pages
- Block ads
- Use private / incognito mode to reduce ads following you (honestly, this is something I should have done a long time ago)
Think Ahead:
- Only carry allotted cash or a pre-paid card when you need to spend money
- Be very meticulous with your lists and shop your pantry first
- Anticipate other costs such as upcoming holidays and birthdays, and decide if you’re going to spend money for them
- Acknowledge the unexpected can happen (how’s your emergency fund looking?)
4. Give yourself grace
It is important to recognize that the entire challenge is an experience, not an all or nothing set up. Before you even start the tracking, remember, a slip-up doesn’t call for giving up. I refuse to berate or punish myself for being human in this capitalist culture. Just keep moving forward!
There are so many things you can do without having to spend money. Check out Pinterest for lists tailored for individuals, couples, and families if you need more ideas. I personally am really excited to rekindle my love for free e-books, and invite people over for dinner. As I explore this challenge, I’ll share more ideas.
An optional bonus, do you want to reward yourself at the end of the challenge? Seeing the light at the end of the tunnel can help us push through, especially if you find this challenge to be harder than other sacrifices.
Consider a reward that isn’t quite linked to the things you’re giving up. On day one I had serious FOMO about the leggings that I didn’t buy. If I set that as my reward, I know I’ll be adding more things to the metaphorical cart in my mind. For me, I might indulge on a pedicure in April to welcome back my spring wardrobe items, or take a road trip to see friends who live a few hours away. I’m keeping it open for now and enjoying the process.
In summary, having a no spend challenge can be a great way to examine your habits, use and appreciate what you already have, and to save money. I look forward to sharing weekly updates and other strategies that help me meet my challenge goals!
I want to hear from you!
Have you completed a no-spend challenge?
Are you willing to give my steps a try?
What else do you want to learn from this process?