Spending Hack #1 – The No-Spend Challenge
Spending Hack #1 – The No-Spend Challenge
Spending Hack #1 – The No-Spend Challenge
The “no-spend challenge” is all the rage. It’s a 30-day program and you are challenged to limit your spending, focusing only on your bills and fixed expenses like housing, utilities, transportation, and loan payments for an entire month! It’s a great way to save money and strengthen your financial situation. But how do you do it? And what are some tips and tricks to get you through. We have you covered. Here are our No Spend Challenge Tips:
No Spend Challenge Tip #1: Start small
Going for a weekend or a week without buying anything will reveal a lot about your usual spending habits. Your success will take some advance planning. And that is a BIG part of it – to make your spending more mindful and less impulsive. Throughout the challenge, be sure to note helpful changes, such as avoiding the mall, no online shopping, planning meal preparation, or limiting your time on social media.
No Spend Challenge Tip #2: Planned Groceries
Experts say to avoid buying groceries for the month – and that takes serious planning! If you decide to incorporate this into your challenge, you will need to purchase some food in advance, and plan to use some of your pantry stash
No Spend Challenge Tip #3: Keep a List
Make a list of items you wanted to buy during the challenge. It’s likely some item will not be as necessary as they were at the moment you thought about buying it.
No Spend Challenge Tip #4: Make a Goal
Decide where the money you didn’t spend will go – paying off a debt, putting money towards a vacation, investing it, or making a donation to your favorite charity.
No matter how you do your challenge, you may save some money, learn more about your spending habits, and hopefully have some fun in the process!
Durham Tech Community, for more personal finance advice or tips, email me at chapmanl@durhamtech.edu
Larry is the Financial Coach at Durham Tech, providing individual coaching services and information to the students and employees of the Durham Tech community.