How To Handle Emergency Purchases During Your No Spend Challenge

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As you go through your no spend challenge you realise pretty quickly that there are a lot of things you can do without. Having fun and enjoying a comfortable life doesn’t have to cost as much as we often think it does and it’s not until we stop and think about it that we realise there are a lot of resources out there for free. However, spending money is a fact of life in a lot of ways. There are simply some things you need to pay for in order to survive, and sometimes you will run into an emergency situation that requires cash or emergency purchases.

Using Your Emergency Fund

But what do you do during such circumstances during your no spend challenge? Keep reading to help you determine what a real emergency situation entails and how to handle it when you’re not supposed to be spending any money!

Need Vs. Want

It might take some time to examine the difference between a need and a want. Logically, you probably understand quite well that a need is something you require in order to live and a want is something that simply enhances your life one way or another.

During those times when you’re feeling low and the challenge to save becomes difficult, it can be difficult to make that call and see the difference between a need and a want. Some things you can do without but some may be a close call. What if your TV breaks during the challenge? Technically, it isn’t a necessity and you can probably live without it for the rest of the time but this is something you should consider and lay out before you begin your challenge. Don’t break into your emergency fun unless it is a genuine emergency!

What Is an Emergency? 

An emergency situation is definitely different than a want or desire. If your washer or dryer break, you may consider that an emergency which is fair enough.. after all, you need clean clothes!

But how much time you have left in your challenge could influence your decision. If you have just two weeks remaining for example it’s likely you could opt to go just hold off but if your heating breaks in the middle of winter, that is a sure emergency!

What to Do in an Emergency

When something that could be considered an emergency arises, you’ll need to really take stock of the situation. Assess whether you can safely live without the item or if you can find a way to fix or replace it with little to no cost. Don’t forget when we talked about asking friends, family or offering a skill swap.

When you can manage, that’s probably the best option. However, you also never want to compromise you or your family’s safety. Just know it’s absolutely okay to spend money on emergencies during your no spend challenge. No one would expect anything less of you and you’ll certainly not be seen as a failure.

Emergency purchases do happen, during a no spend challenge or not it’s just sometimes they occur at the most inconvenient times! Take stock of any situations that could be considered an emergency and don’t be afraid to act in your family’s best interest. The point of a no-spend challenge is to save money, not to deprive yourself or compromise your safety.