How To Stop Spending Money The Ultimate Guide To A No Spend Challenge!

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I completely understand it’s easier for some to not spend money that others but if you are reading this it’s likely you’ve recognised you need to stop spending money which is a good sign!

You may well have a spending addiction that is connected to your mental health issues, personal traumas or even stress; you might not even feel like you have an addiction but you need to cut down before it’s too late! Whatever your reason for reading this post today, I want to share with you my ultimate guide and everything you need on how to stop spending money by partaking in a no spend challenge.

So what is a no spend challenge?

Well it’s pretty much exactly what it says on the tin… you should set yourself a time frame where you challenge yourself to NOT spend a penny!

You don’t have to go completely cold turkey as that’s actually quite hard to do but say for example you set yourself up to not spend anymore money on toiletries because you have so many in the basket in the bathroom already that you just don’t use. Or perhaps food shopping…. tell yourself you will not go shopping for the remainder of the month forcing you to use up whatever you already have in the cupboards!

Change your money mindset

A no spend challenge can change your money mindset so perhaps you are teetering on the edge of an addiction with money or you are close to getting yourself into debt; a no spend challenge can switch up your thoughts meaning it’s likely you will see a shift in your mindset regarding money once the challenge is complete.

I’m not saying it will solve all of your problems but it may well reframe your relationship with money because you’ll be gaining self-discipline in spending on only what will greatly improve your life and taking the time to determine what matters most is empowering. 

Setting yourself up for success

A no spend challenge is going to change your way of thinking AND your attitude towards money… two rather big things to be fair so you must be prepared!

You need to know why you are wanting to do it, what your budget it, what you want to get out of it and have alternatives to spending too so you aren’t tempted to spend in any way (if that is your aim of course!)

Challenges that Come with a challenge!

There are going to be pitfalls and challenges before, during and even after your no spend challenge which again is why you need to be prepared.

Don’t go all in and start slow… cutting back for a short period of time rather than going cold turkey for a month is going to be easier so just think about it.

Part of the point of a no spend challenge is to teach you to be more creative with what you have and make the most of what’s in front of you right now so although you might be tempted to stock up don’t buy too much and defeat the object of the challenge itself!

You can still get what you need!

You might think ‘but it’s a no spend challenge…. how can I still get what I need’?

You just need to look around! Check Facebook Marketplace, car boot or garage sales.. you can even borrow instead of buying or skill swap!

Just open your eyes to what’s available right in front of your eyes for FREE!

Stay motivated!

You have to stay with it! No one said it was going to be easy but if you don’t you are only letting yourself down. Keep reminding yourself why you are doing.

That’s why I recommend you only do the challenge for a set period to begin with.. going all in may well be setting you up to fail!

Look for free things to do

There are TONS of free things to do out there you just need to open your eyes! You’ve probably never looked for them as hard as you are having to now but you may well be pleasantly surprised by what you find on your doorstep!

In the post below you will find 50 of them and because not everyone can get away with giving an IOU as a birthday present… I’ve also included some gift ideas too!

If you are based locally (in Yorkshire) you might also want to check out my A-Z of free or cheap things to do locally.

Handling emergencies!

It might take you a while to get in that mindset of needs vs wants but when you are feeling low you might struggle to see the woods from the trees.

This post can help you see that if your washer or dryer break, you may consider that an emergency which is fair enough.. after all, you need clean clothes but really 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. 

Dealing with negative people

Liklihood is you will have to tell people you are completing a no spend challenge at some point during the challenge itself and there are a number of underlying reasons friends and family might not be enthusiastic about your new goals as you are! People may even be intimidated by your desire to save money or jealous you’ve taken the time to make a change and stop spending money you haven’t really got!

Keep reading to learn some great tips for dealing with negative people during your no-spend challenge.

Coming to the end

It’s likely to have felt like you’ve been doing this no spend challenge FOREVER! But it’s over.. or you’re at least coming to the end.

It’s not time to take stock. It’s time to decide what to take you with you as you move forward. What are you no longer going to spend your money on, what have you realised you can actually survive not buying or going without?

Resetting and reassessing will help you to avoid going right back to your old habits, and you’ll be better able to use the lessons you’ve learned during this time… you can even do another if you want!

I’d love to hear from you if you have found this post of use in planning your next no spend challenge or has provided you with some information to take away to help you stop spending money! Feel free to PIN to read again later!

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About The Money Saving Mum

About The Money Saving Mum

I've always been financially savvy but when the kids came along I needed to up my game! Our finances and priorities changed overnight and it felt like I was spending money as if it was going out of fashion! I needed to start earning extra money just to make ends meet and continuously make sure we got the most out of every single penny we had! Sound familiar? Keep reading... I'm sharing my story to help people like you!

Kirsty

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