What Is A No Spend Challenge?

"This post may contain affiliate links. Check my disclosure policy for more information"

Saving money is a goal for a lot of us. Just because I am the Mummy Saving Expert it doesn’t mean it comes easy… it can be a difficult one to consistently achieve and old spending habits can be very hard to break.

One way to get a handle on your finances and to create new habits is to embark on a no spend challenge. The basic concept is just as the name suggests; for a period of time, you’ll only spend money on necessities & things you really NEED meaning it is also be known as a no buy challenge. What you can gain from this experience might surprise you so keep reading to learn more about this type of challenge and how it can benefit you!

A no spend challenge, can be for any length of time you choose it to be.. one that is occuring at the minute in a no spend September in conjunction with Oxfam. Common time frames include a weekend, week or as long as month! Some people even choose to try the experiment for an entire year! I would say to not go completely cold turkey for that long but how long you decide to make your challenge will depend upon your goals and your stamina!

Why Do A No Spend Challenge?

There are many reasons people may take on such a challenge. Getting back on track after a large purchase or holiday is a common motivation but perhaps you want to save some money so you can make a large dent in a particular bill or credit card debt. Maybe you want to go on holiday! Another reason may be to create better habits and to become more aware of your own spending which is partly my reason for taking part in no buy challenges.

Benefits of the Challenge

There are so many benefits to a no-spend challenge. It allows you to get a sense of your financial habits and learn new ways to curb excess spending. Often, we make purchases without giving them much thought.. I am guilty of just handing over the debit card without thinking how much we have already spent on food shopping that week for example.

This challenge forces you to consider every penny you spend and shows that you can live without much of what you once took for granted. You’ll develop discipline for the future and being refrained from spending for a period of time shows you what’s possible.

A no buy challenge will help you become accustomed to weighing your decisions more carefully. Determining between needs versus wants and prioritising your choices are necessary skills when it comes to budgeting.

Another benefit is that you’ll save money too!

How This Money Saving Challenge Works?

The first thing you’ll need to decide is how long you want to make your challenge. A weekend is good if you want to get a sense of where exactly your money goes and to find new ways to save on entertainment and other small luxuries.

You may wish to challenge yourself for a week in order to make lasting changes in your everyday habits. The money you spend on things like a coffee on the way to the train station before work or snacks from the vending machine really adds up! Going for a month or even a year will help you to truly address your relationship with money and certainly help you create new habits!

You’ll discover what’s most important to you and that you can live a full, yet frugal life!

If you’ve never done this before I probably wouldn’t say that this is about spending absolutely no money. You may struggle to go from spending to not spending anything so before you start, decide what is allowed and prohibited in your own challenge.

It will be hard to NOT spend as obviously necessities such as housing, gas, groceries and utilities are a must but you may wish to examine how much you spend on each and make modifications throughout your challenge. It’s the non–essentials that we really want to remove from our budget. You’ll set the rules for yourself and your family. 

I’d love to hear if you chosen to give this money saving challenge a try… just know that no matter how long you commit to, you’re bound to gain a great deal from the experience!