January No Spend Challenge Update: Week 1

At the beginning of January I set myself a challenge to spend as little money as possible over the month. There were a few reasons for this:

  • I needed a new challenge to try 
  • My goal for this year is a financial one
  • January is the quietest month in terms of birthdays and events 
  • I needed something to kickstart a frugal mindset that I hope will carry me through the rest of the year.

I set myself some rules for the month:

  • Money can (and should!) be spent on rent, bills and essentials like groceries, toiletries and petrol.
  • Money can be spent on parking should an activity be free. The reason why I am including this is that we have several press reviews at the theatre coming up over January, and while the tickets are complimentary we pay a few pounds for parking.
  • Should I need to go somewhere, I am allowed to spend money on bus fare, but not on a taxi unless it is an emergency (Note: I never learned to drive, hence why I am including this).
  • I am not allowed to spend money on non-essential items, including new clothes, books, takeaways, snacks, meals out, taxis, drinks at the pub etc.

Before I started I was unsure of how much I spent each week. I don’t really buy much online except for the birthday and Christmas presents. Fashion isn’t my thing – I have a few nice outfits for when I go out but my wardrobe generally consists of hoodies and sweats. I do love my makeup but my last big purchase was a Pat McGrath palette a few months ago which will last me quite a while, and replacements of eyeliner and mascara were bought for me as Christmas presents. What on earth was I going to do a no spend challenge if it didn’t appear that I spent much money?

It turns out, I had very little idea about my spending habits.

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How to Do a No Spend Challenge

In yesterday’s post I mentioned that I had just one goal for 2022, which was financial. To kickstart this goal I have decided to participate in a month-long no spend challenge.

What is a No Spend Challenge?

A no spend challenge is setting a period of time to spend as little money as possible. In my case the no spend challenge is lasting for a month (the entirety of January), but no spend challenges can be followed for one day a week, a weekend, a whole week, fortnight, month or even a year.

There can be numerous reasons to start a no spend challenge:

  • To get back on track financially after a period of excess – Christmas, birthdays, holidays etc.
  • To stop impulse spending and being more mindful of where your hard-earned money goes
  • To kickstart your savings
  • To pay off debts
  • To change your mindset towards money and finances
  • To help break addictions (eg. smoking)
  • To avoid becoming overwhelmed by the rapidly increasing cost of living

Personally, I am primarily doing a no spend challenge to start really building up my savings, be more mindful of how and when I spend my money, and to stop impulse spending on things that are irrelevant and unnecessary for the lifestyle I want. 

How to Do a No Spend Challenge

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