By week 4 I knew we would have to do a much larger shop, but I wanted to challenge myself even further. Inspired by the YouTube budget eating challenges from June from Budget Eats and Atomic Shrimp, I wanted to buy an entire weeks worth of groceries for as little as possible and eat just what I had purchased.
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.
Budgeting, saving money and making wise financial decisions was never really something that I was particularly good at. However, a change in my job meant a significant drop in my monthly earnings, forcing me to adapt to a different lifestyle in order to be able to live happily within my means.
Admittedly, my situation was substantially easier to make changes than those with large mortgages and children, but I still had quite a few financial responsibilities that needed to be covered, along with the monthly rent and bills. It took some time, but advanced planning and organisation really helped me to stay on track… Continue reading →