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.