For the past few months I’ve been taking part in a ‘no spend day’ challenge. It’s been a useful way for me to monitor and take control of my spending.
It’s helped me become aware of my spending habits and impulses and has helped me identify my ‘danger zone’ items (you know, those items that always reel you in and make you part with your cash).
The challenge hasn’t been easy but it’s saved me money, curbed my urge to impulse buy and has helped me to be more creative with the things I already own.
What is a no spend day challenge?
A no spend day challenge is a great way to save money and regain control of your spending habits. You begin by setting yourself a goal of how many ‘no spend days’ you want to aim for that month and then try to achieve it.
You might decide to try and have 20 no spend days. Each day that you don’t spend anything counts towards your goal.
It’s so simple but be sure to track your progress on your calender, phone or diary to keep you motivated.
Things to consider when preparing for a no spend day challenge
There are a few things to consider to help your no spend day challenge run smoothly:
- What will you include? People define what counts as a no spend day differently, so it’s important to be clear about what you will include. For me: Spend days = purchasing non-essential items, groceries or petrol (gas). No spend days = no purchases (obviously) or standard monthly/automated bills that go directly out of my bank account such as electricity, water and phone bills.
- Who will be involved? Will you take part in the challenge on your own or with others? Personally, I’ve found that the challenge works better for me if I’m part of a group. I have a no spend day challenge thread as my pinned tweet on Twitter and it’s great to see everyone’s progress. It also helps keep me accountable for my own spending. Feel free to join in. It’ll be great to have you on board.
- How long will your challenge be? My challenge runs for the full month but if you don’t want to commit for that long you may want to try it for a day or for a week. It really is up to you.
- How will you use the money you save? To help give you that extra little bit of motivation, it’s a good idea to think about what you will do with the money you save. Will you pay off debt? Make a mortgage overpayment? Put it towards a day-trip or weekend away? Whatever you decide to do with it, having a goal in mind is a great way to super-charge yor success rate. Any money I save will be going towards my car fund.
Tips for a successful no spend day challenge
Below are some suggestions of things you could do when you get the urge to spend:
- Use up your storecupboard items or try using an alternative ingredient if you have something missing.
- Dust off those recipe books and cook or bake something new.
- Arrange a potluck party where everyone brings something to eat instead of going out for a meal.
- Have a family movie night with homemade popcorn and pizza.
- Sign up at your local library or use BorrowBox for free ebooks and audiobooks.
- Learn a new hobby. Whether you want to grow your own veg, learn how to build websites or play the piano, there’s plenty of free information out there. Use the extra time to learn something you love.
- Go for a walk. Rediscover your local neighbourhood. And while you’re at it see if you can make a map of all the free stuff there is to do around there.
- Declutter your home and sell your unwanted stuff. Make money while saving money!
- Start a new fitness routine. It’s so easy to get fit for free.
- Volunteer – it’s a great way to support a cause and meet new people.
Are you ready for the challenge?
So now you know how to start a new spend day challenge, it’s time to get involved. If you’re still unsure then ask yourself this – what have you got to lose?
Give it a try and if you don’t like it then you never have to take part in one again. Afterall, nothing ventured, nothing gained. And if you still need convincing then I have an offer for you…
Get your free no spend day challenge tracker
I decided to get creative and make a no spend day challenge tracker… Ok, confession time, I actually got a bit carried away and made four. It was so much fun!
They’re available for you to download for free when you subscribe to my blog. Just enter your name and email address into the box at the top right hand corner of the page and hit subscribe.
I hope you love them as much as I do. Let me know what you think.
Image courtesy of Social Cut on Unsplash