No Spend Challenge Results (I Will NEVER Do This Again)
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- Опубликовано: 8 фев 2024
- ✅ My No Spend Challenge: • How To Set Up A No Spe...
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This is probably the last time I'll ever do a strict no spend challenge where I cut out buying multiple different things. I learned a lot about myself and what I want the future to look like with my spending through this challenge.
A no spend challenge is set period of time where you go without spending money on anything outside of your essentials like bills, basic food, medical needs, etc.
Also known as a spending freeze, these no spend challenges are a way for many people to reset after a period of excess spending. This is why many people attempt no spend challenges in January after spending a lot of money on Christmas.
Despite all the flexibility in setting up no spend challenge rules there are some typical guidelines to follow.
Typical Spending Allowed:
-- Mortgage/rent payments
-- Bills
-- Groceries (basics only)
-- Medical needs
-- Gas
-- Debt payments
-- Etc.
Typical Spending NOT Allowed:
-- Restaurant meals
-- Coffee shops
-- Gas station purchases beyond gas
-- Salon services
-- Cable/Streaming TV
-- Clothing
-- Anything under the “want” category of spending
The differences in these categories or what is allowed or not allowed in a no spend challenge closely follows what you NEED versus what you WANT.
Have you done a no spend challenge? Do you find them effective or not?
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It sounds like a success for you 🎉 I did no spend January. So I saved enough money to pay cash for 3 vacation trips. My husband turns 60 this year, so one trip is the NFL, hall of fame. One trip is to the ocean, and one trip is overnight for a concert. So not big trips, but paying cash was NICE!
Ohhh that's awesome! If you have something super fun you're saving for it can be really motivating. Paying cash for trips is 100% the way to go!
Paying cash is always nice !!!
I’ve never done one of these but a no spend week seems so much more doable than a month
I did excellent on my No Spend January! No money spent on Amazon, takeout once! I saved over 60% of my pay in January. Trying it again this month as well, but not as strict. Always enjoy your videos and watch every Tuesday for your transfer videos.
I couldn't commit to a whole no-spend month, so I went with alternating no/low-spend weeks. While the savings might not be as dramatic, it was a great way to shake myself free of that impulse spending from the holidays! I think it's something I'll continue throughout the year. Thanks for the inspiration!
That's actually a great method! It's always smart to be intentional about your spending.
This is a great idea! Going to try this!
Thanks for sharing Mary. Always good to learn about ourselves. I like the take away of trying one thing at a time.
So true!
It sounds like the challenge did exactly what you wanted it to. Great job! I’ve considered doing a no spend challenge, but I don’t think my family would get on board 😂
You did a fantastic job. I like the mi challenges myself.
I would say your challenge was pretty successful! Great video.
Thanks!
For those who's banks who compound interest quarterly this or a limited spend challenge sound good to do the last month of the quarter so one can put away more so they can increase the amount of dividens they get when the quarter ends and a limited spend month also sounds more feasible than a no spend month for most.
I'm doing a no-spend in February. So far, I have eaten out twice and bought a $3 book.
😂
Wait..you said starbucks and now suddenly I want coffee...lol
Oh no! Haha
I agree. I feel like the strict no spends makes more sense for someone thats in debt where 1 dollar spent on coffee is like 1.24 dollars spent due to debt and interest elsewhere. Things really change so so much after having a family and kids and when someone is not is debt has decent saving, is still able to save everymonth for retirement, cutting out everything makes less sense. I live a very frugral life right now mostly because i work monday - friday, by the time weekend come i just want to binge watch Netflix or sleep. Its all easier in my twenties. 5 years from now when i turn 30, if i m married by then i would likely not be willing to sacrifice time and money both(even if i dont ever marry, i will not want to live frugally my whole life for sure.
100% to all of this!
I love that idea of 1 dollar coffee is 1.24 in debt. That's really making me rethink everything!
NO SPEND..NO THANKS! EXACTLY Its just to hard. We did no spend jan and lasted a week hahah. We actually bought way more in the month flooring and furniture haha i failed
Hahha, well you did a no spend week challenge! Reframe it! Where did you do your furniture shopping?
@PenniesNotPerfection we did it at ashley furniture..got 2 new couches. And a kitchen table and a dining table so pretty exciting
I did a great job but I got a 1000 doctor bill so I'm ok doing no spend feb
Oh no!
@PenniesNotPerfection I love the no spend I'm getting rid of alot of clutter
No clutter is a great challenge! I find that less stuff helps me mentally AND financially.
😊❤😊