Secrets to Saving Money with a No-Spend Challenge

Now that you know how to do a no-spend challenge, here are 5 tips to help you make sure your next no-spend challenge is a success!

Tip #1: Get super specific with your rules

The more specific you are with your rules at the beginning of the challenge, the less confusing and stressful it will be while you’re in the middle. The less general you are the less chance there is you’ll read between the lines or find a loophole (in the rules you made yourself, remember) to give yourself permission to spend on something you had originally planned not to.

Tip #2: Plan for the money you’ll save

You’ll need to plan for the money you’ll save. What is the purpose of this money? Are you going to reward yourself with something fun at the end of the challenge? Is it going to bulk up your savings or emergency fund? Or are you planning to make a big purchase that the challenge is helping to save for? Having a plan for this money will make sure that you don’t fall back into poor spending habits with additional money at the end of the challenge.

Tip #3: Use up consumables & gift cards

Put those gift cards from last Christmas to good use! Either use them at the store or sell them on a website like Cardpool to get 70 to 90% of their cash equivalent. That’s better than nothing if you never would have used the card anyway! Then, you can use the cash you earned to pay for your allowed categories during the challenge, saving you even more money. Also use up those trial and sample size containers before you go out and buy more soap, shampoo or lotion. Take stock of what you actually have, whether it’s a secret stash of travel sized toothpastes or a pile of half used soaps, and consolidate them to one area so you can use them before you buy any more.

Tip #4: Don’t tempt yourself

If you don’t want to spend money, stay out of the places that give you spending urges. This means that the mall probably isn’t the place to hangout during your no spend month. You’ll also want to stay off your favorite online shopping websites, and even plan to spend a little less time with your spendy friends.

Tip #5: Make a list of free things to do

By making a list of free things to do, you’ll be able to fill the time you’d normally spend shopping, and you’ll have go-to ideas when someone wants to hang out.

Here are a few ideas:

• go on a hike or a walk

• play board or card games

• hang at the beach

• explore a state park

• use the local library

• attend free local events

• work on craft or sewing projects

• play at the park

• camp in your own backyard

• declutter your house

• read a book

• exercise outside

• have a picnic

• borrow a friend from a movie

• host a dinner party or potluck