Try The No Spending Challenge To Build Your Savings Account
Thinking of making a behavioral change? Spending too much money on stuff you don't need? Well, you've stumbled upon the right blog. This is not our first rodeo; we've personally tried the No Spend Challenge enough times that it's become more of a lifestyle than a challenge. It's safe to say we know what we're talking about. So, let's break it down.
What Is A No Spend Challenge?
Like any challenge, it involves testing your willpower to either abstain from or indulge in certain behaviors for a set period. This is usually a month if you're starting out but can even be a week - the timeline isn't really that important. The idea is that you set a goal, which, in this case, is to refrain from spending altogether on things you want but don't need and reflect on the results.
If you're unsure which items you're spending too much on, it helps to do an inventory for a week or month leading up to the challenge. That way, you're aware of your not-too-smart choices that are leaving a dent in your wallet.
Why Do A No Spend Challenge?
Well, to save money. That's fairly obvious. But also, to make it fun! That's the secret. If you've got a celebration coming up and you know you're going to be indulging in some hefty spending (it happens), it helps to be proactive and start limiting yourself in advance.
On the other hand, you might just want to improve your relationship with money and make a lasting behavioral change. Whatever the reason, you can kick-start the process by committing fully, tracking your results, and becoming involved in implementing changes in your lifestyle to create the outcomes you want.
What More Do You Need To Know?
Challenges are usually pretty taxing on our willpower, but there are some neat tips you can employ to boost your motivation and stay level-headed. These simple steps will start your no spend challenge:
1. Start with a week or even a day, just to get the ball rolling.
2. Build up your willpower slowly and hold yourself accountable.
The biggest pitfall people fall into is psyching themselves out for failing to complete the challenge. If you attempt a one-month challenge and fail on day 21, it's not a complete loss. You've done something new, and now you have personal experience that stays with you forever. So don't be hard on yourself. Seriously. It's a learning curve. It's a positive change you've implemented, and you deserve a pat on the back.
If financial worries are causing you grief, there's no better way to counteract them than by pushing past your comfort zone, trying the challenge, and sticking with it. By default, we let our impulses dictate our reality. If you're willing to take the reins and shoulder some accountability, you'll find the no spend challenge to be a great way to save money.