Adding items to the cart and checking them out is fun! Therapeutic shopping in physical stores is also satisfying as you get to open and try new items that you have bought.
Although shopping is a great idea and a distraction, what most of us do not realize is that shopping is the fastest way to spend a lot of money. Whether you are spending money at the grocery store or clothing store, perhaps you have an addiction to shopping for home things or new technology gadgets, spending money is harmful to your bank account.
Sometimes at the end of the month when you look at your bank account you do not even remember what you spent so much money on. For some of us, it’s so bad that we start using credit cards to continue splurging on the things that thing we need.
Some of us have financial goals and we plan to put any extra money we have into a savings account; however, this never happens as there is never any money left over.
In summary, your financial situation is dire, and it needs immediate attention.
That’s why you need to try a spending freeze. The good news is that this no spending challenge requires dedication and determination. Some people prefer doing a no spend January because they have spent so much money during the holidays and now they do not have money.
But I think you can start a no-spend challenge any time of the year and it can save you a lot of money.
Once you learn how to effortlessly form spending freeze as a new habit you will realize how easy it is to stop buying new clothes and saving money. You will also be shocked at how much money you can save by just staying away from the shops and online shopping apps.
What is a no spend challenge?
A no spend challenge means that you decide to not spend money on anything outside of your necessities.
I know you are wondering if Pizza is a necessity. Maybe you are even wondering if the new gym wear is a necessity as you are trying to lose weight.
Well, the answer is no, those things are not necessities and during the no spend month challenge you must stop buying them.
When we talk about necessities, we are referring to the expenditures that ensure your survival which are:
- Rent
- Utilities (water & electricity)
- Transport
- Food
- Credit card payments
- Other minimal installments for your car, bond, etc.
Here are a few great tips to consider if you want to have a successful no spend challenge.
Best tips to successfully do a no spend challenge
- Remember that this sacrifice is temporary, not forever.
- Let those around you know that you are doing a no spend challenge so that they do not have expectations of you that will put you under pressure.
- Hide your credit card and refrain from storing your card information on your cellphone or PC which makes it easier to buy things.
- Unsubscribe from marketing emails of shops that you love and stop checking out sales
- Set the amount of time that you will be completing the no spend challenge or the savings challenge.
- Join a group of people who are also dedicated to saving. This will give you the moral support that you need. You can find a useful Facebook group or a physical group of savers near you or at your workplace. You can even start your own group with friends and family.
Most effective ways to have a no spend challenge
The no spend challenge is not for the faint-hearted, especially if you are going to do it for the month. That’s why you need monthly trackers to keep you accountable. And that is where the Printables come in. We have a few ideas that you can try. Although not all of them will work I am sure you will find your sweet spot.
There are savings challenges for everyone including low-income earners.
Printable no spend challenges & Savings Challenges
1. No spend challenge Printable
This is the first and most important challenge. In this challenge, you are committed to not buying unnecessary items.
Decide the length of time to do the challenge. For example, you can decide that the entire month of January is a no-spend month. You then print out this downloadable no-spend month tracker and start tracking which days you spent money on things outside of the necessary expenses (yes, during a no spend month you need to avoid delicacies like ice cream and eating out).
For every day of the month of January, you color in whether you saved or spent money.
To keep track of everything, write down the things you can buy and things you cannot buy and hold yourself accountable.
Most people tend to do this type of challenge as a new year’s resolution, but you can do it at any time in the year. It does not have to be a January challenge.
2. $100 Savings Challenge, $200 Savings Challenge bundle
These are simple low-income savings challenges. We all have to start somewhere and just because you earn a little money it does not mean that you cannot save. Set a start date, avoid spending, and start saving. Before you know it, you will have completed the savings challenge.
Saving money is your way to wealth and peace of mind.
This bundle includes the debt pay-off challenge , to help you get rid of debt
3. $500 Savings challenge plus a bonus blank template.
This challenge is aimed at saving $500. You can decide to save this amount in a week, month, or whole year, depending on your motivation.
This challenge includes a blank template where you decide how much you want to save and how much each icon is worth.
Get your savings bundle here, today
4. 52 Weeks savings challenge
This is a long-term plan that is designed to help you save every week for an entire year. For those who are able and dedicated to saving money consistently, this challenge is for you. It may be hard during the middle of the year but if you stick it out, you will be successful.
Use this colorful printable template.
You can do it, good luck.
5. House Savings Challenge
For those who are looking to buy a home, this savings challenge is for you. Start saving money for a deposit or a down payment today. This will mean you will borrow less but still get your dream home.
A no spend challenge will leave you with a few bucks in your bank that you can add to your house savings challenge.
Get your house savings challenge and more in this printable bundle.
6. Car Savings Challenge.
A car might be a necessity for you. But you do not have to drown in debt for you to drive a car. Use this Car savings challenge to save money towards the car you would like to buy.
Not everything should be financed if you can save for it.
7. Vacation savings challenge
Did someone say holiday? Well, we all love a great holiday to relax especially after a long period of work. Why not start saving for that holiday today?
Do not go on holiday with debt, decide how much your holiday will cost and start saving for it with this template.
Vacations should be fun, debt-free, and stress-free.
Get this Vacation savings challenge.
8. Christmas savings challenge
We love to spoil our family with Christmas gifts and to have Christmas lunch with the family, but have you financially planned for it? Whether Christmas is two months away or 12 months away, you can already start saving for it.
Be stress-free this Christmas by saving. Use the printable to help you reduce your spending. You can even use this printable as an envelope challenge.
9. Birthday savings challenge
Not everyone is big on celebrating birthdays, but if you are anything like me, your birthday means the world to you. That means you need to start saving for your birthday as soon as possible.
Whether you are going on vacation or you want to host a birthday celebration with friends and family this printable is the first thing you should get.
Decide how much in total you want to save and start saving little by little. You will reach your goal and your birthday will be extra special.
10. Easter Savings Challenge
Those easter eggs are not going to buy themselves, you need to plan to buy them. Start savings so that you can enjoy easter with peace of mind.
Your kids deserve to enjoy a fun egg hunt with their family and friends. If you start today, next easter will be a stress-free period. Get your Easter Savings Challenge as part of this bundle.
11. General savings challenge.
Whether you want to save for a large purchase or a small one you need a savings plan. Even if you want to try saving over a single month or over 6 months, you can do it.
Use this general savings challenge to start saving. Color in the template as you save. Also, keep track of spending so that you know how well you are following your spending plan.
No spend challenge rules
As with any challenge, there are rules to be followed. The good news is that the no spending challenge or the savings challenges rules are not cast in stone, and you get to decide which rules you will follow, and which will be impossible to follow.
The aim is not to break your own rules
Avoid unnecessary spending
This is the first of the spend challenge rules. Stay away from any non-essential items. During this money challenge, you live on the basics and the minimum essentials. If you are serious about your journey to save money you must be willing to do the things that many refuse to do.
That includes not buying the latest gadgets or trendy clothes for a set period of time when you are doing this challenge.
Do free activities
If you, your friends, and family members are used to going out a couple of times a month then you will have to consider staying away from such gatherings for a month.
There are a lot of free activities that you can do or even go as far as making your stay at home much better. A good idea is to stay home and have a movie night with your popcorn instead of going to the cinema with friends. Try these solo date ideas, you will enjoy them.
If you love games, you can even host a game night with friends where each person will bring something to eat. That way you will not spend money going out partying.
Perhaps you choose to spend the month playing video games instead of going out. What I do know is that when you go out you tend to spend a lot of money on unnecessary things (breaking rule one of the no-spend challenge).
If this sounds like a big commitment for you, just remember that at the end of the challenge you can go back to your normal life. This challenge is only for a whole month, not your whole life.
Set a savings goal
One thing that will help you to stay focused during this challenge is to set a savings goal. Be specific about the amount of money you want to save.
It’s only when you have a goal that you will be able to measure your success. If you are doing this for the first time, think about what financial goals you want to meet. Think of the short-, medium-, and long-term goals.
Having goals is a good idea, but also remember that these goals should be personal to you and be able to inspire you. They should be something very close to your heart that will give you the motivation to continue when the challenge becomes too much.
This no spend month will become difficult, so you need something to motivate you.
Start meal planning
Some of the largest expenses include food (mainly takeaways). This is why it is important to do proper and effective meal planning.
Meal planning requires you to be diligent and intentional. Use the following templates to help you with meal planning.
1. Take inventory
What do you have in the pantry and your freezer? Write everything down so that you only cook meals with the food that you have. Taking inventory also means that you will buy what you need and not buy unnecessary things. Taking inventory is the first thing to do when you start meal planning.
2. Write down your meals
What meals will you be eating every day for a week? Decide what meals and snacks you want to eat so that you know the kind of food you plan to eat. After writing down your meals, make the effort to stick to the meals and avoid takeaways or unnecessary expenditures.
3. Write down the recipe
Each meal will require ingredients so that is why it’s important to know the ingredients of each meal. From this meal, you will see which items are still outstanding and which items should be added to your grocery list.
4. Write down an essential grocery list
The next step is to write down the items that you really need that are not in your inventory. These are items needed for the weekly meals that you have written down in your recipe.
This is not an exhaustive list of challenge rules, you can add or remove certain rules as you see fit.
No spending challenge review
After you have completed the no spend challenge you need to sit down and have a review session with yourself. Print out this no spend challenge review.
Have an honest conversation about what went well, what didn’t go well and how can you improve next time when you do another no spend challenge.
Do not be discouraged, even if you were not as successful as you thought you would be. Remember that you are a human being who makes mistakes and will not always succeed.
One thing that can help you is to use a mindfulness journal to track how you behaved every day. Remember that finances are mostly about behavior. So, if you track how you feel with these mood trackers and the mindfulness journal, you can see what made you sad and resulted in you deviating from your financial goals.
What should you do with the saved money?
At the end of the no spend challenge, you will be proud of yourself as you will have saved a lot of money that you did not know you had. This is because bad spending habits make us believe that we do not have enough money when in actual fact we have a lot of money.
You can use the money to:
- Start an emergency fund
- Pay up your student loans
- Pay up credit card debt and any other debt you might have
- Deposit on a house
- Birthday celebrations
- Plan a well-deserved vacation
Final thoughts
Saving and spending are the two keys that you need to be aware of when it comes to managing your money. If you need emotional support, you can ask your entire family to join you. Doing challenges together as a family is a great opportunity to build trust and teach children about being responsible with money.
Remember to set specific rules for your no spend challenge or savings challenges. Choose a start date and just do it. You will experience a difficult time as you try this challenge, but I know you can do it.
Good luck
PS: Please share the tips and tricks you have tried with saving money and avoiding spending. Let’s help each other save money and be better at handling money.
