Have you ever tried to do a no-spend challenge? It may seem intimidating, but it can be done in a way that’s tailored to your spending habits. A no-spend challenge is a deliberate choice to cut back on discretionary spending for a set amount of time.
On this week’s episode of rich & REGULAR, Kiersten and Julien Saunders provide plenty of options to get you started on your no-spend challenge: You can focus on just one weekend a month if your spending gets out of control on weekends; you can cut back on your daily Starbucks visits; or you can take a closer look at what you’re tossing into the cart during those Target runs.
Create a motivational goal by deciding where the unspent money from your challenge will go, such as toward a travel fund or paying off credit card debt. This can help replace a daily habit with a positive action toward your financial goals. The Saunders also provide tips on when to schedule a challenge or even take it to the next level by earning money or learning new skills while you participate.
- The Year of Less: How I Stopped Shopping, Gave Away My Belongings, and Discovered Life Is Worth More Than Anything You Can Buy in a Store by Cait Flanders
- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear
- RoundUp App
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