Ready for a No-Spend Challenge?
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.
Resources:
- 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
Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.
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Julien and Kiersten Saunders, Money Editors for SUCCESS magazine, are the couple behind the award-winning blog and forthcoming book, rich & REGULAR. They are producers and hosts of the original series, Money on the Table, which blends their passion for food with thoughtful conversations about money
Julien and Kiersten Saunders, Money Editors for SUCCESS magazine, are the couple behind the award-winning blog and forthcoming book, rich & REGULAR. They are producers and hosts of the original series, Money on the Table, which blends their passion for food with thoughtful conversations about money