How to Prepare for a No Spend Challenge

Money challenges can be a fun way to try something new and introduce healthy habits around finances into your life. An easy way to get started and to think about your spending is with a no spend challenge.

What is a ‘no spend’ week or month?

Luckily this is one of those phrases that does what it says on the tin. A ‘no spend’ week (or month, or year!) is a time where you don’t spend money you don’t need to.

Some people interpret this differently, and it’s up to you how you’d like to treat it. You can either look at it as ‘no spend’ for non-essentials, or completely ‘no spend’. Of course, the latter is harder when it comes to things like bills, groceries and travel!

For the purpose of this post, let’s look at a ‘no spend’ week as a week where you don’t spend money on non-essentials.

What are the advantages of a ‘no spend’ week?

Lots of people try a ‘no spend’ week for lots of different reasons. For some people, they like the challenge of trying to lower their weekly spend and transition this into healthier financial habits. For others, it’s a way to become more mindful of their spending.

Here are a few advantages of trying (and succeeding) at a ‘no spend’ week:

• Greater awareness of spending habits
• Opportunity to review expenses and cut down
• Practically reduce outgoings over a week/month
• Identify ways to save money for the future

You might find your own advantages that aren’t on this list too.

How to prepare for a ‘no spend’ week

If you’re thinking about starting the challenge, that’s great! You might know exactly where to start and what to do, but if you’re looking for some help then here are my tips on how to prepare for a ‘no spend’ week.

1. Create a list of ‘rules’ for yourself

This doesn’t mean you need to get tough or formal, simply that having an idea of how you’ll approach the challenge can help. Decide what counts as essential or non-essential, so you don’t run into any unexpected problems throughout the week. Set a start and end date, and come up with any ‘exceptions’ you want to introduce. It’s your own personal challenge, so don’t feel bound by expectations.

2. Make sure your monthly budget is up to date

Knowing where you’re starting from really helps, so make sure your monthly budget is up to date. This can also help you feel calmer knowing you’ve not got any big bills to pay this week, or that you won’t fall behind in your challenge because of a monthly subscription. Update your budget and see where things stand, so you can update your progress.

3. Find a way to track your progress

If you’re running the no spend challenge for a week or longer, you’ll want a way to keep track of your progress. You could use a spreadsheet or bullet journal, or even just keep notes on your phone or computer. However you do it, try and stay consistent and log the same details for each day. I’d recommend keeping a note of everything you spend, and also things you could’ve bought but didn’t. This’ll help you make future savings as you can avoid those purchases again.

4. Research ideas on how to stay entertained

A week can feel like a long time if you’re used to spending money to stay entertained. To help you stay happy and content for the week ahead, get some ideas in on what you could spend your time doing. Check that you’ve got some books in to read or that you can borrow digital copies from your library. Make sure your digital entertainment subscriptions like Netflix or Now TV are up to date, and that you’ve bought any video games you’d love to try.

5. Make sure your cupboards are well-stocked

If you’re trying to cut down on your grocery spend, tying this in with a no spend week can help you get better results. You’re already thinking mindfully about spending, which can translate into grocery spend savings too. With fully-stocked cupboards not only do you not have to worry about buying groceries this week, you’ll have plenty in to try new recipes or bake for fun.

6. See if you can get friends and family involved

Trying a new money challenge by yourself can be motivating, but for some people it can get boring or they lose motivation. If this sounds like you, see if you can get a few friends or your family involved. Make it a challenge and even encourage a bit of friendly competition with some kind of prize.

7. Set a savings goal

Before you start the challenge, create a savings goal or a figure in mind that you’d like to avoid spending for that week. See if you can reach it through simply not spending, or combine your no spend week with a money making challenge and make it one of your most profitable weeks yet.

8. Have an exit plan

The challenge might only last a week, but the results could live on for a lot longer than that. Think about your exit plan and what you’d like to do after your no spend week. Is this something you’d like to repeat on a regular basis? Would you try it for a month? Think about the healthy financial and lifestyle habits you could take away from your no spend week.

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Try a no spend challenge and have fun!

I hope these tips have helped you demystify the no spend challenge, so you can have a go for yourself. Whether you try a week, month, or even just a day to start with, it could be the beginning of something great.