You may have seen them on TikTok or in memes. You may follow a group or a page that challenges you to dive in and take one on yourself. Today, I’m talking about No Spend Challenges and how to make sure yours can be a success. We’ve done a number of them over the last decade (and are in the midst of one right now, too). These steps to a successful No Spend Challenge have spurred us on to success each time and just might help you, too.
Set Clear Parameters
Whether you choose a week or a month, you want to know specifically what you’re doing before you begin. Obviously none of us can spend absolutely $0 during a month (or very few, I guess). You probably have bills you can’t skip and mouths to feed. And you may need to fill up your tank once or twice to get to work. However, we can all do something to make headway in our finances. Maybe you’ll choose to not eat at restaurants for a month. That’s what we do almost every January. Or maybe you’re cutting out spending on alcohol or entertainment. Maybe you’ve sworn off new clothes. Whatever it is you’re planning on doing, get a very clear plan in mind before you begin. This will help you stick to said plan when you feel weak.
Chart Your Progress
Celebrating a daily win goes a long way when it comes to achieving long term goals. You can simply use a highlighter to fill in the day on your calendar when you don’t spend money or eat out. You could use a resource like Debt Free Charts to download a printable that makes your experience more like a game. Hang that visual somewhere where you can be reminded of what you’re doing and why.
Create an Indulgence Replacement
Any time we deprive ourselves of something we’re used to, we can go overboard without a safety valve. Whether it’s sugar or spending, we’ll go wild without some sort of replacement to what we’re used to having. So while you may not be eating at restaurants, you may want to allow yourself a bit more of a grocery budget to buy foods you feel like a luxury. Or if you may want to set aside a small amount of cash you can spend on whatever you want during the month. This simple step can help you even if you don’t use the cash.
Get a Friend to Take the Plunge
Pursuing a goal is always easier when you have someone to not only keep you accountable but also someone you can complain to, too. If someone else agrees to come along for the journey, you can be an encouragement to one another. And you don’t have to explain to that person why you’re doing what you’re doing. Plus, you can get creative about ways to spend time together without spending money.
Plan for Victory
Sometimes a goal deserves a trophy at the end of achieving it. For instance, maybe you’ll celebrate a month of not dining out by eating at one of your favorite restaurants. Or maybe you’ll forgo spending on small things all month in order to save up for something you want at the end of the journey. Or maybe your victory lap has nothing to do with spending at all. Perhaps you’ll spend time with someone you love or take an affordable trip.
I know you can do this! With clear parameters, a partner in crime, keeping track of your progress, you’re sure to achieve what you set out to do.
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out The Debt Free Devotional
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