I see many different variations on the no spend challenge. It feels like many of them are perhaps unattainable. Not spending for a month or even a year. Instead of that, why don’t we start things off by trying just one day a week?
What’s The Idea?
The basic idea is to cut back on your spends. People usually do this as a challenge for a week, month or year but I think starting sensibly with one day a week is far more do able. I can’t say I won’t spend for a week, we have bills to pay and food to buy, so a year is well out of my lifestyle. Having one no spend day a week is probably achievable though.
What’s The Point?
The point of this is to save what you might usually spend on that day of the week, putting you in a better financial situation. It doesn’t mean you buy what you usually would the day before or the day after. You avoid spending on that day. It might be hard to begin with but even if it means leaving your wallet at home it’s a good idea.
Who’s It For?
For anyone and everyone who wants to save a bit of money. Whether you find yourself in a situation where you can’t hold back from spending, or simply want to save up for something like a holiday, the no spend challenge is for you. You can do it by yourself or challenge the entire family.
How Do You Track Your Progress?
Maybe you average out the rest of your weekly spend and see how much you’ve ‘saved’ with your no spend day. That way you can transfer that amount into your savings account. Alternatively you could compare what you usually have in the bank at the end of the month and compare it to what you do now. You might only usually spend £5 on a Wednesday, but that’s £5 a week you can save. £260 over a year!
What Can You Do Instead Of Spending?
Find free things to do on your no spend challenge day. Use the teabags at home instead of buying a takeaway coffee. Walk the two mile journey to work instead of taking the bus. Watch a DVD instead of going to the cinema. Use stuff in your freezer and pantry instead of buying food for tea. You can even use your day to look at your direct debits and standing orders to clean up your finances. Not only will you save by not spending cash, you’ll save extra by getting a handle on your monthly outgoings. I know you’ll likely use things you’ve already bought, but the idea is to not hand over physical money or tap you contactless card all day.
Let Me Know How It Goes
Maybe you’ll find it easy and your savings account will flourish. Perhaps you’ll have to put some fuel in the car otherwise you’ll not be able to get home. Don’t panic about that though. Even Olympic athletes run into the occasional hurdle instead of jumping it. Drop me a message on Twitter or Instagram with how your one a week no spend challenge goes.
