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6 tips for a successful competition without spending

The no-spending challenge is what it sounds like: you commit to not spending money on unnecessary things for a set period of time. You then use all that extra money to push your financial goals a little faster.

I like to think of the no-spending issue as a juice cleanse for your finances. It removes all the “toxins” from your spending and completely resets your budgeting system. It will also help you:

  • Break the cycle from paycheck to paycheck.
  • Be careful about your spending.
  • Break bad habits.
  • Save for larger purchases sooner.

Sounds amazing, right? It can be, but only if you set yourself up for success first.

1. Decide what you will do with all that unspent money.

Decide ahead of time what you will do with all the extra money you save during these trials. That way, you won’t be tempted to spend all those newfound savings on frivolous things or give up halfway through your test because you’re just not sure it’s the right thing to do. value This.

Maybe you want pay off credit card debt, replenish your reserve fund, save up for a new carmove to a nicer apartment or start investing for the first time.

Read more: How to start saving (and why it’s so hard to get started)

Whatever it is, knowing your “why” before you start your task will help keep you motivated and energized as you go through each phase of the task without spending.

Professional advice: Write down your goals and post them on your bathroom mirror, in your car, or near your computer so you always remember why you’re not spending money.

2. Set some ground rules

Know in advance what you will and will not be allow yourself to spend money during your trial without spending.

For example, you might decide that items can (and should) spending money on includes:

  • Mortgage / rent.
  • Accounts.
  • products.
  • Medicines.
  • Food and medicine for animals.
  • Fare.
  • Any other needs.

You can decide what items you I can not buy during the test without spending, including:

  • Cloth.
  • Dine out.
  • Coffee.
  • Alcohol.
  • Entertainment.
  • Hobby.
  • Presents.
  • Snacks at the grocery store.
  • Random purchases on Amazon.
  • Everything else that is optional.

3. Start Small with a Realistic Goal

Problems without spending are not for the faint of heart. Take your time and start with a 90-day free trial if you’ve never even tried a 24-hour trial!

Remember, it is always easier to solve a small and successful task than to be disappointed by giving up on a task that is too big.

If you’re just starting out with no-spending assignments, be kind to yourself and start small!

4. Limit temptations

I don’t know about you, but I actually hated promotional emails. Maybe it’s because I see through their ploys trying to get me to spend money quickly with their one-off sales and time-sensitive coupon codes.

Well, I won’t fall for it, and neither should you!

Take some time to unsubscribe from all promotional emails that land in your inbox. Delete all previously saved credit card numbers from your computer so you can’t shop on a whim. Avoid shopping during the no-spend challenge, which usually requires “TAKE MY MONEY!”

If there are any other known temptations in your life (like brunch with friends where you always buy too much mimosa), be sure to keep them out of sight during the free trial. When your problem is solved, you may find that it is better for your finances and easier to give up than you may have thought to get rid of these temptations for good.

Read more: 6 ways to force yourself to save more and spend less

5. Invite your family on board

If you have a partner or kids, tell them about your free competition so you can complete it together. What’s more, keep everyone motivated by turning this into a game!

To do this, set a goal of how much money you want to save and then track your progress. After that, you can give small rewards to those family members who saved the most.

To make sure you keep all your savings, try to find ways to reward your family for free or cheap, like a day without housework or an extra pizza topping on Friday night.

6. Get distracted by a side project

If you’re like me, you have about 10 side projects you want to start, but keep moving further and further down the to-do list.

Why not make time for these things while you’re not spending money? Here are some of my favorite things I can do during a trial without spending:

  • Clean up the house and sell everything I don’t want to leave.
  • Cleaning up my social media feeds by unfollowing people who put me down or tempt me to spend money I don’t have.
  • Borrow good books from the library.
  • Creating a puzzle.
  • Side job.

Common problems with not spending

  • 24 hour rule. The 24-hour no-spend rule is more of a financial philosophy than a call to stop spending. And that’s what I personally swear! According to the 24-hour rule, you wait all day before buying something non-essential. It could be clothing, books, cosmetics, hobby gear, electronics, the occasional Amazon purchase—anything.
  • One week rule. The one week rule is similar to the 24 hour rule, but you wait seven full days before you buy something, instead of waiting just one day. I recommend using the one week rule for expensive items like a new phone, inflatable kayak, GoPro, Peloton, or any other expensive item on your wish list. I have personally created ground rules for when I will wait 24 hours and when I will wait a full seven days. For example, if I’m eyeing something less than $150, I’ll wait 24 hours to make sure I still want it. If more than $150, I will wait a week.
  • Day without spending. Okay, now we’re moving on to the real no-spending tasks where you’re trying not to spend. any money at all within a set period of time. No Starbucks. No shopping on Amazon. No pack of chips from the gas station. Just you and a day full of things you already have at home. The goal of a no-spending day is to help you think better about your habits. You won’t get rich overnight, but if you do it once a month or even once a week, your savings can really increase.
  • Weekends without spending. Once you’ve completed the no-spend day challenge, up the ante with no-spend weekends. Here you spend a full Friday, Saturday and Sunday without spending any money. I personally love fun weekend challenges because they force you to slow down a bit and let your inner child roam freely. Every time I do this, I’m reminded that you don’t have to spend money to have fun. There’s free fun all around you!
  • A week without spending. A no-spend week sounds like this: you commit not to spend money for a full seven days. You can make exceptions for bills and other essentials. Or you can pay them upfront and take away credit and debit cards for real. Your choice! A week’s call means that it will most likely coincide with work. I recommend preparing meals in advance so that you have lunch and dinner ready every day.
  • 30-day challenge without spending. They say it takes 28 days to form a habit, so a month without spending can be just the ticket to making some changes for a lifetime. But let’s get one thing clear: a month without spending is not for the faint of heart. It takes a lot of dedication and focus, but it can be very, very rewarding if you stick with it. (Just check out this post by Elizabeth Helen Spencer to see what I mean. She did a 30-day no-spend trial and shared all of her experience with us).
  • 90 day challenge without spending. I love the idea of ​​a 90-day no-spend competition because you commit to go through a quarter of the year without buying any “wants.” This is a real lifestyle change! You can’t just put off buying for a month and then pick up where you left off. A 90-day no-spend challenge doesn’t have to be all-or-nothing. You can cut everything if you like. Or you can change it up a bit to fit your lifestyle.
  • A year without spending. Years without spending – for real OG. And they are guaranteed to add the most money to your pocket. If you’re going through a year without spending, consider cutting out one category of expenses — like clothes, books, Amazon shipping, electronics, restaurants, etc. — instead of cutting all non-essential expenses.

Summary

No-spending tasks are great for changing your spending habits and increasing your savings. You will be most successful if you start small, identify spending triggers in advance, and try to avoid them at all costs.

Not sure where to start? Choose one no-spend contest idea from the list above and get started! Have you received it.

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