No spend challenges aren’t for the faint of heart. If you have any debt it typically didn’t happen through telling yourself “no”. With the exception of medical debt ( you can’t help getting sick) most debt happens when you buy stuff. Stuff would be the iPod, MAC book Air, movies, etc. You get the picture. A lot of debt happens because you don’t earn enough money and charging expenses helps to bridge the gap between you and your next paycheck. Most people decide to do a No Spend Challenge because they want to see if they are able to have the discipline to not spend. It seems so un-American, un-patriotic, anti-capitalist, and so awkward. But, what you should realize is a No Spend Challenge is all about you. All about you. One more time, all about you! Don’t feel bad about doing what’s best for your personal financial situation. When you do a challenge like this don’t be surprised when you find yourself questioning all of your previous decisions and the reasons why you spend money the way that you do. When doing a no spend challenge sometimes unexpected emotional reactions will rear their ugly heads when you least expect it.
For example, what if you find yourself in the mall (during your No Spend Challenge) and want to purchase something that you don’t need but WANT! The voice in your head is saying “yes!” but the rational part of your mind keeps shouting “no” don’t buy it! Then the voice in your head says don’t I deserve this? Your friends want to go out and go to dinner and you have to say “no” how does it make you feel. Like a loser, or a weirdo? Then you have to examine why you feel so entitled. Yes, entitled. Isn’t everything beyond food, water, shelter, and education just the icing on the cake?
So, let’s walk through how to do a No Spend Challenge.
- Decide that you’re going to do one!
- Set some parameters-what aren’t you purchasing? Maybe it’s no Starbucks for the month, no shopping, no clothing, or no spending on anything. It’s your challenge figure out what you want to do.
- Think about ways that you can be successful with what you already have! Currently I’m not purchasing clothes or product and I will talk about that in a post at the end of the month. I’m using what is already in my home and I’m feeling good so far about the challenge.
- Tell your friends what’s going on. My friends are continuously amused by my challenges so they tend to be pretty supportive. I am also doing a Vegan Challenge and now I know why a lot of vegans are so self-righteous. It’s a whole other level of discipline. Honey is in EVERYTHING!!! Anyway, I digress. Because my friends know what I’m doing they make plans that don’t disrupt the challenges that I’m working on. Next weekend I’m going out to eat with a friend at a restaurant that she chose that also offers vegetarian and vegan options.
- Decide what your intention is behind the challenge. Why on earth are you doing this to yourself? Are you trying to drive yourself crazy? Prove that you can do something tough? Start a bigger change in your life? What is your intention. Maybe you should write it these things down so that they are clear to you.
- Decide how you measure success? Is success measured by making it to the end of your challenge month having only messed up once? Or, is it the amount of money that you saved? or the fact that you just finished the month?
- Don’t choose February. It’s the shortest month of the year. If you’re going to do this go big or go home.
Personal Finance bloggers do a lot of challenges as they are actively trying to modify their behavior and to succeed at what they are dreaming for themselves. So my question is what do you dream for yourself and what are you willing to do to reach your dreams? I’m wondering if you can handle it? I’m sure you can.
Make sure to sign up for the Saving Advice $100 giveaway! Wouldn’t it be great to win $100 bucks at the end of a no spend challenge?
Bloggers, if you’re interested in contributing monthly posts with Saving Advice check out the following link.
http://www.savingadvice.com/articles/2012/09/23/1012021_snowflake-giveaway-project.html
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I have talked myself off the purchasing ledge so many times ,Michelle… For both large and small expenses.. But you get better at it, the more you do it!.. I promise!
-Jefferson
Sometimes it’s like a comedy show in my head! I am at the point where I just stay away from any tantalizing place that I might encounter.Luckily, I love doing these No Spend Challenges! For some reason I find the “pain” of doing it really fun. Thanks for the encouragement.
No spend challenge is quite difficult to achieve. I don’t usually buy stuff that I want, but I can’t help dining out with the family. It’s eating a huge chunk of our monthly budget. However, for this month we have only dine out once instead of the usual once a week.
I love doing these kind of challenge and it’s so funny what stuff I can’t get enough of. Currently, I have stopped purchasing body product. You wouldn’t be how much product I purchase. It’s just so freakin’ dry in Colorado. I can’t get enough lotions, lip balms, and the list goes on. As for eating out I don’t do it too often and when I do it tends to be pricey because I’m a foodie. I’m not sure what I will do when I have a family!