The No-Spend Challenge: How to Save Money by Not Spending Any

Save money and help slow inflation with a single action. It’s called a no-spend challenge. Many financial experts recommend that you curb spending while you work toward improving your budgeting skills.

Many consumers have succeeded with this methodology by keeping their cash and wallets out of arm’s reach and spending nothing for 24 hours. Over time, they start increasing the challenge to 48 hours, 72 hours, and even a week or more. 

Some even extend the no-spend challenge for a whole month, but anyone new to the concept should follow these tips and start at the beginning. After researching this trend, we’ve compiled the best tips on how to get started and make your first no-spend challenge a success.

1. Goals and Targets

Before you begin, establish why you’re taking on a no-spend challenge. Do you want to reduce debt, save for retirement or a vacation, or do you just want to spend less in an average month?

Having the “why” figured out allows you to set goals, so the no-spend challenge is a step on the way rather than an ordeal to endure.

2. Choose Your Days Wisely

Many take up the no-spend challenge for the first time during January. It’s a quiet month following the holiday celebrations, and we tend to cut down on excess spending anyway.

Make sure you have enough provisions and won’t need to head to the store for milk and other essentials. Once prepared, let the no-spending begin.

3. Create a Food Plan

If you’re already following a frugal lifestyle, you’ll likely have a food plan for your weekly meals. If so, there should be dishes in the freezer you can use during your no-spend period.

If you’re unaware of frugal practices, they’re worth considering, but remember to prepare a meal for your no-spend challenge.

4. Clear Your Cupboards

This may be a good time to declutter your space. A no-spend day can seem daunting, but you’ll likely have enough food in your cupboards, fridge, and freezer to cover it adequately.

You’ll probably have enough food for a no-spend week, so why not take the opportunity to declutter those cupboards, check for expiration dates, and reset your groceries?

5. Invite Friends and Family

Having as much fun as possible on your first no-spend day is helpful. If it becomes a miserable experience, you’re less likely to keep it going. Try to make it a positive time. One way to do this is to catch up with friends and family.

Your meal preparation must be extended to cover any entertaining to make sure everyone has plenty to eat.

6. Leave Cards at Home

Having a no-spend day doesn’t mean you can’t leave the house. We’ll list some possible activities throughout this article, but you can be tempted to spend when you head outdoors.

That’s why it’s essential to leave your cards at home. If you stroll into town, make sure you can’t “accidentally spend.” However, you do need enough cash to cover an emergency. You don’t want to leave home with an empty wallet.

7. Ignore Your Phone

We receive notifications of offers and promotions daily. Emails and SMS messages aim to tempt us into spending, and it’s hard to resist when you’re starting on a no-spend challenge.

If it’s feasible, you can use this as an opportunity to go off-grid and switch your phone off for 24 hours. If that’s not possible, resolve to ignore those messages for the duration of your challenge.

8. Restrict Social Media

If you must have your phone handy for urgent calls or messages, use it for essentials. That means staying off social media for the duration of your no-spend challenge.

There’s nothing worse than seeing friends or your favorite celebrities boast about buying the latest products. It’s a time when all temptation should be kept as far away as possible.

9. Move Money Temporarily

Another way to guard against temptation is to move money from your regular account into savings. Transfer the funds the night before your no-spend day, either online or in your app. Make sure you’re not doing this near a day when you have any automatic drafts coming out of your checking account. You don’t want to get overdrawn.

With little or no funds in your checking account, another risk of spending is removed. It’s only temporary; you can easily switch back when your day ends.

10. Look For Free Things to Do

Museums and local art galleries often offer free entry or host special, one-off events. Attending a free community event is a perfect way to keep busy on a no-spend day.

Just because you’re not spending doesn’t mean you can’t enjoy yourself, so look around for free things to do.

11. Walk or Ride a Bike

The biggest test for first-time no-spenders is filling their day. It’s essential to find activities to keep you engaged while stopping you from thinking about your money and whether you can complete the challenge.

Fortunately, there are lots of free things to do. Getting out into nature is therapeutic, so start walking or enjoying a long bike ride.

12. Loyalty Points and Giftcards

For those taking on more extended challenges, this is an ideal time to dig out old gift cards. If you have loyalty points from your favorite store, you can use those, too.

Technically, this is free money, so don’t feel guilty or see it as breaking the rules. However, you mustn’t go over the amount of the freebies, so you may lose just a few cents by following this tip.

13. Use the Time to Lower Expenses

We’ve mentioned the importance of filling your day and finding other ways to use your time wisely. While in a no-spend mood, why not look at your regular finances and see where you can cut costs?

Canceling unwanted subscriptions and comparing prices on insurance renewals are excellent ways to keep the momentum going.

14. Pause in Cases of Emergency

It’s acceptable to pause your challenge if an emergency arises. An auto repair, vet fees, or a personal medical bill are reasons why you should break your no-spend.

Making that point is essential because you shouldn’t worry or become anxious about emergencies. You can always build on your excellent work and complete the no-spend challenge again.

15. Don’t Binge When It’s Over

First-time no-spenders can sometimes fall into the trap of overspending when their challenge is complete. When you negotiate the period, there’s a sense of relief and accomplishment, but don’t be tempted to celebrate too heavily.

A small treat such as a coffee or pastry can keep you motivated but don’t binge-spend and undo all of your hard work.

16. Keep It Going

Once you’ve successfully negotiated your first no-spend day, try to keep it going. Schedule another 24 hours the next month or extend your time to two days. The big challenge is not spending for a whole month, but you want to get there gradually.

Habits are formed over time; mastering this habit is especially important when we all look to tighten our budgets.

10 Practical Ways to Be Frugal Without Being Cheap

You can be frugal without being cheap by understanding the difference between price and value. A cheap person cares only about getting the lowest price, while frugal people consider price as one factor determining value.

The Purpose of a Budget and 11 Reasons Why You Need One

The primary purpose of a budget is to track your income and expenses. A budget also ensures your bills are paid on time, helps you plan for the future, helps identify any bad spending habits or areas where you could reduce your spending, and ensures that your spending reflects your priorities. By creating a budget and sticking to it, you can ensure your needs are met, your bills are paid on time, you get out of debt, and you meet your financial goals.