A 30-day no-spend challenge is a viral trend for people feeling overwhelmed by their shopping habits.
Do you open your bank app each month and struggle to understand where your money went? Thousands of people are in the same boat, struggling to break the cycle of unnecessary purchases, emotion-driven splurges, or attempts to ‘treat’ themselves.
This article focuses on the 30-day no-spend challenge and how it can affect your approach to shopping going forward. Besides helping you save money during that month, it can have a long-lasting impact.
The idea behind the 30-day no-spend challenge
The no-spend month doesn’t mean you lock your wallet and cards away until the calendar finally flips. Its true purpose is to showcase your actual necessities each month. Thus, you’ll pay your bills as usual and spend money on groceries or must-haves like hygiene products.
However, you will cut out most unnecessary expenses (such as coffee from a local shop, DoorDash orders, impulse purchases, or other unplanned (and unnecessary) ways to spend money).
For instance, you regularly meet with your friends to grab a coffee and go for a walk. Instead of picking up a branded disposable cup, you make your coffee at home in a thermo one.
The purpose of the 30-day no-spend challenge is to help you see free alternatives to your usual spending habits. Please note that some purchases might be unplanned but necessary, such as losing your coat in December and buying a replacement.
What realizations do people tend to report
Of course, the no-spend month will trigger different emotions for people. However, the chances are that this period might help you recognize a few valuable insights:
Some things in life are free
The 30-day no-spend challenge proves that many activities are available without much spending. Many events and locations in your city offer free entertainment, including free museum entries, exhibitions, concerts, walking tours, or park runs.
Investigation target: your spending patterns
Before starting a 30-day no-spend challenge, you should track your regular monthly expenses. You can use a third-party expense-tracking application, but most banks already offer this. Examine each category, paying attention to the most expensive spending areas.
Then, you’ll know which categories to eliminate during the challenge and pay closer attention overall. Some people might not realize how much money they spend on coffee or occasional bakery orders.
Discovering root causes of retail therapy
Retail therapy is a well-known and expensive phenomenon. Making us feel slightly better in that moment can leave a significant gap in our wallets. During the no-spend month challenge, you’ll likely experience moments when it is difficult to control yourself from ordering in instead of cooking. Thus, you can keep a journal documenting what emotions or events amplified this irrational need for spending.
As a result, you can devise a plan for battling these emotions. For instance, don’t plan for the perfect scenario when buying groceries. Instead, purchase long-lasting products that turn into a proper meal in minutes. It might not contribute to the ideal diet, but it prevents you from spending more and, later, being attacked by buyer’s remorse.
Picking up activities for extra income
The 30-day no-spend challenge might be the perfect time to earn extra money online. Of course, it might sound far-fetched, but you can explore the many options you can do without leaving home (or without any initial investment).
For example, you can start working on personal projects like running a blog or creating digital content (like graphic designs or publishing videos on YouTube). Freelancing is also an excellent option for honed skills and improved client communication.
In addition to these activities, consider exploring passive ways to make money online and offline, such as renting an old garage, vacant parking spot, or unused internet bandwidth.
Mindful spending approach
The challenge can prove one significant truth: you can do without many of the purchases that used to be regular. Furthermore, the no-spend month experience will help you save some money, meaning it’s a rewarding outcome. You might chase similar results in the future, making more intentional financial choices.
Any saving or budgeting tip or hack should be tailored to your lifestyle, not followed blindly. After all, you might make a perfect decision over the no-spend month, but as soon as it’s over, you’ll feel free to spend again.
Subscriptions tend to stack up
Many people daring to go through the no-spend challenges realize how many subscriptions they pay for without using them regularly. So, besides tracking your grocery shopping or night-out habits, don’t forget about your digital experience. It might be that many services you pay for have outgrown their usefulness and can be canceled.
Conclusion
Completing a 30-day no-spend challenge requires patience, motivation, and stubbornness. We hope you go through it and that the lessons you learn will stay with you. After all, most people feel that they have discovered a healthier relationship with their money and the responsibility of tapping that card onto a reader.
