For where your treasure is, there your heart will be also. Matthew 6:21 (NIV)
I first discovered the No Spend Challenge thanks to some fellow bloggers on Twitter (Sarah Brumley of Lemon Blessings and Andrea Joy of Saving Joyfully). I was immediately intrigued especially as I wasn’t sure why someone choose not spend any money for an entire month. As I read both Sarah’s and Andrea’s experiences, I better understood the challenge and decided to give it a try.
So what exactly is the No-Spend Challenge?
Aside from bill payments, other obligatory payments and money for the basics (groceries, transport to work etc), the goal is NOT to spend money on anything non-essential so no eating out, snacks, drinks or no entertainment that would cost money.
I’ve decided to do a No Spend Challenge this week (starting yesterday- Sunday 18th Nov). In my case, for my normal day to day schedule, I am not spending any money on anything non-essential this week. I do have a couple of expenses as I am travelling in the New Year so I need to make some bookings this week due to time constraints. I am also keeping my eye on 1 key item I will need for business that should hopefully go on sale on Black Friday but I’ll see how that one goes.
The money that I will save, I will put towards my trip next year.
I wanted to share a couple quick tips that helped me prepare for this No-Spend Week Challenge:
Research & Plan
I took the time to gain a better understanding of what was involved in this challenge, read experiences of those who have completed the challenge and based on that, looked at how I could customise the challenge to fit my life as each individual is different.
Given where we are in the calendar year as we’re preparing to go into Christmas, it was not realistic to do a No-Spend month but as I still wanted to try the challenge, I started with 1 week.
A full month of no spending was also quite daunting to think about so this was another reason why I started with 1 week.
I’ll be sure to report back on Saturday on how the week has gone.
✞ Are You Really In?