Take the No-Spend Challenge

If you’re looking at ways to help meet your financial goals, you may want to consider a no-spend challenge. No-spend challenges have become increasingly popular in recent years and can be a great way to retrain your spending habits for better financial wellness. During some no-spend challenges, you’re only allowed to spend money on necessities like rent or mortgage payments, groceries and gas. Other no-spend challenges may only involve avoiding expenses within a certain spending category.

The length of a no-spend challenge can be flexible.  However, knowing it has been said to take an average of 21 days to create a habit, a no-spend challenge month may be worth considering.

No Spend Areas to Consider

If you’re contemplating a no-spend challenge, whether it’s for a week or a month, consider these expenses to skip:

• Subscription services
• Memberships
• Restaurants
• Coffee shop coffee
• Clothing

Tips to Succeed in the No-Spend Challenge

Being disciplined in your challenge can pay dividends. Set yourself up for success with a little planning ahead of time. Below are a few tips to help you get started:

1. Have a goal in mind for how long you want to commit to the challenge. 1 week? 1 month? Having a finish line will help you stay on track and keep you motivated.
2. Recruit others to join you. Not only will you have an accountability partner, but others may have great suggestions to help you succeed.
3. Start small. Focus on a specific no-spend challenge such as skipping restaurants or clothing purchases, or start with a shorter time frame and build up to a longer challenge.
4. Plan ahead to help avoid extra spending. For example, meal plan and purchase groceries for the week instead of ordering take out. Make coffee before you leave the house instead of stopping by the coffee shop.
5. Give yourself a reward at the end. It doesn’t need to be fancy, but having a reward to work towards may just help you succeed.

When you’re finished with your challenge, you may find you have newly formed habits you’d like to continue that contribute to your financial goals and overall financial wellness.

You can also decide what to do with the money you’ve saved during the challenge. APCO Employees Credit Union is proud to offer a highly competitive savings rate on Share (Savings) Accounts as well as interest-paid Checking Accounts, both which could offer you a good option for your new-found savings.