What Is The No-Spend Challenge?

Have you heard of the no-spend challenge? I keep seeing it pop up on social media posts on Facebook and Instagram, and I will admit that I am intrigued. I don’t want to call myself a shopaholic or anything quite so extreme, but I don’t think I could do it. I’m of the “tell me I can’t do something and all I want is to do that,” camp. If you tell me that I cannot spend money for whatever reason, I will suddenly find all the things to buy. However, this is an intriguing challenge, and many people are actually succeeding in their financial goals (short-term, at least) as a result. If you haven’t heard of it, we’ll tell you what it is and how the challenge can help you save money and live richer.

The no-spend challenge means you spend nothing at all other than the absolute necessities. This means you buy only gas, groceries and your obvious monthly expenses such as your mortgage and your utilities. However, you no longer buy anything you don’t need. That bottle of wine at the supermarket, for instance; you don’t need it. Fresh fruit and veggies for yourself and the kids, however, you need. Diapers for the babies, you need those. You spend only what is absolutely required to get through life and nothing else.

Can you do it? I don’t know that I could. There are so many gray areas I’d mess up on. My 5-year-old is in VPK and we pay for her to stay a few hours after class is over at noon so I can get my work done at home while the twins nap. Technically, I could save a lot keeping her home. That sub at Publix for dinner when we don’t feel like cooking and we have to do our shopping regardless? It’s not necessary, but I cannot forgo that.

The purpose of the no-spend challenge is a bit like a cleanse or a refresh. It shocks your body and mind into a new way of life and allows you to work on getting your financial life back on track and your financial lifestyle much healthier. Do you think you can do it?

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