Set The No-Spend Challenge Timeframe
A no-spend challenge is a unique way to feel some control over your finances. It can help you adhere to a budget and curb spending habits, too. There is no right or wrong way to do a no-spend challenge. To start, set the timeframe for the challenge. The timeframe is the length of time you plan to challenge yourself to stop all unnecessary spending.
The Average Challenge is 3 Days
No matter how long you refrain from spending, completing this no-spend challenge can impact your budget. The challenge typically lasts from 24-hours to a year; however, the average successful no-spend challenge fasts for 72 hours or 3-days. Prepare to win with these no-spend challenge hacks. Title Tree is sharing their best tips with you to help you get your finances on track.
Pay Bills Before Or After
Remember that the primary goal of the no spend challenge is not to spend money. But, this may not be feasible. Chances are you will need to pay your monthly bills. We recommend paying your bills before you start the challenge. On the other hand, find a few days when you do not have any bills due. Start your challenge at that time, and you have a chance to achieve 100% no-spend. Your focus is on spending as little as possible.
Talk To Friends and Family About Your Plans
Sometimes sharing your plans to save with your friends, roommates, and family is beneficial. Making sure the people in your life know you are completing a challenge may inspire them to save. At least, they will hopefully be less likely to tempt you to spend money, especially the longer you do it.
Make an effort to research ways to stay busy for free during your challenge. Playing games with your family and friends can be a refreshing change. Board games, card games, and even jigsaw puzzles are free to enjoy after the initial acquisition fees. Moreover, reading a book, taking a walk, and many other activities do not involve spending money. If you want to do something, be creative, and find a way to do it for free.
Use What You Have At Home
When you use up what you already have at home, you save money. Use the dry and canned goods in your pantry and the frozen foods in your freezer before buying anything new. Rather than going to the store, use the travel-size or half-empty shampoos, lotions, and such in the house.
Bypass Going To Stores
Avoid going to any stores at all costs. The only way you can impulse spend is if you go to the store to shop. It is too tempting to spend money if you are at the store. Of course, you should not shop online either. Do not open the sale announcement emails from your favorite stores. It is best to wait until after your challenge to read emails urging you to shop.
Whether you complete the no-spend challenge or not, it is an excellent exercise to try. Please, know that Title Tree is here for you. We serve our customers with an undying commitment to help. Click here to reach us for a Quick Quote at one of our Metro-Atlanta area locations.