In this modern world where needs have over-thrown the resources people are searching for a perfect No Spend Challenge. If you are probing to know a money mantra then we are here for your service. Read this article thoroughly to get all the rules for a No Spend Challenge.
People usually go for No spend Challenges when they have to Kick start their savings, to pay a bank loan installment or to come out of an emergency or to save for a holiday. There might also be so many reasons to adopt such challenges that help you stop wasting money.
Spending wisely has so many benefits. It will prepare you for your future and it will make you realize about the bad spending habits as well. As you don’t spend in a specific period, for a week or for a month or even more than that, you will have enough money to pay off your debts or to have a car. The challenge will also help you know about yourself. It will let you know if you spend on unnecessary things or not.
What Is No Spend Challenge
No spend challenge is basically a money mantra that will give you energy to earn more instead of spending more. It is an amazing method to get rid of the habit of spending on unnecessary things. To start the challenge you have to prepare yourself first. Think about all the necessary things you need to spend on and to avoid the unnecessary ones.
Create a life planner for yourself and make a list of things that you need to get before you start with the challenge. Stock up all your grocery items and also think about the events you need to attend in the coming days. We would suggest you to plan for at least a week or two.
Before you start the challenge, we would urge you to discuss it with your family. This will boost you morale and it will help you know about all the necessities you have to meet for your family. This will give a positive lesson to your family members as well.
Knowing about the challenge, your family will also make sure not to ask you for unnecessary things. You can also communicate about it with your friends, so that they will avoid inviting you to parties or other events.
Also read about 100 Envelope Challenge
What Is A No Spend Challenge?
Once you have prepared yourself initially, think about the places your saved money will go to. For examples, plan the money settlements that are due towards your bank or any charity house. Once you are done with all the primary preparations, now grab a pen and write the start date for this challenge. Also jot down entire items you need to spend during this time period. These items may include:
Fuel for your vehicle
After planning on To-do list, now head towards the activities you need to avoid during the challenge. It will be comprised of all unnecessary things that may include,
Eating out, coffee, drinks
You can make list of all unimportant activities and products that are to be avoided. Once you have specified all the rules, discuss them with your family so that they will check it for any omissions. Keep in mind that, to complete this challenge it is important for you to have the rules approved by your family. Lastly, specify the end date and then get started.
To keep a balance between your earnings and the spending you should follow a budget. Challenges like these are amazing opportunities to save money and to learn how not to spend money needlessly.