NO SPEND CHALLENGE

Hey there Mama! I am so excited to share the no spend challenge with you! I am committing to no spending from Labor Day through Thanksgiving this year. For the past few years I’ve done this challenge from October through November, and in shorter increments throughout the year too, but never this long at once. Essentially, it is a break from spending. There are so many reasons we do this as a family, but here are my top few:

• Teaching & developing healthy financial habits

• Focusing on gratitude and working with what you have

• Saving or paying off debt

• Get out of a shopping habit (and by habit I mean problem, addiction, craze)

THE WHY

There are a million reasons to do this but I mostly do it when preparing for a big purchase, or have noticed I went a bit overboard on recent purchases. It is also a great opportunity to teach the kids about gratitude, saving, and going without. In general, I like doing no-spend challenges during this time (Labor Day – Christmas) because I can still shop the biggest sales of the year and enjoy Christmas without restrictions. For a long period like this I set “exceptions” to my no-spend challenge for example I set a tight budget ahead of time for my sons birthday, Halloween décor, and of course Thanksgiving hosting. Outside of these pre-set exceptions and budgets are my absolute rules.

THE RULES

No eating out

No unnecessary purchases (clothes, toys, books, home décor, entertainment, cosmetic procedures, babysitters, etc…)

THE HOW

Now, if you’ve never done a no-spend challenge before, start with a week and see how it goes. Once you get the hang of it, extend it and try it for longer periods of time if you wish. Discuss rules in your family and add or remove rules based on what is best for you. You could also add money to a savings account each week or making an extra payment on a debt at the end of the no-spend period. Part of deciding what rules and what extent of no-spend is right for you is knowing the why of it. What is the biggest thing you want to accomplish during this period and what rules will help you get there? Lastly define necessary and unnecessary purchases – this is key to keep the family on track!

THE COMMITMENT

Once you know what the no-spend challenge looks like for your family, get everyone together to commit to it. It is essential that everyone is on the same page and that the rules stay firm and consistent through the challenge. Make sure everyone is holding each other accountable and that the why is constantly reaffirmed.

TOP TIPS

• Buy essentials online for pickup or delivery and try to avoid going in store to a lower your chance impulsive shopping

• If possible, lock your credit cards to avoid spending, you can easily unlock them on the app for emergencies, but this will make them harder to use on impulse purchases.

• Do not look at emails or texts from brands you love to help avoid temptation. (Lord know I cannot resist a good sale)

• Keep the why in mind always (picture that vacation or a $0 credit card balance)

• Defining “essential” and ‘nonessential” is very important, make sure the whole family is on the same page.

• Tell a 3rd party like a friend, aunt, or grandparents about the challenge so you have more accountability and someone to call you out if you start struggling.

• Get creative – make it fun to not spend money! There are plenty of no-spend activities for the family and this is your chance to try a few while making memories!

• Remember that to-do list you’ve been avoiding? This is the time to reorganize the cupboards and clear out your closet! Productive distractions are your friend.

• Try to avoid exceptions all together, but if you need them set a clear budget and list of what is and is not included in the exception.

I’ll report back closer to Black Friday and add updates below, but until then, share your thoughts below and follow us on Pinterest. Know someone else who needs a financial reset and could benefit from the No Spend Challenge? Share this post and lets go into the holidays better off together! 

During this no spend challenge, take time to get creative with your family time and check out the rest of the blog for family fun and recipes.