What Is a No Spend Challenge? | Cleveland Bradley County Teachers Federal Credit Union

If you have heard the term “no spend challenge” in the past, it has likely piqued your curiosity—it did for us the first time we heard it, too! While having more money is something we all strive towards, not spending money sounds like a nearly impossible feat.

However, despite its name, a no spend challenge is a bit more nuanced than simply not letting a dime leave your wallet.

If you are hoping to increase your cash flow and compete in a fun new challenge, a no spend endeavor may be right for you. Read on to learn all about these money-saving challenges and the rules of completion.

A Guide to a No Spend Challenge

A no spend challenge refers to a period of time where you do not spend any unnecessary money. This means that things like rent, bills and groceries can still be paid for, but optional purchases, such as new clothes, dinners out or entertainment are not included.

Typically, people will do this challenge for a month, but even a weekend or week-long period can give your savings a boost.

Variations on a No Spend Challenge

While some people may want to go all in for their no spend challenges, you can also do certain variations on them that can help you save in specific categories.

This could be something like challenging yourself to not eat out for a month, or avoiding buying any snack foods on grocery trips.

Goals for No Spend Challenge Success

If you are going to start a no spend challenge, it is good to set out with a goal in mind to keep yourself on track when it starts to feel extra tough! Deciding where the money you are going to save will go can be a major motivator.

Whether you are wanting to pay down a debt or student loan, build your emergency fund or hit a specific goal in your savings account, having a prize to keep your eyes on can be a major motivating factor!

If you need somewhere to store all the money you are saving, we are here to help! Contact us today to get information about the savings accounts and other banking solutions that we have to offer.