What is the No Spend Challenge in 2022?
The no spend challenge is a personal challenge that a person can take to spend less money, in order to live a more minimalist and eco-friendly life, while saving money throughout the year. It consists of rules to not spend money on materialistic items or on things such as going out to eat.
The No Spend Challenge is an awesome way to save money during the year. It is also a GREAT way to create new spending habits, and to realize that you don’t need a ton of materialistic items to be happy!
Keep reading below about how to do the No Spend Challenge in 2022, and download your free printable, too!
Why Do the No Spend Challenge?
We live in a culture of spending. Everywhere you look there are ads, endless email marketing, and influencers. It is nearly impossible to escape from being targeted from companies trying to make money off of you!
Unfortunately, this has resulted in a massive “Live like the Joneses” mentality. This is a phrase that means you want to look like the “rich people down the block”, so you spend money (that you should be saving/investing) in order to look better in the public’s eye.
In 2022, this couldn’t be any more prevalent! The No Spend Challenge not only offers you an excuse to others to not spend (in case you’re a bad liar) but also keeps you accountable! It is an amazing way to build up spending habits and to realize that having that extra shirt, or buying that extra coffee really won’t change your quality of living!
Will the No Spend Challenge Help Me Save Money?
The point of a No Spend Challenge is to help you save money by preventing you from excessively spending money. The No Spend Challenge in 2022 will absolutely help you save thousands of dollars by the end of the year.
If you are diligent with the No Spend Challenge, you could save thousands of dollars throughout the year, and be able to put that money toward important items, such as starting a RothIRA investment account or starting a sinking fund!
Depending on how much you have normally spent, and what your spontaneous spending habits are, some of you will find this No Spend Challenge even more difficult than others! The focus is on using what you already own, and not desiring new things.
How to Spend Money During a No Spend Challenge
To participate in the no spend challenge, you must understand what to actually spend your money on, and what to avoid. You must keep spending money on your necessary expenses, while not spending money on anything in your life that is inexcess. However, you can customize this in any way you want!
Below are some examples of what to spend money on during the No Spend Challenge in 2022, and what not to spend money on during this challenge.
What to Spend on During a No Spend Challenge in 2022:
- Gas
- Groceries
- Mortgage
- Car payments
- Pet food
- Other necessary bills
What Not to Spend on During a No Spend Challenge in 2022:
- Going out to eat and drinks
- Holiday decorations
- Makeup and hair products
- Electronics
- Home décor and furniture
- Clothing
What’s important to note is that the No Spend Challenge is completely personal. You can decide to go the entire year simply without spending money at restaurants. Or, you can decide to No Spend on beauty products, in order to save money and use up what you’ve stocked up at home.
Related Post: 10 Money Mistakes to Avoid in Your 20s
4 Necessary Habits for a Successful No Spend Challenge
- Delayed Gratification
Of all the habits necessary for anything money related, delayed gratification is critical for anyone wanting to try the No Spend Challenge!
The term “delayed gratification” means: The ability to delay what you want right now in order to get something even better later.
The reason this is important is because you will need to forgo your desires to buy the new pair of shoes, or to not go and buy Chinese food, in order to have a large sum of money saved up in the future.
- Minimalism
Being a minimalist is not a bad thing! In fact, adopting a minimalist lifestyle can, in the long term, save you incredible amounts of money.
This habit is important because throughout this No Spend Challenge you will need to learn how to reuse items and how to use up products. In the long run, these habits will be incredible even after you complete the No Spend Challenge!
- Happiness in the Present
One reason you may be spending a lot of money is because you feel that what you have right now is not enough. You may not feel like you can compete with you peers or that you don’t “look” the part. Maybe this isn’t about your appearance and clothing, but about your house. Or, you may have built bad habits of regularly spending money on expensive drinks.
Whatever your reason for why you are embarking on this incredible No Spend Challenge, one habit you need to establish is happiness in the “right now”, compared to the mentality of, “I will be happy when…”.
Being happy with what you have right now is imperative to success with this challenge! It will help you curb away from your desire to spend money on items you don’t need!
- Intrinsic Motivation
Having internal motivation is key to any new habit or new challenge! This is your ability to stay to your challenge, even when it is hard.
Throughout this No Spend Challenge you will encounter times that you will feel that you “need” to spend money. But, the key is to be creative! Maybe you can cut back on something in your budget in order to pay for whatever it is you must spend money on. Staying positive throughout the 2022 No Spend Challenge is so important!
How Survive a No Spend Challenge (+ Free Printable)
- Use a Printable
Printables are effective as motivation! This helps give you a visual as to how many days that you’ve managed to not spend! Or, make a marking or place a sticker in your journal or planner for each day you did not spend.
Use the printable below to help keep you on track with your No Spend Challenge this year. Click on the photo to download!
