Doing a no spend challenge can sometimes be tough and sometimes you need that extra motivation to keep moving you forward so you can focus on your goal. Have you ever started the no spend or low spend challenge with the best intentions only to find that a couple of days later the determination fizzles out? Well your not alone. In this post I am sharing my 6 ways to stay motivated during a no spend challenge.
Challenging yourself to spend less for a month, or even just a week can give you a great insight into the spending decisions you make each day and make you aware of the emotions that drive you to want to spend money. However if you don’t have a goal on why your doing a money saving challenge it is likely that your going to fail.
Tip 1: Focus on your ‘Why?’
When it comes to motivation you need to make your money goal have a sense of purpose. Maybe you want to clear a debt, save extra money towards your pension or put the extra cash into investments. Whatever you’ve decided what your personal financial goal is, just by starting a money saving challenge you’ve already acknowledged that your looking for change. To keep your motivation up when your determination starts to wane, its always good to remind yourself on why your doing it. You may want to try using a vision board as a tool. It doesn’t have to be physical one, you could make a digital one instead. For example you could keep your vision board as a picture on your phone as a lock screen. Keeping it in a place where you can see it daily serves as a constant reminder of what you’re working towards.
Tip 2: Distract Yourself
Distract yourself by working on a project you’ve been putting off. If your someone that likes to spend their free time browsing online or visiting a shopping centre on a weekend. Use a no spend day or month as an opportunity to tackle projects you’ve been postponing. It doesn’t have to be anything fancy but having a small project to work on can be both productive and fulfilling. Here are some project suggestions you might consider:
You may have may have been putting off cleaning out and organising your kitchen cupboards, fridge and freezer, although its a boring job I admit, it is a good opportunity to take note of what you have available to hand and check expiry dates as this could save you on buying more food and food waste.
If your a crafter, it’s likely you have plenty of materials to hand so instead of letting it sit a draw or cupboard you could use those materials instead of buying more. Start that sewing project you you always wanted to do or complete that knitted jumper you started.
If you have lots of photos on your phone now could be a good time to organize your digital photos into albums to preserve memories or maybe you have books that you’ve bought but started but never finished reading, now could be a good time to pick them up again. You get to reconnect with the joy of reading without spending money on new books.
Tip 3: Boost Your Income
Look for ways to bring in more money instead of spending it. Finding ways to bring in extra income during a no spend challenge can be proactive way of . You don’t have to start a side hustle or get a second job that takes up all of your free time. You could look into making a few extra pounds by selling unused items that you no longer need on platforms such as eBay, Facebook Marketplace, or Vinted. This not only helps you make extra money but also creates more space in your living environment.
You could try online surveys and reviews. There are companies that look for participates to fill out in online surveys or write reviews for products and services. Pay outs for surveys are usually small but they can add up over time or some will offer vouchers that you could use towards your shopping bill.
Tip 4: Break Down Your Goal
Dividing your larger goal into smaller manageable tasks can make it more achievable. So for example if you’ve decided that your goal for the month is to reduce your food bill. You may want to give yourself a task of looking at the ingredients that you already have at home and see what meals you can make from what you have available before you head to a shop. You may give your self the task of researching budget friendly recipes or give yourself the task to spend a little time exploring discounts or sales before heading to the supermarket.
Achieving these smaller milestones provides a sense of accomplishment and keeps you motivated to tackle the next steps.
Tip 5: Note the Smallest of Achievements
The smallest of achievements can have the biggest impact on motivation. Noting small achievements is a powerful way to boost motivation and a positive mindset, instead of feeling overwhelmed by the enormity of a savings challenge. During this month I have made a note of my small achievements so far and I’m finding these small little wins make my low spend month more achievable. At this time of the year I always struggle with motivation in general and I know when I do a money saving challenge just monitoring and tracking your progress can give you a boost and motivated you to stay on track. I’m using a good old fashioned pen and paper to make a note of my little wins (which I will show you in an upcoming video) but you could do this through a budgeting app, spreadsheet, or maybe a journal.
Tip 6: Create a Wishlist
If you are struggling with the itch to spend then my last tip is to make a wish list. Creating a wish list is a great strategy to manage the urge to spend impulsively. During your money saving challenge everytime you feel the urge to buy a non essential item item why not try making a note of that item, come back to it at the end of your challenge and see if its srill something you do feel you need to buy. I know that some people will suggest to calculate the number of hours of work required to pay for a particular item which does things into perspective and also gives you that financial awareness. But another way I like to look at a non essential item is does it give me value. With delayed gratification you can evaluate whether these items still hold the same level of importance to you or if your priorities have changed.
If you notice that your no spend challenge isn’t working as expected, don’t hesitate to make adjustments along the way, you may need to reassess your budget, maybe you’ve made your a challenge to restrictive, at the end of the day there’s no set rules with a money savings challenge. Learn from your experience and celebrate the progress you’ve made so far.
