Do you find it challenging to save money or manage your personal or family budget? This article might just be what you need. There’s a savings method called the No Spend Challenge—would you like to give it a try?
“This involves setting a time period (days, weeks, or even a month) during which you freeze all your non-essential spending to help manage finances and save money. To successfully complete this challenge, it’s important to establish rules and prepare,” explains the financial literacy portal EI from Associação Mutualista Montepio.
Preparation steps:
- Determine the duration of the challenge;
- Create a list of items where spending is not allowed;
- List essential expenses you may incur, such as loans, electricity, water, telecommunications, or school fees;
- Take inventory of everything in your pantry and refrigerator;
- Plan your menu for the designated period; and
- Make a shopping list for groceries.
By doing this, you ensure that you are well-prepared and avoid “spur-of-the-moment supermarket visits.”
“To help stay focused, also list your daily, impulsive, and non-essential expenses. Some examples include coffee outings for breakfast, dining out, trips to the cinema, and purchasing clothes or gadgets. During the challenge period, do not spend money on items from this list,” it mentions.
The goal is straightforward: At the end of the experience, “you will see that you managed to save money.”
