Creative Ideas for a No Spend Challenge | St. Johns Bank
If you are hoping to give yourself a bit of a boost to your cash flow, a no spend challenge can be a great way to save some extra money, but the term “challenge” is certainly no understatement! While not having any money leave your wallet is a great way to retain your extra cash, not spending anything is much easier said than done.
Fortunately, we have some creative ways to make a no spend challenge a bit easier while still being quite effective.
What Is a No Spend Challenge?
Traditionally, a no spend challenge would be done for a period of time (typically a month) where you do not do any unnecessary spending—but of course, that can be quite difficult!
Under the no spend challenge, you would still pay for your essentials, such as recurring bills, gas for your car and loan payments, but would cut out all extraneous spending such as eating out, buying new household items or purchasing hobby materials.
Are There Easier Alternatives to a No Spend Challenge?
While a no spend challenge is certainly effective, not spending any extra money would be quite the challenge. However, instead of doing a full version of this, a partial no spending challenge can still be a great way to save.
This would be where you cut out one category, such as going to a coffee shop, buying new clothes or eating out with friends. This method can be quite a bit easier than denouncing all extra spending for a month!
Tips for Success in a No Spend Challenge
If you are embarking on a full or partial no spend challenge, setting yourself up for success is a must. If you have a goal in mind, such as adding a certain amount to your savings account, paying off a loan or building up an emergency fund, it can be much easier to stay motivated when the no spend challenge gets extra challenging!
Regardless of what your goal is, having a place for all that money you save to go can be the extra motivation you need to stick to your goal.
If you are hoping to find a new bank to help you hit your savings goals, we are here for you! Get in touch with us today to learn more about our savings accounts and more.