Our No Spend Challenge
This February, we didn’t to participate in a No Spend Challenge. There are so many different ways to do these, so we kind of made our own way. I describe here why this challenge is coming at the perfect time, some of the benefits we are excited to see in this & I also included our template for Instagram Stories to help keep yourself accountable. I have set so many one month challenges up in my life & until the end of 2019 it seemed like I could never complete them. Now that I feel such a sense of motivation, I am really excited to see progression in our savings from this type of challenge. The best part - it is something we can do together.
Disclosure : This post may contain affiliate links, meaning I make a commission if you decide to make a purchase through my links at no cost to you.
Why We Chose to do a No Spend Challenge
Unfortunately, tax season is here. This is the first year that are actually dreading it. Selling our flip house means we are preparing to cough up a pretty penny that we are not so eager to think about. This move was to help us save money to pursue other dreams in life, but we knew this day would come. The sell was still completely worth it & we are more than prepared for these fees. However, it still hurts. So taking this month to save extra will help cushion the blow. I also believe that with the start of the new year, this is a great year to almost jump start & clear our minds & budget. Choosing to do this No Spend Challenge was simple :
Take a month to establish boundaries as we begin to set our budget straight for this season of life we are in.
Less time eating out & more time eating at home, cooking healthy meals.
Using our free time together, exploring the area & finding some low cost activities.
Extend our savings to push ourselves further & grow during this opportunity.
Simply learning discipline, establishing boundaries, & being intentional about our time.
Rules to our No Spend Challenge
Bills for this month : Rent/Utilities, Gas, Groceries, Health & Household Needs (Including Pet Care), Auto Expenses
Valentine’s Day Dinner - Set aside a specific amount to stay in budget. We chose $150 as we are eating at an upscale restaurant we have been waiting to enjoy together
Set a budget goal for groceries, household needs & auto expenses. These items are highly predictable, so knowing what the month will look like & what money needs to go out will help know how much can go to debt/savings.
Make a list of things you can do in the area or things you want to check out. Create a bucket list of things you would like to accomplish in this month together as you won’t be spending time going out to eat, shopping or going out for drinks.
What We Have Learned About Paying Off Debt
Getting closer & closer to being debt free is, well, freeing. Something we did that changed our financial life completely was attend a Dave Ramsey Financial Peace University. Through his program we were able to learn so many tips on how to pay off debt & when. He taught us routines that we have not always been perfect at, but they have always been in the back of our heads. Slowly but surely we will knock this lastly totals off our plates. The biggest tool we walked away with was the use of his budget tool.
EveryDollar is the budget system we use & one we have a goal to use better in this next year. Starting a No Spending month this early in the year will truly help us establish our budget & learn how to save/pay off debt as quick as possible. Being more intentional about our spending & watching our budget more closely are characteristics I want to strive harder to obtain as a homemaker. Especially as our expenses will only become more complicated as our season of life changes & as we hope to grow our family in the future. I would love to be able to teach & show our kids what we have done & how to take care of their finances just like our parents did for us.
Do Your Own No Spend Challenge
I created this template to use to post onto our social media. That way we can stay accountable. It also helps having boxes or circles representing the days to physically check off. Doing this everyday except for Valentine’s Day, we have a circle to fill in for each day. I included some of the items that are important for us to remember, why we are doing it. I created this using the app Unfold. It was very simple & actually fun to make it in a way easy for ourselves to fill out as we go through this month. I encourage you to make your own for whatever month you choose to do this challenge. We are posting it on Instagram for accountability, but even sending it to a friend or two can do just the trick.
I have included below a template for each month that you can take & do the challenge with us! Right now our plan is just February, but maybe we will carry this into more months. I created these on Canva. Maybe we will allow ourselves a certain allowance next month, but slowly increase our spare spending. Keep the boundaries there & simplify our spending more than what it is right now. On these templates, I left room for you to add in your own “why” or reminders why this month you decided to be extra intentional about your spending.
