If you’re looking at ways to help meet your financial goals, you may want to consider a no-spend challenge. No-spend challenges have become increasingly popular in recent years and can be a great way to retrain your spending habits for better financial wellness. During some no-spend challenges, you’re only allowed to spend money on necessities like rent or mortgage payments, groceries and gas. Other no-spend challenges may only involve avoiding expenses within a certain spending category.
The length of a no-spend challenge can be flexible. However, knowing it has been said to take an average of 21 days to create a habit, a no-spend challenge month may be worth considering.
No Spend Areas to Consider
If you’re contemplating a no-spend challenge, whether it’s for a week or a month, consider these expenses to skip:
Tips to Succeed in the No-Spend Challenge
Being disciplined in your challenge can pay dividends. Set yourself up for success with a little planning ahead of time. Below are a few tips to help you get started:
When you’re finished with your challenge, you may find you have newly formed habits you’d like to continue that contribute to your financial goals and overall financial wellness.
You can also decide what to do with the money you’ve saved during the challenge. APCO Employees Credit Union is proud to offer a highly competitive savings rate on Share (Savings) Accounts as well as interest-paid Checking Accounts, both which could offer you a good option for your new-found savings.
If you’re looking at ways to help meet your financial goals, you may want to consider a no-spend challenge. No-spend challenges can be a great way to retrain your spending habits for better financial wellness.
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