I am currently on a no-spend money challenge for the whole year of 2024. I have goals and some are big, and some are small. Here are some things I have learned so far during my no-spend challenge. But first, let’s talk about why I am participating in a no-spend year.
Why A No-Spend Year
Money is the key to life, and not having it can be challenging for all of us. I grew up poor, and we never had money. In fact, we were evicted from every house we ever lived in (except when I was in foster care), so managing money was never discussed because we never had it.
I remember going to the grocery store with our EBT card for food, and we would always get the cheese that squirts out of the top and share it with our dog.
But I didn’t get new school shoes for years because we didn’t have money. So, when I got my first job at 16 at good old McDonald’s, I saved some and spent some. As years went on, I would wean back and forth on my spending and my savings, but lately I have spent money I didn’t need to spend.
Since your girl has goals, and I know you do too if you’ve read this far, I wanted to figure out what I needed and wanted.
So, I decided to participate in a no-spend year in 2024. Technically, I am a month in (two months by the time you read this!), but here are a few things I’ve learned so far.
1. Spending Has A Lot To Do With Our Current Emotions
When I was younger, I realized I would buy a new shirt or something else new because of my current emotional state.
Much of my spending went to my retail therapy, and I have learned that if our emotions are under control, we are less likely to swipe the credit or debit card for things we don’t need.
If our emotions are in check and we realize the “why” behind our purchases, this will help with having a successful no-spend day, month, or even year.
2. Goals Really Do Matter
For a no-spend use, you have to determine your goals.
I made a vision board for my goals and look at them often.
My vision board travels with me so I can also hold myself accountable. I made it out of an older planner cover, washi tape, sticky notes, and stickers I had on hand so I wouldn’t break my no-spend money challenge.
3. Wants and Needs Are Real Things
When I started my no-spend money challenge, I already knew what I considered a need and a want based on my life and the goals I developed.
A need for me includes money each month I put towards Broken Until Now, but for you, maybe that is something like paying for childcare.
For your no-spend money challenge, you need to determine your needs vs. your wants.
I worked on my needs and wants before I started the challenge.
I would encourage you to make the list before you start your challenge to make the challenge easier for yourself.
4. Accountability Truly Does Matter
Having accountability is highly important for a no-spend money challenge. I use a budgeting planner called the Money Planner from Passionate Penny Pincher and the Every Dollar app to help with accountability.
I have also told my close friends my goal so they can hold me accountable as well.
So, determine what to do and who to tell about your no-spend challenge.
5. You Most Likely Already Have What You Need
What I’ve realized is that I already have what I need. Since I have been an emotional spender for a lot of my life, I already have a ton of clothing, jewelry, etc.
Recently, a few friends and I went line dancing. Before this no-spend money challenge, this would have been an excellent opportunity to buy myself something new, but I didn’t.
I used what I had already in my closet, and I looked great and felt pretty without spending extra money on a new outfit.
I also use what I have regarding groceries. Yes, my refrigerator is looking a little bare, but I use what I have to make things last.
I have noticed that I’m also remembering what I have regarding clothing, groceries because I’m not just spending money.
So, use what you have and if you need to, even take inventory so you remember.
6. Getting Yourself A Birthday Gift Is Okay
The one thing I will buy myself is a birthday gift this year (Once you read this, my birthday would already be passed. I promise I’ll share what I bought myself on my instagram stories). This differs from my no-spend year because you only get one yearly birthday.
I will only buy one gift, so I must ensure it’s something I REALLY WANT.
Which makes this process a lot more enjoyable and makes me realize what I want.
So, getting yourself a birthday gift is okay, because girlfriend you only get one birthday a year!
7. Social Media Does Really Influence Our Spending
The last tip I have realized since my no-spend challenge is that social media influences our spending, or at least it did mine.
I would see an influencer post something and think, oh, I need that. But that’s not the case.
I could find something similar regarding an outfit or use what I already have.
What I have been doing since my no-spend money challenge is finding a look on Pinterest and coming up with a similar outfit. I more so use Pinterest as inspiration.
So, next time you are tempted to be influenced by social media, think to yourself, do I have that, is that a want or need, or you can just use my motto if it isn’t broken, don’t fix it.
Conclusion About No-Spend Money Challenge
I pray these tips bless and help you if you want to participate in either a no-spend day, month or even year. Or maybe you just need encouragement if you are already participating in a no-spend challenge. Regardless, whatever no-spend money challenge you participate in, remember these 7 tips.
If you want to hear more from Broken Until Now subscribe to the blog, and follow us on Instagram at brokneuntilnow.
Blessings.
Ashley Marie
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