Join the “Spend No Money Challenge for July”

 In Blog

You’ve probably seen or read about those “Spend No Money” challenges. You know, the ones that encourage you to only spend money on the necessities and avoid spending money on anything else. What do you think? Does a challenge like this seem practically impossible?

While they may seem impossible, they’re really not. Challenging – yes (hence the name) – but impossible – no. So, why not give one of these challenges a try for July? If you’ve never participated in one before, here are some tips to help get you started.

  • Decide What You Will Do With Your Saved Money: What’s that saying, “A goal without a plan is just a wish”? Yes, that’s very true. You need to have a goal  – and in this case, your goal is how much money you’d like to save and a decision as to what you’d like to do with it.
    • Do you want to make a charitable donation? Save for a class you’ve been wanting to take? Pay off a credit card? Buy your mom an extravagant gift? With a goal for your saved money, you’re more likely to stick with the challenge.
  • Look At Where You Can Stop Spending Money: It can seem a bit overwhelming to look at where you can stop spending money, but there are some common areas where people tend to spend frivolously or overspend.
    • Eating Out – This is a big one! A donut on the way to work. Lunch from the drive-thru. Takeout in the evening because you don’t feel like cooking. These can all add up quickly – so why not save the money?
    • Beauty Treatments – Do you need to have a manicure? Or that extra conditioning treatment you picked up at the drugstore? Try skipping these things.
    • Clothing – Don’t buy any new clothes this month. You’ve been doing just fine with what you have! 
    • Beverages – A cup of coffee from the local Starbucks. A drink after work with friends. Skip these things during the month of July and watch the dollars start to stack up.
    • Electronics – If you find you’re always buying the latest gadget or paying for the newest app – don’t do it in July.
    • Hobbies – Do you have expensive hobbies? Always buying new yarn even when you have a ton already? Or purchasing new triathlon gear for your next training session? See if you can work with what you currently own.
    • Grocery Extras – Make a list and stick to it when you head to the grocery store. Don’t let those extras creep into your cart.
    • Books – Head to the library and borrow books instead of buying them.
    • Impulse Buys – Avoid all impulse buys! You don’t really need that item on the endcap at your store.
    • Entertainment – Don’t spend money on entertainment such as movie rentals. Save, save, save!
  • Pay All of Your Essential Bills: Be sure to pay all of your essential bills first. And then set aside the leftover money so you won’t be tempted to spend it.
  • Use Up What You Have: Try using up things that are currently in your home. You might have a full pantry or a freezer full of great food – that you’ve forgotten about. 
  • Avoid Temptation: If cruising the internet makes you want to head on over to Amazon and place an order – don’t do it. Fill your time with some other activity to avoid temptation.
  • Enlist the Help of Others: Let others know about the challenge and that you are participating. They can help keep an eye on you and your spending.
  • This Is Not a Wait and Buy In August Challenge: And, while it can be tempting to just go buy everything you want in August – don’t! Try to keep your good habits going – and set an even bigger goal for yourself.

If you’ve never done a “Spend No Money Challenge” – then do it for the month of July! You could be closer to your financial goals than you think – and this could be a great way to get you there!

Recent Posts

Leave a Comment

Call Now Button