Do you like testing yourself and setting up challenges that help you better your life? Then a no-spend challenge might be the perfect way to improve your personal finances!
A no-spend challenge is when you restrict your spending over a period of time to just essential items. Not only does this save you money; but also helps you combat impulse buying and can change your spending habits over time.
Impulse buying leads to instant gratification; which is why we’re all so addicted. But over time, many of us end up regretting purchases and throwing away the stuff we didn’t ever need in the first place. It’s a waste.
Many of us can get lost in the budgeting cycle and let it all get out of hand. I’m guilty, and it can weigh heavily on your mental health, causing feelings of financial stress and lack of control.
A shopping ban is one of the easiest ways to quickly save for a big purchase. Whether you’re buying new electronics, saving for a car or property; you’re looking for extra money, fast.