If you have been a part of this gang for a while then you will know that I often do a no spend challenge every now and then. I feel like they help out so much when you are on the road to financial freedom. Here are my reasons as to why you should do a no spend challenge.
1. Save money
Of course I had to put the most obvious on first. If you do a no spend month then you are obviously going to save money! This is the main giant perk. It is probably the reason we decided to do it in the first place.
2. Understanding your spending
By doing a no spend month it will really highlight your spending patterns. You will clearly be able to see the amount that you are able to save and how high your bills actually are. This gives you the knowledge so you can make the neccessary changes in your financial life.
3. Realising your priorities
Your priorities when it comes to your spending will start to become really clear. What are the most important things to spend money on for you? What do you miss the most? What do you feel are neccessary bills in your life?
4. Finding your weaknesses
You will start to see your weaknesses because you are no longer allowed to spend money on them. Is it your morning latte? Friday night takeaway? Snacks at the petrol station? You will start to see these pop out at you and you can look into ways of cutting down, making them cheaper or eliminating them altogether.
5. Going into the next month stronger
When you head into the next month and things go back to normal you will find you are much stronger. You might make some changes as you realise you probably don’t need to spend as much money as you thought in the past. You will be so delighted to be able to spend what little money you have that you will feel rich!!
There are so many benefits to a no spend challenge these are just 5 of them!
Please leave me a comment and tell me all about your no spend challenge. I would love to hear all about it!!
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