How to Get Financially Fit using No Spending Challenges 2022
Are you feeling the pain of soaring inflation? Does your income evaporate before the month ends? Are you concerning about the high cost of living?
If you the answer is YES then this short and sweet blog is for you as it’s going to give you a smart idea of how you can bring your finances back into shape by using regularly during the month a no spending challenge.
But before I move on explaining that I want to define what a no spending challenge is
A no-spend challenge is when you commit to spending money on nothing but essentials, such as groceries, housing expenses, bills and gas.
From my experience I can tell that people are getting very excited to use no spending challenges to fail miserably. There are several reasons for that but I want to mention the commonest ones.
- They don’t have a budget
- They are impulse buyers
- They start big
When you want to start a no spending challenge make your self a favor to start small especially if you haven’t organized your finances properly by using a budget and stick to it.
Budgeting is the first step you have to take in order all of your efforts to be successful. What do I mean by saying start small?
Every week start with a no spending day challenge. When you master that go to a no spending week and then move on to a no spending month.
You can start the first month allocate one day per week that will be a no spending day. When you accomplish that goal, you can upgrade your level to a week and so on.
This gives you a sense of empowerment and control over your situation. When you are confident enough you can combine this challenge with a finding extra income challenge within the same period.
This way you will benefit both sides as you are taking advantage of not spending money while you are increasing your income at the same time.
Don’t underestimate small things
When I was massively in debt during the 2008 financial crisis and I had zero income….I was grabbing any opportunity to make money that was coming to my way. Budgeting helped me at the time to recognize where I was bleeding financially. During the years I had applied several times a no spending challenge…but as things improved…you know…you are falling off the wagon.
On September 2022 my grocery bill went to 700 euros per month at the time my budget was only for 300 euros. That event rang a bell to me so my husband and I we decide to do a financial detox by applying a no spending challenge for October.
Lots of wishes