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StitcherWe caved in and did it ourselves. We decided to stop spending money for one month and it unexpectedly brought up stuff we didn’t expect. Today we’re breaking down where we nailed it, where we failed it, and what we’re taking away from it in hopes of helping you with your next no spend challenge.
The success of a no-spend challenge isn’t about how little you spend, but about what you learn from your spending—lessons you can carry into the following months and turn into actions moving forward.
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Jill’s Rules and How Did It Go For Her
Jill wants to focus on eating at home, making just one grocery trip per week, and buying essentials only. Her no-spend challenges were a perfect mix of wins and fails. There’s always a balance of things she’ll allow herself to get or do that somehow make up for the spending she couldn’t say no to.
Overall, her food spending was much lower, so the awareness really helped, and she stuck to her rules. Most of her spending came from events that were either unexpected or expected but costly. One key takeaway from her experience is the importance of having a sinking fund for major expenses like birthdays and weddings.
Jen’s Rules and How Did It Go For Her
Jen’s no-spend challenge went pretty well. Her grocery and meal spending went down overall. She may have gone out for coffee more than planned, but it was the one thing she gave herself permission to keep. Amazon was also a challenge because she bought something she didn’t really need, just because she wanted it. Instead of ignoring it, she chose to compromise in other areas. Overall, she was especially proud of eating at home, meal prepping, and sticking with it.
What’s your go-to rationalization for spending?
Jen thinks to herself, since she doesn’t spend a lot, maybe she can spend on the one thing she loves. And for Jill, she’s confident because she knows she budgeted for it.
Bill of The Week
Thanks Annette for sharing your bill about refiling your 2024 tax return and learning from your mistakes!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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Good intro to personal finance book
I thought this book was a great intro to personal finance and a motivating way to start off the new year. Unlike other personal finance books I’ve read in the past, the tips in this book felt very approachable and very doable to me. Some of the tips were pretty standard (like having a budget) but I liked how the book also covered the psychology of spending money so I could dig deeper into some of the money habits that I have. Overall I’d recommend if you are new to personal finance and aren’t sure how to start managing your money.
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