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you could keep more of your money, meet big goals faster and even be kinder to the earth.
What Is No-Spend?
The no-spend challenge encourages you to stop spending any money on items you dont need.
Of course, youll still pay for your essentials housing, food, transportation and utilities.
But everything else gets put on hold.
Why would anyone do this?
Save Money
This is the biggie.
If you stop spending money on non-essential purchases, youll save money.
It can be an eye-opening experience.
Youll think before you slide that card and youll feel better about your purchases as a result.
Be Less Emotional
Youll also start to see how emotional your spending can be.
It is an American tradition to buy things that last and then fix them for as long as possible.
Saving to buy a house?
Take a big trip?
Youll get there faster when you hold onto more of your money.
Because if you dont set rules and benchmarks, youll be more likely to fall into your old habits.
Below are some ways to lean into the challenge.
Or put $50 a week into savings.
Whatever your goal is, write it down and give it a time limit.
That way, you know what youre working toward.
Set yourself up for success and start the challenge at a time when you know youll be less tempted.
What do you need every month?
Everything else goes in a wants column.
Look at this list any time you want to spend money unnecessarily.
If you need it, buy it.
If its a want, wait.
Buy What You Need
Yes, part of this challenge is to buy what you need.
So take care of the essentials and ensure you and your family are taken care of.
Buy in bulk from big box stores like Costco and get as much as youll need for the month.
Pay your mortgage and your other bills and fill your tank up with gas.
Plan Meals
Fast food and eating out can be a drain on your bank account.
To avoid this seeming emergency, plan your meals and time ahead of time.
That way, youre prepared and you’re free to skip the drive-thru.
And then celebrate your win.
Be Flexible in Emergencies
Of course, you want to be flexible in case of emergencies.
This is not an impulse.
Find Free Things to Do
Get creative with this challenge.
There are tons of free things to do.
Take advantage of them.
It will give you the push you better keep it up.
Tell All Your Friends
Finally, tell all your friends.
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