This No-Spend Challenge Will Help You Stay On Track With Your Financial Goals

September is a month to refocus. The Labor Day rush to fit in one last summer trip is over, and now we look toward saving for holiday travel plans and purchases. As the effects of inflation have many of us looking for ways to eliminate unnecessary spending, what better way to do it than with a no-spend challenge?

What Is a No-Spend Challenge? 

A no-spend challenge doesn’t mean you stop spending money on everything ( for most of us, that’s impossible). Instead, it means cutting back on unnecessary spending for 30 days. You can take this challenge any time of year, but the important thing is to refocus on your financial goals. 

You can start a no-spend challenge with a future goal in mind. Focus on what’s most important to you and make it your goal for the month. For example, you can trim your usual dining out spending and apply it to your car loan. Alternatively, you can use your savings to invest in your DEXSTA Share Savings account. A no-spend challenge is what you make of it, but it’s a great way of introducing discipline and focus into your spending habits and getting back on track! 

Decide on Some Ground Rules for Your No-Spend Challenge

The rules are yours to make! This challenge can be as strict or easygoing as you make it, but we recommend laying out some ground rules before you start. Outline your essential spending as the first step. You must keep paying for your phone bill, loans, gas, and rent. Those things aside, you can now focus on how to curb your consumer spending (eating out, buying coffees, concert tickets, online shopping) or things you want to pause for the month. Once you decide on the essentials, everything you spend money on outside of those margins is clearer. 

Create a Budget for Your No-Spend Challenge (or Revisit One You Already Have) 

You can create a budget or revisit and update a budget you already have. Likely, things have shifted around a bit with rising food and housing costs, so make those updates to reflect an accurate current view of your finances and expenses. If you use money apps like Mint or EveryDollar, you can personalize your budget and break off spending into categories you name. 

Part of the no-spend September could be getting a visual of your finances for the first time! If you don’t track your spending already, this could be an opportunity to see where it is headed and how you can harness it to achieve your most ambitious financial goals. 

Set Your No-Spend Challenge Goal, Big or Small, and Get the Family Involved

What is your goal? Whether it’s chipping away at the mortgage, paying off the car, or doing something future-oriented like a trip, the more detailed, the better. While you might not accomplish paying off a big debt in a month, consider it a way to rev your savings engine and get the wheels turning for other good money habits.

Also, if you have children, this could be a way to teach them budgeting, your favorite savings hacks (buying in bulk vs. last-minute shopping trips), or how to save on generic brands at the grocery store. Try setting up a child or teen savings account with DEXSTA to get them on track to making good money decisions. Or use the funds you’ve saved for future activities like a weekend road trip, an adventure park visit, or a day at the beach. The details are up to you but don’t miss the opportunity to get the whole family involved (and motivated) toward saving goals. 

Get Creative With Saving and Don’t Forget To Have Fun!  

Who says no-spend September has to be boring? Instead of focusing on things you can’t do, use this creative chance to explore the free events in your city. From free museum days to movie nights in the park or free live music events, plenty of enjoyable activities don’t require you to spend. The local library is also an excellent resource for free event ideas with kids!  A no-spend September can be a win-win for everyone involved. There is a sweet spot between exercising financial discipline and having fun on a budget. If you’re looking for more ways to stretch your budget, check out our free financial literacy resources on Banzai. The budget and savings calculator tool is one of our all-time favorites.