Are you feeling the pinch as the holiday season approaches? If you’re looking to save money fast before the holidays, a short 2-week no-spend challenge could be just the solution you need to build your holiday savings and ease financial stress.
When I was young, my mom had a rule: we couldn’t buy any treats for ourselves during November. We were also not to expect any extras during this time. Her reasoning was simple: if we received treats and presents all the time, we wouldn’t appreciate the Christmas gifts as much. Years before the term “hedonistic adaptation” became popular, my mom’s common sense grasped the essence of it! #mompower
In retrospect, I wonder if this was also her way of cutting down on family spending and saving a little money in preparation for the excess that characterizes this time of year. Remember, when we were growing up, no one talked about “no-spend challenges” like we do now.
Now, the holidays are just around the corner, bringing with them the extra expenses of gifts, gatherings, and travel. Instead of stressing about how to afford it all, why not start now by building a financial buffer? A simple way to achieve this is by taking on a short 2-Week No-Spend Challenge. In just 14 days, you can save money, reset your spending habits, and ensure you’re ready to enjoy the holidays without breaking the bank.
Why Do a No-Spend Challenge?
The No-Spend Challenge is exactly what it sounds like – a commitment to avoid unnecessary purchases for a set period. For two weeks, you’ll only spend on absolute essentials. The goal is not only to save but also to become more mindful of your spending. It’s a short, powerful way to free up extra cash that can help cover holiday costs, reduce financial stress, and prevent reliance on credit cards during one of the most expensive times of the year.
How to Do a No-Spend Challenge
A No-Spend Challenge is very easy in theory. Just don’t buy anything! However, that can be difficult to do in reality. Here are a few guidelines to make it more realistic for you to accomplish.
Pick Your Challenge Duration: 2 Weeks
Buy your Halloween candy first so that expense out of the way. Then get started on this challenge NOW! You want to be done with the challenge before you start your Thanksgiving shopping. So you have this perfect window of time to save some moolah!
We’re keeping this challenge short – just 14 days. Simply choose a start date and dive in. Two weeks is long enough to see results but not so long that it feels overwhelming. It’ll give you a nice head start on holiday savings while keeping the length manageable.
Set Your Rules
Not all spending is off-limits- you still need to cover the essentials. I’m not suggesting you skip groceries, ignore your mortgage, or forgo gas for your car. You know what your essentials are.
What’s off-limits? Pretty much everything else: dining out or takeout, impulse shopping, new clothes, and extra entertainment costs (movies, streaming services, etc.).
The goal is to eliminate anything that isn’t necessary for your survival or daily functioning during these two weeks. If you’re unsure about something, ask yourself, “Can I live without this for 14 days?” If the answer is yes, it goes on the no-spend list!
Brainstorm How to Make it Happen
This is a straightforward challenge, but it’s not always easy. It looks ideal as you read this post, but how does it translate to real life? After all, you still have to figure out morning coffee, daily meals, and tempting sales.
With a few minutes of reflection, you can identify where this challenge will be difficult for you. Some pre-planning will increase your chances of success. Many non-essentials are easy to spot, but it’s the sneaky ones that require more mindfulness.
For instance, how will you handle coming home from work, feeling too tired to make dinner, and defaulting to ordering something through an app? Before you start this Challenge, look through your pantry, freezer, and refrigerator to see if you can use up some of your supplies. This also helps to clear out kitchen space for special holiday foods and cooking supplies. If meal planning isn’t on your agenda, consider picking up a few ready-to-eat meals from the grocery store to have on hand Knowing you can pop something into the oven and have dinner on the table in 30 minutes will save you money.
Maybe you can commit to making breakfast and coffee at home for the next two weeks. If you feel rushed in the mornings, just imagine how much time you spend every day standing in line at the coffee shop.
Start eating a simple homemade breakfast. Eating oatmeal for two weeks may not be your top choice, but it will save you a lot of money and provide a break from your routine. If that’s too restrictive, did you know you can make or buy egg bites for less than the fast food prices?
Consider unsubscribing from sales emails from your favorite store. Instead, spend that time looking through your closet to find hidden gems you forgot you already own. Do you really need more clothes? If you don’t find anything you like in your closet, box up items to donate to the thrift store! Hey, you’re already going through a space. Take those few extra minutes to check that chore off your to-do list.
Another example to consider saving money on might be tissues and toilet paper. If those are on sale one week, it is easy to add extra to your cart during routine shopping. Pause and consider how much you really need right now. Maybe you can wait until the next sale.
With a little preplanning and mindfulness, you can set yourself up for a successful 2-Week No-Spend-Challenge.
Track Your Progress
To maximize the challenge, it’s important to track your progress. Each day, record what you spent money on (if anything) and reflect on whether it was truly essential. You can use a notebook, spreadsheet, or an app to keep it simple.
Make notes on when you were tempted to spend but chose not to. Write down how much you saved. This helps you stay accountable to yourself. See how much these savings add to when you avoid non-essential spending.
Observing where your money would have gone can be eye-opening. Much of our spending is habitual and doesn’t enhance our quality of life. Challenges like these help you become aware of your unconscious spending patterns.
Protect Your Savings
The whole point of this Challenge is to save money, so don’t let it just sit in your checking account where it will slowly dwindle away! Instead, take the money you’ve saved and physically separate it from your regular account. Move it to a specific savings account or withdraw the cash and put it in a “holiday spending” envelope.
Whether it’s for gifts, travel, or hostessing, you’ll feel relieved to have that cushion ready when December quickly arrives.
Reflect & Adjust
Once the two weeks are up, take a little bit of time to reflect. How much did you save? Did you miss anything that you cut out? Could you maintain some of these habits even beyond the Challenge?
This reflection period is crucial because it helps you identify where you might be spending out of habit rather than necessity. Use these insights to adjust your budget moving forward and consider how you can align your spending with your larger financial goals – even beyond the holidays.
Final Thoughts
The 2-Week No-Spend Challenge is a quick and effective way to prepare financially for the holidays. You’ll save money, build better spending habits, and, most importantly, feel more in control of your finances before the season of giving kicks into high gear.
So, are you ready to Challenge yourself? Start today, and watch how a small shift in your spending can lead to a low stress, budget-friendly holiday season!
Ta ta for now! But definitely check back in when your two weeks are up. I love to hear from you, so comment below.
