Every February, my family does a no-spend challenge for the entire month. I like to call it a “the financial reset button.” Many of us are still recovering from all of the holiday spending in February, so it makes sense to try a no spend challenge. Also, I am participating is a savings challenge this year, so the extra money not spent this month will go towards my savings goal. I have compiled a fun list of money free activities to participate in with family.
Obviously, it is hard to spend absolutely no money for a whole month. There are still housing, food, transportation, and more expenses that need to be paid. During a no spend challenge; you will eliminate the unnecessary spending categories such as entertainment, dining out, fun money, and any other expense that is not needed to survive.
In our house, we live off of 50% of our income during a no spend challenge. To make sure we do not go over budget, we are on CASH ONLY for the entire month, no debit cards. This is the hardest part for me. Paying cash for everything makes you more aware of how much you are spending. No more swiping the debit card and walking away. (Insert sad face…lol) Now I have to make sure I have the cash; if not, I will be putting grocery items back on the shelf (yep, I have done it).
What money free activities does your family participate in during a no spend challenge? If you have tried anything on the list, let me know how it went.
Proverbs 25:28 – A man without self-control is like a city broken into and left without walls.