Monthly No Spend Challenge Tracker Template (2024)

FAQs

How do you make a no spend challenge? ›

For the no-spend challenge, you pay for essentials only for a set period of time. Thirty days is pretty common, so you might hear it called a no-spend month too. Basically you're covering your Four Walls (food, utilities, shelter and transportation) and other necessities, but you're saying no to all the extras.

That means no new clothes, no going out to restaurants and no coffee runs. “I wanted to stop the bleed,” Kaden, who is currently doing her fifth No Spend January, told CNN. “I needed food on the table and to pay my mortgage but I didn't need all of the things I was buying.”

Whatever the reason, #nospendjanuary, a monthlong challenge to cut out extraneous purchases, has reached a fever pitch on TikTok in the past few weeks. There's no hard-and-fast program, but most participants confine their spending to nondiscretionary “essentials” like groceries and transportation.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs, including debt minimums. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment beyond minimums.

Define your goals

You still pay for essentials, such as your mortgage and utility bills – the focus is on cutting out any extra spending on unnecessary items, whether it's takeaway coffees, clothes or impulse buys. It's helpful to have a specific goal.

“It's crazy how quickly things can get out of control.” To better track her spending, Yoo, 26, decided to try out a “low-spend month”—a budgeting trend in which participants aim to spend only on essentials, like rent or car payments, while limiting or cutting out discretionary spending entirely.

Join the No Spend Challenge movement

Color each bubble green when you've avoided spending unnecessarily. Leave it blank or color it red when you slip up. If this is your first time participating in a No Spend Challenge, go easy on yourself.

How to take on the viral no spend January trend? ›

What is the no-spend challenge? This viral trend involves going as long as possible without spending money on non-essential. (Rent, groceries and other necessities are okay.) Participants track their progress on a calendar, trying to rack up as many consecutive no-spend days as possible.

A no-spend challenge is when you don't spend money on any nonessential items for a set period of time. The goal of this challenge is to limit your spending to basic living expenses to save money. For example, you'll still be able to buy groceries, but you'd skip the coffee shop.

How to succeed at the 'no-spend' challenge. Get a grip of your outgoings, set a goal and know what you spend on and why. And ask 'do I really need it? '