Read Before Doing a No-Spend Challenge
However, there are also some reasons why one wouldn’t like to do no-spend challenges.
No less different from crash diets
Some people claim that no-spend challenges are quite similar to crash diets. As Dieticians say, after going on a juice diet for a week, you may overeat once the challenge ends. Moreover, preventing your body from the nutrition it needs can cause you to eat more later. This can either make you unhealthy or gain a lot of weight at once, both are pretty bad.
Similarly, preventing yourself from the fun you need, can backfire. There’s no guarantee that you wouldn’t go on binge-spending once the no-spend challenge ends. This way, all your precious efforts of saving will go into vain.
Therefore, instead of exhausting your willpower to restrain yourself from spending, you should take on a balanced approach to savings. It is better to set budgets or give yourself a limited fun allowance rather than banning all your purchases outright. By doing this, you will properly treat yourself, meet your financial goals, and won’t even mess with your monthly budget.
Prevents you from getting good deals
Another reason to dislike no-spend challenges is that they can prevent you from getting good deals. You never know when you’ll encounter a good deal on the item(s) you want to buy. And if that happens during your no-spending month, you’d surely not like it.
That’s the reason why many people don’t like trying no-spending challenges. Even we suggest that if buying something now, instead of later saves you money, then now is the right time for that purchase. It is advisable to accept a balance and flexibility while managing your finances. It ultimately saves money along with helping you to experience all the fun parts.
The bottom line
No-spend initiatives can help to reduce costs by keeping you from buying things you don’t need. However, you must be cautious to avoid rebound spending, or you risk losing your gains.
No-spend challenges may not be the best choices for all. One may also not find the need to take these sorts of challenges if they spend much. Meanwhile, some may not find it justifying to cut out the little pleasures for the sake of savings.
Thus, you need to first examine your needs, requirements & how addicted you’re to shopping & spending, before you take on the challenge. Then decide if you want to try it or not.
