What is the difference between a "want" and a "need"? Can you go one day without spending money? How about one week? One month? One year?
Shawn & George talk every week about tips, tricks and strategies to help you save money, reduce debt, and become debt free. Now they're "putting their money where their mouth is" and taking action to help you do just that.
A No Spend Challenge is a freeze on spending money on things that are unnecessary — no spending on wants versus necessities. It can last for any length of time. The goal can be whatever you want — saving money, resetting habits, paying off debt, saving to invest, etc.
Some of the expenses you are allowed:
- Mortgage / rent
- Utilities
- Insurance
- Bills
- Groceries
- Gas
Some of the expenses you are not allowed:
- Eating out
- Anything discretionary
- Anything to drink other than water
One important rule: every dollar you save must be set aside, either in a separate bank account or in a physical envelope. At the end of the challenge, count all the money saved.
Save money, have fun, and if you know someone who would benefit from a No Spend Challenge, please share this episode!