I Tried a “No-Spend Challenge,” and It Backfired — Here’s What I Learned from My Mistake

When I was in college — back when people regularly used checks — I decided to save up for a trip to take with my boyfriend at the time. I thought the best way to motivate myself would be to trick myself into thinking I had less money than I actually did. So I drew one of those fill-in thermometers with my goal at the top, and every month I wrote a check to myself and put it in an envelope. Then, I balanced my checkbook like I had spent the money somewhere else. 

When the time came for our vacation, I had all the money in my bank account and was only out a handful of voided checks. It was my earliest attempt at doing a no-spend challenge to save money for something fun. Now I do it without writing checks (it’s 2024, come on), but the concept is still basically the same. 

Back then I wanted to save for a vacation, but for others a no-spend challenge could be a chance to break bad spending habits, pay off student loans, save up for a new car, or any other of a thousand reasons you might want to stash away some money. If you’re interested in trying a no-spend challenge yourself, here’s everything you’ll want to know going in. 

First off, a no-spend challenge is a way to save money that makes the concept more entertaining. “Gamifying the saving experience can help make things a bit more fun,” explains Jennifer Dohm, senior director of consumer communications at banking app Chime. “Personal finance should be taken seriously, but that doesn’t mean it has to be boring!”

If you’re wondering how to do it, it’s right in the name: You don’t spend any money (outside of necessary expenses) for a month. For easiest tracking, start on the first day of the month.

“The basic rule for a no-spend month is that you only shell out cash for what you absolutely need,” says Eric Croak, president of wealth management firm Croak Capital. “Reflect on what you typically spend money on each month that you might actually be able to do without.”

That means you still pay for things like groceries, bills, and other essential expenses like childcare and housing costs. But you don’t spend on things like eating out, impulse purchases at the register, trips to the movies, travel, and other costs that are considered wants rather than needs. Instead, do things like cooking at home, spending time in a park, checking out books and movies at the library, or having a game night with games you already have.

Croak says that some keys to success include avoiding online shopping; letting your family and friends know you’re doing the challenge so they aren’t tempted to invite you out to things that cost money; and planning to do the challenge during a low-key month.

“December’s usually out because of Christmas,” Croak says. “Avoid any month when you’ve got vacations planned or lots of birthdays or events to attend. January is a popular choice.”

Find a way to keep track of what you’re choosing not to spend money on, whether it’s something you saw in a store or online, or just a takeout dinner or a snack you passed up. That could mean writing everything down in a notebook, taking photos of what you didn’t get, or even just keeping a list on your phone.

“At the end of the challenge, you’ll find that all the money you would have spent on non-essential purchases can add up to a pretty penny, and can also now be used towards furthering your financial progress!” Dohm says.

Dohm also notes that this challenge is particularly good for people who have discretionary income. If you’re just getting by, a no-spend challenge is probably not for you. Or, you could try one for a week and see how that goes, rather than an entire month.

The shortest way to explain what happened when I tried a no-spend challenge is this: It sucked. It sucked hard. I started in the middle of April. (I know. Don’t judge me. I was in shock after filing taxes.) I know I spend a lot in general, so I wanted to make sure I wasn’t spending money on all the unnecessary things (maybe just some!) — and I also wanted to break my discretionary spending habits.

Immediately, I cut out trips to the movies, ordering out, purchases at the farmers market (I usually only get cheese and chocolate), and buying new books or random things from Buzzfeed lists. I didn’t really track what I didn’t purchase. Instead, I put all my impulse shopping ideas into wish lists on Amazon and Barnes & Noble, and then ignored everything else.

At first, it went well. I noticed I’d saved about $100 just in one week. And then as the month began to drag on, I got antsier. I don’t like depriving myself, which is why I started the challenge in the first place. Around week three, I stopped in at a pet store to play with some puppies. My dog had died a few years earlier, and pet therapy (in addition to regular therapy) helped me get through the deep loss. 

By this point I had probably saved around $300 to $400. For whatever reason, my brain short-circuited. It said, “You’ve saved enough!” So … I bought a puppy. She’s an adorable mini dachshund named Heloise, and she was expensive — and worth every penny, of course, but definitely not in line with my no-spend challenge.

Essentially, I worked hard for three weeks, and then blew it all (and then some) on the last week. My bad.

Well, off the top of my head, next time I probably wouldn’t buy a puppy. But I don’t plan on doing that again for another 15 years or so. 

Beyond that, for my next no-spend challenge, I would try to split my no-spend month into two-week periods so I don’t feel so stressed about the time crunch. Plus, I’d plan to start on the first of the month instead of panicking and going cold turkey on a random day mid-month. 

I would also keep track of the things I wanted to buy but didn’t — but on paper this time instead of just adding them all to wish lists online. That way I won’t be tempted to just hit “quick checkout.” Or, you know, buy a puppy.