Can a NO SPEND challenge really change your life? Alison Soltani no spend challenge, which can have a positive impact not only on your wallet, but the planet too. Doing a no spend year changed my whole mindset about money and frugal living, allowing me to adopt sustainable habits and understand what it means to have ‘enough’. With the cost of living rising fast, many people are thinking about ways to cut back their spending. Lots of people in the UAE have savings goals, but the rising cost of everyday goods coupled with a global culture of rampant consumerism can put a strain on family budgets and savings potential. There are many ways to save money, but one strategy growing in popularity is the
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The Source FAMILY
What is a no spend challenge? For many people, the belief that they simply cannot save is not founded in a thorough values-based assessment of their income and expenses. Addressing this, a no spend challenge is a defined period of time whereby you aim to cut back spending to essential expenses only. In doing so, the goal is not only to save money during the challenge, but
also to evaluate your spending habits and ‘reset’ your budget. After looking at your current expenses, you define what constitutes a ‘no spend’ day and a ‘spend day’ and track your progress over a defined time period. Why do a no spend challenge? When the world shut down in 2020, my stress-spending shot up. I had been conscious of my finances for a couple of years and worked hard to increase my savings rate. But Covid-19 threw me, and I reacted by over-spending, as Amazon became my most-visited website during lockdown. As 2021 approached, I decided to get a handle on things. It was whilst researching saving strategies that I discovered the ‘no spend challenge’. It’s easy to write off a no spend