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It is currently Fri Nov 21, 2014 7:53 pm




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 Post subject: Have you tried a no spend challenge?
PostPosted: Mon Nov 03, 2014 1:37 pm 
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Joined: Thu May 17, 2012 10:05 am
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Have you tried a no spend challenge? What did you learn and how much did you save?

So in October we did a no spend challenge. This can also be called a pantry challenge. We set our sights not to spend money on anything outside of our basic necessities and eat from our food pantry/freezer as much as possible. We limited grocery shopping to essentials only.

Our goal as a family of 4 was to save $800 in October 2014. 8)

These are the things that we sought to avoid:

*No eating out at restaurants.
*No Starbucks.
*No shopping at stores.
*No shopping online.
*No excess entertainment (we already subscribe to Netflix monthly, but no Redbox or Amazon Online rentals).
*No extras. (chocolate, manicures, pedicures, games, etc.)
*No home décor.
*No toys. (We tend to buy $1 toys at Target)
*No crafts or hobbies.

We are happy to report that we more than doubled that savings goal! :rock:

Read more http://eaglesoaringhigher.blogspot.com/2014/11/the-no-spend-challenge-31-days-later.html :clap:

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Mon Nov 03, 2014 3:37 pm 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1213
Never tried it but if I suggested it to DW it would go over like a lead balloon.


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 3:36 am 

Joined: Mon Jun 30, 2014 5:28 am
Posts: 158
Are you going to keep it up? I seems like you really enjoyed finding ways to have fun outside of spending money.


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 5:36 am 
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Tightwad wrote:
Never tried it but if I suggested it to DW it would go over like a lead balloon.


Actually my wife suggested that we do a no spend challenge every 3 months... lol :lol:

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 5:39 am 
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plank wrote:
Are you going to keep it up? I seems like you really enjoyed finding ways to have fun outside of spending money.


Yes we did have a lot of fun being creative about our fun and entertainment.

Probably going to take a break November & December. Black Friday is coming up and is when we do a majority of our Christmas shopping online. Also, we'll have family staying with us for an extended time these two month.

May pick it up again in January though... ;)

Have you done a no spend challenge before Plank?

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 6:16 am 

Joined: Sun Apr 27, 2014 8:36 am
Posts: 12
This year, November is my "no spend" month. It's great to see how much those little things can add up in our budget that we really don't need.

As I'm just starting out, I might use "no spend" months as a way to fund my Emergency Fund.


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 7:52 am 

Joined: Mon Aug 04, 2014 5:56 pm
Posts: 47
Need to practice this. You can save probably and extra 500-1000 during no spend challenge month


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 8:14 am 
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tifftaffy wrote:
This year, November is my "no spend" month. It's great to see how much those little things can add up in our budget that we really don't need.

As I'm just starting out, I might use "no spend" months as a way to fund my Emergency Fund.


Exactly. What is a need and what is a want? We kept asking ourselves that question. Good luck to you!

The key is to stock up on basics the month before your no spend challenge. For example we bought 10 half gallons of organic milk for $1 the month before. :clap:

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 8:32 am 
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brokeasajoke7 wrote:
Need to practice this. You can save probably and extra 500-1000 during no spend challenge month


Go for it Brokeasajoke7! Here's another version of the pantry challenge:
Quote:
Pantry Challenge- #1

(We recommend that you start with this one! It’s a great way to get a month with extra savings right in the beginning, to declutter, and to be able to get rid of those cans that you never make a meal out of…. Just think, when it’s all gone, you can start fresh! Skip this challenge if you do not have anything --- and we mean COMPLETELY BARE…. If you have enough to make 5 meals, then still, do the Pantry Challenge first. It will just be a shorter challenge for your family.)

• Empty your fridge, freezer, pantry and cabinets
• Write down every item you already have with quantities
• Create as many meals as possible, only needing to buy minimal ingredients, using what you already have. Do not buy additional meals until these meals are gone.

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 8:42 am 

Joined: Tue Oct 29, 2013 2:14 pm
Posts: 182
Out of curiosity, did your spending jump a little at the end of September to prepare? Filling or restocking the pantry? There have been many a meal when I didn't "have any food to prepare," and found enough goodies hiding in the back of my cabinets. But I know what I have wouldn't last me a month.


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 9:28 am 
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Lis wrote:
Out of curiosity, did your spending jump a little at the end of September to prepare? Filling or restocking the pantry? There have been many a meal when I didn't "have any food to prepare," and found enough goodies hiding in the back of my cabinets. But I know what I have wouldn't last me a month.


We bought in September at a discount some extras including meat and milk. We got for example 10 half gallons of organic milk for $1 each. We also kept buying mainly fruit, eggs, and yogurt throughout the month of October.

We had a favorable mistake in July or August I think it was with Amazon. A package that should've been delivered in June finally arrived late. It had enough diapers for a whole month. We contacted Amazon to pay for the diapers and wipes... Surprisingly they said not to worry about it as it was no longer in their system and was a gift to us. Lol. I've never heard of that before.

We had a LOT of food in our pantry (wife isn't big on canned goods) and a ton in our freezers (the one with the fridge and stand-alone in the garage).

Kinda depends on how much food you already have stocked up I guess Lis.

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 12:16 pm 

Joined: Wed Oct 15, 2014 8:15 am
Posts: 4
This is an awesome idea I will be trying to do this. I plan on trying not to spend money on food and cleaning out the pantry for dinners and lunch. :rock: I am new to budgeting as I usually spend over $150 on lunch and dinner during the week.


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 1:01 pm 

Joined: Tue Dec 04, 2007 3:49 am
Posts: 161
Location: Australia
No hobbies??? Goodbye life.


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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 1:22 pm 
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winklerlvrs49 wrote:
This is an awesome idea I will be trying to do this. I plan on trying not to spend money on food and cleaning out the pantry for dinners and lunch. :rock: I am new to budgeting as I usually spend over $150 on lunch and dinner during the week.


Welcome to the forums winklerlvrs49. ;)

While you're adjusting your budget try to save 1k in the bank for emergencies.

You can do it!

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 Post subject: Re: Have you tried a no spend challenge?
PostPosted: Tue Nov 04, 2014 1:32 pm 

Joined: Wed Oct 15, 2014 8:15 am
Posts: 4
Eagle wrote:
winklerlvrs49 wrote:
This is an awesome idea I will be trying to do this. I plan on trying not to spend money on food and cleaning out the pantry for dinners and lunch. :rock: I am new to budgeting as I usually spend over $150 on lunch and dinner during the week.


Welcome to the forums winklerlvrs49. ;)

While you're adjusting your budget try to save 1k in the bank for emergencies.

You can do it!


Thanks hopefully it wont be to hard since I am going to stop spending so much during the week on lunches


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