Zero Spending Challenge

Financial Literacy Month 2014: Budgeting Divas - Your Finances From A to ZToday’s topic for Financial Literacy Month 2014: Your Finances from A to Z is a Zero Spending Challenge.

For the month of April, we have brought you daily posts centered on our personal finances – saving, making and managing our money. I hope there has been some takeaway for you all! You can find all of our Financial Literacy Month posts by clicking here. Also, if you are a subscriber to our Budgeting Divas Newsletter, you will get a recap of all this month’s posts that include direct links.

I introduced a Zero Spending Challenge a couple of years ago and it was met with mixed reviews from my family, friends and supporters.  The thought of not spending money (outside of food and utilities) was quite daunting – especially for 30 days.

My purpose was to truly focus on all the excess that I already had and reflect on my spending habits. Why did we buy the things we did? Was it out of need, want or boredom?

I encourage you to set a period of time and take the Zero Spending Challenge.

Zero Spending Challenge: Financial Literacy Month: Your Finances from A-Z #AtoZChallenge #FinancialLiteracy

Zero Spending Challenge: Prepare Yourself

Before taking the Zero Spending Challenge, ask yourself these questions and truly think about your answers. They will help you focus on your “why” and ultimately be more successful with the challenge:

  • What is a reasonable amount of time you can participate in the challenge? A weekend? A week? A month? You want it to be challenging but if it becomes a mental burden then you most likely will not be successful.
  • Determine what you consider necessities. Review your list and ask yourself make sure the items are truly items that you must have and could not find substitutes already in your home.
  • Why are you participating? Do you want to curb your spending to help reach a financial goal? Do you just love a good challenge and want to prove to yourself you can do this? Whatever your reasons, make sure you keep them in mind throughout the challenge.
  • What are your back-up plans and alternate methods of getting items you need? Perhaps you can encourage a group of friends to join the challenge with you. You will have a larger support system and someone’s pantry to go “shopping” in if your tween uses the last bit of sugar you were saving for your coffee (true story!).

I would love to hear your thoughts on the Zero Spending Challenge – whether you have participated in one or are inspired to do one after this post! Feel free to comment below or join in the conversation on our Facebook page.