No-spend challenges are remarkably common. From Ad Buster’s annual Buy Nothing Day to No-Spend Month, to one blogger’s well-titled Fiscal Fast, there is no shortage of options for anyone looking to challenge themselves to save a few bucks.
Just because no-spend challenges are common, though, does that mean it will truly change anything? We asked people who had completed no-spend challenges and financial advisors for their takes, and for any tips they may have for those who wish to complete a challenge of their own.
Hemal Patel is founder of KB Studio, a marketing consultant firm in Tallahassee, Fla. As a business owner and recent homebuyer, he decided to take on a no-spend challenge as a way to store extra change from work so that he and his wife could better furnish their new home.
To start, Patel listed out all of his expenses to help him more clearly visualize just what the challenge was going to look like. He then went through each expense and reduced orRead More »from What can you really achieve with a no-spend challenge?