Why No Spend Challenge is Beneficial
People often spend a lot of money on unnecessary things. High expenditures can lead to bankruptcy and even loans. No spend challenge can help you not be bankrupt or a debtor. When practicing no spend challenge, you required to spend your money only on the things which are necessary. You are supposed to use the minimal amount of money on the necessary things when you are practicing no spend challenge. Some people think that this challenge is not beneficial which is not true. It is very beneficial to practice this challenge. You should read more here to know about the benefits.
No spend challenge keeps you motivated. As mentioned earlier, you supposed to make minimal expenditure during the period of the challenge. With this, you will learn to survive even if you do not have money or when you have a minimal amount of money. In case you are broke, you will survive since you will apply those tactics. You will not go looking for a loan when you do so.
No spend challenge encourages saving. Different needs which need money arise on a daily basis, and this is the reason why saving is hard. When practicing no spend challenge, you are supposed to cater for only the necessary needs and therefore you will not spend a lot of money. For example, people are discouraged from buying fast foods whenever they are practicing this challenge. The money which would be used in the unnecessary things can, therefore, be saved. One of the ways in which you can keep your savings is by banking it. Borrowing money is avoided when you save some of your money since you can use the money to pay for the needs you would have otherwise borrowed for.
Staying on your budget will be easy when you practice this challenge. Having a budget and staying on it are two different things. Staying on your budget is not easy since different needs arise every day. No spend challenge requires you to budget for your income and save the extra money. Therefore, when you practice this challenge, you get to know how to manage what you have as you wait for the next income. You will be forced to stay on your budget by this.
When practicing no spend challenge, you minimize your expenditure. One of the requirements of the challenge is that you are supposed to fulfill only the basic needs. Also, the least amount of money should be used when fulfilling the basic needs. For instance, when practicing this challenge, you will not go buying tomatoes when you have others in the house. It is very beneficial to practice no spend challenge. Some of the benefits are discussed above.