No spend challenge

Looking for nifty – and dare we say fun – ways to save money? Then the no spend challenge might be for you. Not only could it help tighten your purse strings, but it could also show you just how much of your money goes on wants versus needs. It may be quite eye-opening.

1. Say goodbye to non-essentials
2. Keep track with a wishlist
3. To buy or not to buy?
4. Keep it going

As with any challenge, it’s a good idea to keep track of your progress, so you can give yourself a little pat on the back when you reach a milestone. For this no buy challenge, you could do that by creating a wishlist.

Anything you want to buy that’s not essential – think a takeaway pizza or new jumper – gets added to your wishlist along with what it would have cost. This will give you a running total of money you would have spent that you’re now saving. 

Still thinking about that jumper you added to your wishlist last week?

You can always revisit your wishlist and decide whether you’d like to keep the money you’ve saved or go ahead and buy one of the wants you've refrained from purchasing. 

The no spend challenge isn’t about never buying something you want ever again. It’s about really considering if that money could be better saved or spent elsewhere. If you need a bit more motivation to help you save, take a look at our things to save up for guide.

We know, we know – spending nothing sounds tough, but the results should be worth it.

You could try it for one week to start with, and if that goes well, carry on for two weeks or even a no spend month. You might be surprised at how much you could save.

Even if you decide not to continue with the no spend challenge, giving it a go might help remind you to question your spending – and save more – in the future. 

Completed the no spend challenge and found you’ve got an impressive final figure on your wishlist? First of all, well done. You did it! You successfully spent nothing (or less, at least).

Secondly, now’s your chance to really get into the habit of saving. No, we don’t mean another challenge, we’re talking interest. Check out our guide to compound interest to find out a little more about how it works.

Opening a savings account, if you don’t have one already, could be a good way to make your money earn more. It’s also a good way to help stay committed to building your savings up.

We have a range of savings accounts to get you started, with different benefits and rates to suit your goals. Take a look and see how much you could save. All our savings accounts are for existing 1st Account customers only.