Would you like to save more money? Do you like a challenge? Well, we’ve got a November challenge to help you spend less, save more, and maybe even make the world a better place in the process.
Before you get caught up in the frenzy of holiday shopping, Black Friday and Cyber Monday, take a step back and look at how you spend your hard-earned paycheck each month. Where does your money go? Do you have things you’d be willing to give up or cut back on for just one month?
#NoSpendNovember is a personal spending challenge that’s floated around the internet in various forms for about five years. It’s flexible and runs the gamut from spending zero dollars like Arianna O’dell did to choosing just one category of spending (like clothing or beauty products or booze) to give up for the entire month of November. The goal is simple. Reduce your spending on nonessential items to boost your savings. Sorry, but you do still have to pay your mortgage or rent! 😉
The best part of this challenge is that it gives you a great excuse to examine your spending habits and categories, set a budget, and pay close attention to where your money goes for 30 days. By choosing to spend nothing on one particular category, you may learn that you can give up that category forever. Consciously spending less can help you find leaks in your budget (did you really get take-out 10 times last month?), boost your creativity (how can I eat out without spending money?), and permanently alter your relationship with money. To help you get started, Kylie Ofiu has a great post about how to personalize the challenge for yourself.
Once you commit to your #NoSpendNovember challenge, write it down, tweet about it to us and other, share what you’re doing with friends and family so they will support you and hold you to your challenge. Sharing may inspire them to take the challenge, too. How much can you save by giving up one thing for the month? You might just be surprised.
In addition to spending less and saving more, we thought it would be cool to combine this no-spend challenge with an opportunity to give to charity. After all, #GivingTuesday is coming up on December 1st. We’ll tell you all about #GivingTuesday and how to participate in a future post. But for now, start thinking about giving some or all of what you save during your personal #NoSpendNovember to a local nonprofit of your choice on Giving Tuesday.
Taking the challenge? Let us know how you are doing it in the comments below. Let’s do this!