Looking to save for summer? Join in with our no\low spend May challenge in the community🫶

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We can’t wait to see what you achieve. Be sure to keep us updated with your progress in the Financielle community 🫶🏼

Not sure how to do a no\low spend month? Scroll down for a complete guide⬇️

Don’t worry, this isn’t about total frugality or depriving yourself of essentials. At Financielle, we want you to be in control of your money, not strip away every bit of joy. A no spend challenge focuses on eliminating unnecessary spending, so you can concentrate on what truly matters to you and your money goals.

So, why a no spend challenge?

Summer is a time of fun, adventure and often, extra spending. It’s easy to see your carefully planned sinking funds dwindle as you indulge in the season’s activities. And while enjoying your summer is precisely what those funds are for, you may have noticed some less-than-ideal spending habits creeping in. From impulsive Amazon purchases to being swayed by TikTok trends, these habits can drain your budget and derail your money goals.

That’s where a no spend challenge comes in. A no spend month is the best way to hit the reset button on your budget. It not only gives your savings a much needed boost but also helps you break free from the impulse spending.

The essentials

During no/low spend May, you’ll continue to cover all your necessary expenses think bills, food, transportation and any pre-planned commitments. The challenge lies in avoiding the non essential purchases that sneak into your budget. The goal is to recalibrate your spending habits and reframe your thinking around what’s a necessity versus a “nice to have”.

Mini challenges for along the way

To make your no/low spend May more enjoyable and less about restriction, you can add in mini challenges that align with your interests. These can be fun, rewarding ways to stay motivated and resist the urge to spend.

Here are a few ideas:

• Revive old hobbies: Spend time on activities you already love but may have neglected. Whether it’s reading, crafting or exercising, lean into hobbies that don’t require new purchases.
• Declutter and earn: Use this month to clear out your wardrobe or other areas of your home. Sell items on platforms like Vinted or eBay to make some extra cash while decluttering your space.
• Meal planning: Get creative in the kitchen with what you already have at home. Plan meals ahead to reduce food waste and avoid the temptation of takeout.

1️⃣ Find your problem areas

Start by reviewing your spending over the last few months. Where do you tend to overspend? Is it online shopping, dining out, or maybe those small impulse purchases that add up? Pinpointing these problem areas is the first step toward creating a successful no spend plan.

2️⃣ Create your rules

Now that you’ve identified where your money tends to slip away, it’s time to set your no spend May rules. These rules should target your problem areas directly. For instance, if online shopping is a weakness, you might ban any new clothing purchases for the month. Your rules should be tailored to your specific spending habits and money goals. Write them down and keep them visible as a daily reminder.

3️⃣ Make your no/low spend budget (AKA the secret sauce)

With your rules in place, it’s time to create your no/low spend May budget. This is where things get exciting! Enter your essential expenses like bills, groceries, and transport in the Financielle budget tracker and then see what your excess (the money left over at the end of your budget) is after you’ve cut out the non-essentials. That excess is your opportunity to make progress toward your money goals. Whether you decide to pay down debt, build your emergency fund, or save for something big, allocating this excess toward something that grows is what we want to see.

A note on sinking funds: If you’re a regular Financielle budgeter, you’ll understand the magic of sinking funds. During your no spend challenge, we’d say to still pay into your more essential sinking funds (think car insurance, Christmas, health insurance etc.). But for the sinking funds that are connected to wants over needs (think clothes, dining out, fun money) maybe skip them this month.

4️⃣ Enjoy the challenge

While no spend May might be tough at times, remember that you’re not alone. The Financielle community is always here to support you with tips, tricks and personal experiences to help you stay on track. Share your journey, celebrate your wins, and lean on the community when things get challenging. Together, we can rewire our spending habits and get closer to our goals!

Final thoughts

Remember, the goal of no/low spend May is not to punish yourself but to reassess your relationship with money. It’s about gaining control, understanding your spending triggers and learning how to better manage your finances moving forward.

Use your Financielle budget to track your progress, connect with the community and share your challenge. By the end of the month, you’ll not only see the difference in your savings but also have rewired your spending habits✨