She Strengthens

Reigning in My Spending Habits: A 90-Day Experiment

As I reviewed my credit card transactions at the end of 2020, I was struck by the staggering amount I had spent over the previous three months. Despite having no dependents and minimal recurring expenses, my discretionary spending had reached an alarming $2,000 per month. I knew I needed to take drastic action to curb my reckless spending habits.

The Inspiration Behind My “No Spend” Challenge

I drew inspiration from personal finance YouTube channels and decided to embark on a “no spend” challenge for the first three months of 2021. This experiment would involve setting strict rules around reducing non-essential spending and demonstrating extraordinary restraint in following them.

Understanding My Spending Impulses

Upon closer examination of my purchases, I identified three main drivers of my spending impulses: content marketing, the appeal of deals, and small, impulsive purchases. I realized that I was susceptible to product recommendations from trusted sources, and I often fell prey to deals on items I didn’t need. Additionally, my frequent trips to gourmet grocers and coffee shops were adding up quickly.

My “No Spend” Rules

To ensure the success of my challenge, I opted for a three-month period instead of a single month. I prohibited myself from buying personal care products, clothing, and accessories unless absolutely necessary. I also banned takeout and restricted my cappuccino runs to three times a week. Furthermore, I limited my grocery purchases to items I could finish within a week without them expiring.

My Experience

Throughout the challenge, I employed several strategies to stay focused. I forced myself to take walks without my wallet, watched YouTube videos about others’ “no spend” challenges, and planned out my weekly coffee trips. I also made a conscious effort to eat before running errands and avoided browsing online retailers.

Results

Despite encountering some unexpected health-related costs, I reduced my discretionary spending by 58% overall. While I didn’t reach a zero-spend goal, I’m proud of the significant reduction in my spending on personal care and fashion items.

Reflections on My “No Spend” Challenge

I consider my “no spend” challenge a success, not just because of the numbers, but because it has permanently altered how I spend my money. The value of completing this challenge lies in abandoning the idea of “perfection” and focusing on perseverance and long-term behavioral changes. I’ve learned that making mistakes is not a license to give up, but rather an opportunity to learn and improve.

The Takeaway

My “no spend” challenge has taught me the importance of being mindful of my spending habits and making conscious decisions about how I allocate my resources. I’m confident that undergoing a formal, ambitious spending challenge kept me committed in a way that a casual, less restrictive exercise wouldn’t have. I hope that my experience will inspire others to take control of their finances and develop healthier spending habits.