The trend is all over social media with savers using the hashtags #nospendchallenge or #nospendmonth.
UK households saving £500 a month thanks to trend sweeping social media
UK households are using the ‘no spend’ trend to save hundreds of pounds a month. The trend is all over social media with savers using the hashtags #nospendchallenge or #nospendmonth.
“It’s basically talking about a set period of time where you make a concerted commitment to not spend money on things that aren’t essential,” explains Matthew Sheeran, Money Wellness collaboration partner and trained debt adviser.
“You can still do your food shopping and pay your bills,” says Sheeran. It’s a chance to reset, budget better and “really realise what you do and don’t need”, says Sheeran.
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“A lot of people will get a coffee every day just because that’s what they do, it’s part of their routine. They’ll soon realise it’s not something you actually have to do.”
“You might find it easier to save £200 or £500 a month to start saving for life’s bigger purchases,” he said. “You can make the choice of what you want to spend that money on rather than just naturally frittering it away throughout the month on non-essentials.”
“It really can reduce stress and provide that sense of control over your money, which empowers people and makes them feel better,” says Sheeran.
“If you are wanting to make a conscious impact to reduce your carbon emissions, lose weight or improve your lifestyle, then it doesn’t have to just be about money,” says Sheeran.
“If you’re thinking, ‘I’m not actually struggling,’ or, ‘I am able to save some money,’ it doesn’t mean this isn’t for you. Think about what matters to you, and it might still be worthwhile.”
But Mr Sheeran warns against “revenge spending” when the challenge ends.
“Maybe in their mind, because they’ve not spent for a week, they think they can then splurge. It sets you back to square one,” he said.