July 4, 2024
Yahoo Life recently published an article featuring Greg Stoller, Master Lecturer of Strategy and Innovation, discussing the ‘no-spend’ month TikTok challenge, a month-long pause on purchasing non-essentials.
Throughout a no-spend month, individuals refrain from spending money on anything except essential expenses such as rent/mortgage, gas, insurance, etc. The funds that would have been used for non-essentials are redirected towards achieving a long-term financial goal.
“Just as Americans often fail to uphold their New Year’s resolutions, it is even easier to break a no-buy promise with a simple click,” Stoller adds, explaining the drawbacks to maintaining this challenge.
While some find that this challenge leads to impulsive spending afterward, success within this challenge involves setting clear goals and rules for yourself, finding alternative activities to avoid feeling deprived, and regularly evaluating spending habits throughout the month.
