The social media trend known as No Spend September encourages individuals to reassess their spending habits and boost their savings. Many participants, including financial influencer Lou Gibson, aim to eliminate unnecessary expenses for the month. Gibson, who shares her journey as That Money Mum on Instagram, successfully cut her spending last year and plans to tackle the challenge again in September 2023.
No Spend September invites participants to focus on essential spending only. This includes necessary expenses like rent and groceries while cutting out discretionary costs such as takeaway coffees, streaming subscriptions, and dining out. Gibson describes her experience during the challenge as enlightening, stating, “It really made me question where all that money [we saved] normally goes and whether spending it unconsciously is really adding enough to our lives to justify it.”
Understanding the Challenge
The trend has gained traction on social media over the past few years, as more individuals look to reset their financial habits. Participants are encouraged to break down their spending and eliminate avoidable expenses for the duration of the month. Gibson noted that the focus on free activities, like family time and outdoor pursuits, helped her feel less deprived.
Financial literacy advocate and accountant Ketvi Roopnarain emphasizes the appeal of short-term challenges. “When it’s limited to 30 days, it feels more achievable. If you just have to press pause for 30 days, suddenly you realize you can do another 10, and maybe another 10,” she explains. This approach allows participants to feel a sense of accomplishment while they explore new ways to manage their finances.
Setting Goals and Adapting Strategies
Financial behavior expert and author of *Good With Money*, Emma Edwards, highlights how such challenges can recalibrate spending habits. “It’s really easy nowadays to get stuck in cycles of convenience spending, overwhelm spending, or doom/dopamine spending,” she says. With September being a time of renewal, it serves as an ideal period for individuals to set measurable savings goals, especially with Christmas only four months away.
Yet, No Spend September may not be suitable for everyone. For those already managing tight budgets due to the cost-of-living crisis, Roopnarain suggests alternative challenges. She encourages individuals to explore other avenues, such as identifying unused belongings to sell or reviewing essential bills to find potential savings.
“Consider calling your energy provider to negotiate a better deal,” Roopnarain advises, as those savings could contribute to Christmas funds. She also suggests taking time to speak with financial institutions about available rates on loans or investment opportunities.
While short-term challenges can offer valuable insights, both experts caution against extreme restrictions. Edwards notes that overly strict spending limits can lead to a cycle of frustration, resulting in increased spending once the challenge concludes. “Being overly restrictive can create a rebellion cycle where we then spend more aggressively either during or after the challenge,” she explains.
For individuals interested in beginning their No Spend September journey, Roopnarain recommends defining clear goals and identifying essential versus discretionary expenses. Tracking spending can provide insights into habits and help celebrate small victories along the way.
Edwards also suggests rotating focus areas each week, allowing participants to tackle different spending categories without feeling overwhelmed. “The key with these kinds of things is not aiming for perfection, but treating it as a learning experience instead,” she concludes.
As more people join the No Spend September movement, it presents an opportunity to rethink financial priorities while fostering a greater appreciation for life’s simple pleasures. The initiative not only aims to save money but also encourages individuals to cultivate mindfulness about their spending habits, leading to lasting change even beyond the month of September.
