No Spend Challenge - Episode 377

What is the difference between a "want" and a "need"? Can you go one day without spending money? How about one week? One Month? One Year? Shawn & George talk every week about tips and tricks and strategies to help you save money, reduce debt, and become debt free. Now, they're "putting their money where their mouth is" and taking action to help you do just that. In this episode, Shawn & George talk about their No Spend Challenge for July !! A No Spend Challenge is a freeze on spending money on things that are unnecessary or no spending on things that are wants versus necessities. It can last for any length of time, so we have chosen the entire month of July - starting on July 6 (to get beyond the 4th of July Holiday). The goal of a No Spend Challenge can be whatever you want - saving money, resetting habits, paying off debt, saving money to invest, etc. Some of the expenses you are allowed: Mortgage / Rent Utilities Insurance Bills Grocercies Gas Some of the expenses you are not allowed:  Eating Out Anything Discretionary Anything to Drink other than Water To help track our progress, we've created a Facebook Group called "Crushing Debt Spending Challenge." To participate, you must join that group, which you can do here: Crushing Debt Spending Challenge | Facebook Every dollar you save becomes one point. At the end of the challenge, we'll add up all the points, and Shawn & George have each put up a $25 gift card to the winner - plus you will have hopefully accomplished whatever goal you set for yourself. One more important rule for this challenge - every dollar you save must be set aside, either in a separate bank account, or in a physical envelope.  For example, if you go to the grocery store and forgo buying a bag of chips for $5, you MUST set aside $5 in a separate bank account or in an envelope.  At the end of July, we'll count all the money saved, and the winner(s) will have saved up the most money.  Could someone go out and say "I'm not going to spend $30,000 to buy that new care in July."? Yes, but then to qualify for the game you would have to set aside $30,000 in a separate savings account !! There are other ways to get points too: Leave us a Podcast Review = 2 points Submit a question for an upcoming episode = 2 points Become a Patron of the show at www.patreon.com/crushingdebt = 1 point per dollar spent Join the Facebook Group, save money, have fun and talk some trash !!  If you know someone who would benefit from a No Spend Challenge, please share this episode and ask them to join the Facebook Group! To contact George Curbelo, you can email him at [email protected] or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach  To contact Shawn Yesner, you can email him at [email protected] or visit www.YesnerLaw.com.