We all need to spend some money, it’s true. We need food, rent and heat. But many of us also spend lots of money that is really unnecessary. One way to find out how much that can be is to set ourselves a no-spending challenge, in which we don’t spend anything beyond some set parameters.

 

Start with a day: see if you can spend no money at all for 24 hours. Groceries are normally allowed in these challenges, but it’s actually better to have bought them in ahead. Plan what you’re going to need – but also make sure you plan what you’re going to go without. No eating out or drinking. No cabs. No “shopping”.

 

If a day turns out to be easy, challenge yourself to see how long you can go on for. Weekdays? Into the weekend? Some people manage to push for entire “no spend months”.

 

The point is two-fold. One, this is a wonderful exercise in mindfulness and discipline, having control over your surroundings rather than being pushed around by impulse.

 

Two, it should turbo-boost your savings. At the end of the challenge, calculate how much extra you think you’ve saved by “no spending”, and then pop that into your investment account.

 

Win–win.