I saved $13,500 by doing a 'no-spending challenge' for a year, and it helped me dig myself out of debt

Posted On: Apr 11, 2021   |   Posted By: Business Insider

I saved $13,500 by doing a 'no-spending challenge' for a year, and it helped me dig myself out of debt

Summary List Placement It's hard to argue with the fact that when you step outside your home you're bombarded with a barrage of spending choices. In fact, before many people arrive at work they've already popped into their favorite coffee shop to buy breakfast. Or, they had to stop at the gas station to buy gas and were confronted by whatever items were next to the cash register if they stepped inside the station.
In 2013, I was about a year into my $60,000 debt repayment journey when I randomly decided to do a no-spending challenge. I had the idea that I could save some money and use it to pay off some of my massive debt if I chose one or two budget categories and banned any spending for a year.
I spent a week fleshing out what that no-spending challenge would look like for me, and then I committed to the process. I started on April 1, 2013 and completed the challenge on April 1, 2014. Ultimately, I saved $13,500 that I put towards my debt payoff.
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