‘I saved £4K in six months by doing the no spend challenge'

Marie-Claire Dorking
Updated

Watch: 'I've saved £4K in six months doing a 'no spend' challenge'

A woman has revealed how she managed to save £4k in just six months by undertaking the "no spend" challenge which involved cancelling subscriptions and ditching alcohol and meals out.

Mia Westrap, 26, from Southampton, Hampshire, initially decided to overhaul her finances after realising she was spending too much on socialising.

The health and social care worker earns £2.1k-a-month, but says she would easily spend £200-a-month on eating out and £100-a-month on alcohol without giving it a second thought.

At the start of her "no spend year", Westrap set herself the target of saving £4K in 12 months but hit her target in June and has now upped her target to £7K.

"My goal for 2024 was to save £4k as that would be three months worth of living expenses," she explains.

"I hit that in just six months and have now set my target to £7K."

Mia Westrap has saved £4K in six months taking part in the 'no spend challenge'. (Mia Westrap/SWNS)
Mia Westrap has saved £4K in six months taking part in the 'no spend challenge'. (Mia Westrap/SWNS) (Mia Westrap/SWNS)

While Westrap says she had heard of people doing no spend years it wasn't something she was interested in or found relevant.

But, after a major abdominal surgery in January, she thought it was a perfect time to start.

"I realised that I was going to be housebound for the first month of the year so I thought why not give it a go," she explains.

"I found it quite easy through the winter as I didn't want to go out anyway.

"But I was interested to see how much harder it would get in the summer when I want to go out for meals and socialise with friends."

Westrap says though she didn't live an extravagant lifestyle beforehand, it was the little purchases, such as coffees, meal deals and Pepsi Max, that would quickly add up.

"I was addicted to Pepsi Max - I was spending £3 to £4 every day which amounts to £1,424 a year," she explains.

"When I took a step back to see where my money was going, I realised it was these little costs that I couldn't account for."

Westrap realised she was spending too much money on socialising. (Mia Westrap/SWNS)
Westrap realised she was spending too much money on socialising. (Mia Westrap/SWNS) (Mia Westrap/SWNS)

Usually, during the summer, Westrap says she and her friends would go to beer gardens or out for meals but this year they have been doing picnics and dinners in - to save money.

"My friends have been really supportive," she explains. "We have been having a lot of dinners in or going for picnics.

"My summer has been really good and I haven't felt like I have missed out on anything."

Having reach her save goal, Westrap has now set a new £7K target.

"I look back and wonder how I was spending £500-a-month on nothing material," she says.

"I had nothing to show for the money I spent - my money went on food, drinks and maybe on clothes but I already had plenty."

Westrap says her friends have been supportive of the challenge and they have been enjoying picnics or dinners together. (Mia Westrap/SWNS)
Westrap says her friends have been supportive of the challenge and they have been enjoying picnics or dinners together. (Mia Westrap/SWNS) (Mia Westrap/SWNS)

Monthly outgoings before the no spend challenge

- Rent: £850

- Bills: £262

- Subscriptions: £50

- Eating out: £200

- Drinking: £100

Monthly outgoings while doing the no spend challenge

- Rent: £850

- Bills: £262

- Subscriptions: £12.99 (just Netflix)

- Eating out: £0

- Drinking: £0

Mia is sharing her no-spend journey on TikTok: @miawestrap

Westrap met her goal within six months of no spending and is now aiming to save £7K. (Mia Westrap/SWNS)
Westrap met her goal within six months of no spending and is now aiming to save £7K. (Mia Westrap/SWNS) (Mia Westrap/SWNS)

The 'No Spend Challenge' is an exciting personal finance exercise which gained a lot of attention on social media where individuals commit to avoiding all non-essential spending for a set period, typically a month.

During this challenge, participants only spend money on necessities such as food, utilities, housing expenses, and transportation.

The goal is to reset spending habits, save money, and improve financial awareness by cutting out discretionary expenses like dining out, entertainment, and impulse purchases, and even increasing exercise through reviewing transport options!

"The 'no spend challenge' is a great way to gain control over your finances and build a disciplined approach to spending," explains Samuel Leach, founder of financial education company Samuel and Co Trading.

"By focusing on essential expenditures and cutting out the rest, you can achieve significant financial milestones and foster long-term financial health."

  • Enhanced savings: By eliminating non-essential spending, participants can significantly boost their savings. "This extra money can be redirected towards financial goals such as building an emergency fund, paying off debt, or investing long-term," advises Leach.

  • Improved financial awareness: The challenge encourages participants to closely monitor their spending, helping them become more conscious of their financial habits and identify areas where they can cut back. "You would be surprised how many things you can cut out, such as app subscriptions or TV streaming services," Leach adds.

  • Breaking bad spending habits: Leach says the challenge can help break the cycle of impulse buying and emotional spending, fostering a more disciplined approach to money management and improving your financial literacy.

  • Reevaluation of priorities: Participants often find they reassess what truly matters to them. "This can lead to more mindful spending even after the challenge ends, giving individuals a healthy reset."

  • Potential for burnout: Leach warns that strict restrictions can lead to frustration and burnout, especially if the challenge is not approached with flexibility and a positive mindset, or if taken too seriously for example living off just beans!

  • Unrealistic expectations: Leach says setting overly ambitious goals without proper planning can lead to discouragement if the goals are not met.

  • Social pressure: Participants might find it challenging to adhere to the rules in social settings, which could affect their social life and relationships, causing upset amongst close friend groups.

  • Set clear goals: Determine what you want to achieve with the challenge. "Whether it's saving a specific amount, paying off debt, or simply resetting your spending habits," Leach adds.

  • Plan ahead: Prepare by stocking up on essentials, planning meals, and identifying free or low-cost entertainment options.

  • Create rules: Define what counts as essential and non-essential spending for you. "Customising the rules to fit your lifestyle increases the chances of success," Leach explains.

  • Track progress: "Monitor your spending throughout the challenge to stay accountable and motivated," Leach advises.

  • Find support: Share your goals with friends or family who can offer support and encouragement, or even join you in the challenge. "It is easier to succeed if you are doing it as a group," Leach addds.

Additional reporting SWNS.

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