Make the no-spend trend work for you

IF YOU WONDER WHERE YOUR MONEY GOES, IT'S TIME FOR A CHANGE. BY ELLA WALKER

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SLASHING impulse buys can give you more than a savings boost.

By the end of the month it can be easy to think, “Where did my money go?” If this sounds familiar, and you feel you often have little to show for it, the ‘no-spend” trend could be for you.

It’s been around since the early 2010s but is now all over social media – check out #nospendchallenge or #nospendmonth.

“It’s basically talking about a set period of time where you make a concerted commitment to not spend money on things that aren't essential,” explained Matthew Sheeran, Money Wellness collaboration partner and trained debt adviser. It could be for a day a week, weekend or for a month.

“You can still do your food shopping and pay your bills,” said Matthew, but all those little luxuries, like takeaways, coffees or new clothes, are off limits.

The financial incentives