Making the no-spend trend work for you...

IF YOU ARE LEFT WONDERING WHERE ALL YOUR MONEY HAS GONE BY THE END OF EACH MONTH, IT'S TIME TO CUT IMPULSE BUYS, ELLA WALKER SAYS

- 

BY the end of the month, bank balances can become a pitiful sight. And if you feel like you have little to show for the cash you've splashed, then the "no spend" trend could be for you.

The concept has been around since the early 2010s, but is now all over social media - check out the hashtags #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," explains Matthew Sheeran, Money Wellness collaboration partner and trained debt adviser.

"It could be for a day a week, just on weekends or for a whole month.

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

"You might find it easier to save £200 or £500 a month to start saving for life's bigger purchases," says Matthew. "You can make the choice of what you want to spend that money on rather than just naturally frittering it away throughout the month on non-essentials."

Getting started

Matthew recommends making a budget before you start the "no spend" to "highlight the things you are spending money on that aren't essential".

Next, work out when you're going to have no-spend days and "fully commit yourself".