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.

It's all about identifying the things that matter to you and the things that don't.

The financial incentives

It's a chance to reset, budget better and “really realise what you do and don’t need’, says Matthew.

“A lot of people will get a coffee every day just because that’s what they do, it’s part of their routine. They'll soon realise it’s not some thing you actually have to do.”

Savings made by cutting those unnecessary clothes purchases out, and making coffee at home instead, could mean you're better able to work towards a specific financial goal, like buying a house.