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Have you struggled with no-spend challenges?

If you know your spending could use a reset, but the deprivation of a no-spend challenge is just too much for you, learn how a Fuel Your Focus Challenge may be the answer you've been looking for!

In this episode, I'll be sharing how to reset your spending by focusing on intention instead of deprivation.

Action Task

For your action task this week, download a copy of the Fuel Your Focus Challenge worksheet and start your own challenge!

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Below is the transcript from today's show. Or you can download the full transcript as a PDF.

Welcome to the Go From Broke podcast where you'll learn how to take control of your money so you can stress less and save more. If you're tired of living paycheck to paycheck or constantly wondering where your money is going, you're in the right place. This podcast is all about giving you actionable tips and advice so you can get started improving your finances today.

So for the past couple of years, I've taken on no-spend challenges to kind of reset my mindset and finances every January.

It's kind of a way to just try to get back on track after those heavy holiday spending months. And while I think it's a great strategy and a worthwhile goal, results never really matched up to what I was hoping for.

Last year, I actually tried multiple no-spend challenges throughout the year, resorting to weekly ones after I kept failing at the monthly ones. I just keep finding myself really struggling with this sense of deprivation that a no spend challenge has and I just haven't been able to make them work.

So this year, I decided to tweak things a bit and I created my own version of a no spend challenge that I'm calling the Fuel Your Focus Challenge.

Instead of a blanket ban on spending, the objective is to just spend with more intention. My goal is to be more deliberate and actually think through every purchase.

I still gave myself some rules so that I can actually succeed at this challenge, because that is the main purpose. I wasn't succeeding with a traditional no spend challenge so with the Fuel Your Focus Challenge, this is what I'm trying to do.

So my first rule is to only spend what's actually budgeted. Regardless of what the expense is, whether it's a necessity or a discretionary expense, it just has to be in the budget.

So before I actually spend the money, I have to make sure that there's money there for it.

It's pretty simple, but it may not come as any great surprise that that's what gets a lot of us into trouble is spending money we don't actually have. Or spending money that's assigned to some other need.

So the second rule is to find the money first. In the case that we want or need something that isn't in the budget we have to find the money first. That means moving cash out of other categories to cover the spending before we make the purchase.

So I really liked this approach because it's actually forcing me to prioritize more. It means if I can't find the money, it's because that purchase isn't actually a top priority.

And knowing that helps alleviate that feeling of deprivation. It's not that I can't have something it's that I don't want it as bad as I thought.

It's like, if I want to go out to eat, but I see there's no money in the dining out budget. And I don't have enough money in my fun money account, or I have A new journal that I'm looking at buying and only have enough money for one or the other in my fun money account. I need to decide: do I want to eat out and wait on the journal or do I want to get the journal and wait on eating out?

It's not a matter of can't having, it's simply a matter of prioritizing and I really like that it's helping me do that.

Finally, I imposed a rule on myself that for every dollar I spend on discretionary spending I have to transfer the equivalent into savings. And this is the rule that's actually making this month a challenge.

Regardless of if it's already budgeted or if I found the money to cover it. If it's not a necessity, I have to find double the amount so that I can match the purchase price and put that into savings.

So in other words, whether I decide on the journal or eating out, I have to find the equivalent amount, that $10 for McDonald's or that $10 for the journal and put $10 into our savings account as well.

This rule alone has prevented a lot of spending splurges that I would have usually made.

When you're trying to save money, a lot of times you can feel guilty for spending. Even when it is in the budget.

But with this rule, there's no guilt since you're also saving at the same time. It's really a win-win.

And it's also a way that helps me stay patient and to practice delayed gratification. If I can't find the extra cash to save on top of a purchase, I just delay the purchase.

I can add it to my wishlist and just come back and buy it at another time. Sometimes by the time I do have the money, I don't really want that thing anymore.

So it saves me money on both fronts. And compared to my previous experiences with a no spend challenge, the Fuel Your Focus Challenge has been a game changer.

Not only have I reduced my spending more than before, but I've done it without feeling deprivation or guilt because I've also been increasing my savings at the same time.

It's really been a revelation. My whole mindset around spending is totally shifting in ways that will serve our whole family in the future, as we're able to spend less and save more without it really being much of a struggle.

So for your action tasks this week, I encourage you to take on your own Fuel Your Focus Challenge.

You can download a free printable tracker at http://gofrombroke.com/focus. The link will also be in the show notes, but it's basically just a blank calendar with a couple of places where you can note your goals and the rules you intend to use.

I'll be curious to hear if you notice similar results as I have. Especially if you've failed prior no spend challenges. So DM me @gofrombroke on Instagram and let me know.

And if you're finding this content valuable, share it with a friend. Leave a rating and review to help other people find it as well.

It also lets me know that I'm delivering the content that you can actually use and is helping you with your finances.

And make sure that you're subscribed so that you'd never miss a future episode.

As always take action and make it a great day.