<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1460686050826651&amp;ev=PageView&amp;noscript=1">

A College Student’s Guide to Completing the ‘No Spend Challenge’

Apr 02, 2025
Middle age woman sitting at her desk working on her budget for the No Spend Challenge

The ‘No Spend Challenge’ is a fun way to regain control over your spending, build your savings, and master new budgeting techniques. It’s a one-month commitment to only spend money on highly needed essentials and turns saving into a thought provoking game. While this may seem difficult to achieve – especially for a college student who is trying to balance life and fun – it’s actually a creative way to learn how to manage your money on a limited budget!

In this blog we'll talk about how to differentiate essentials vs. nonessentials, the benefits of participating in the challenge, and highlight how Peach State can support you on your journey.

The Difference Between Essential Spending vs. Nonessential Spending

 

As a college student, it’s important to make sure all your essentials are covered, and you have the things you need so you can focus on your studies and grades with less financial stress. Sometimes determining essential needs from optional wants can cloud your spending decisions, especially when you feel pressured by friends to go out and spend money or are under any type of stress.

Financial Necessities for College Students


Here are some examples of what essentials for a college student might look like:

  • Rent and utilities
  • Food
  • Transportation (car payments or public transportation)
  • Debt payments (credit cards or student loans)
  • Out-of-pocket school expenses (books and other supplies not covered by financial aid)

These are spending categories that most college students need on a daily basis to survive. Your list of essentials may have more or less depending on your own personal needs.

Optional Wants for College Students


Here are a few examples of nonessential items that, although most college students enjoy, are not necessarily a priority for daily survival.

  • Eating out (Doordash, Grubhub, and going to restaurants)
  • Social activities that involve spending too much money
  • Impulse buys on items that are not necessities
  • Coffee runs
  • Subscriptions
  • Unused memberships

By pledging to not spend money in these categories for one-month, you’ll have extra money that can be used to pay for your essential needs or other financial goals.

Woman choosing between two folders

 

How to Win the 'No Spend Challenge'


  • Create a budget spreadsheet or use a budgeting app to keep track of your expenses. This makes it easier to see where your money goes and how you can slow spending.
  • Instead of eating out or regularly stopping at your favorite coffee spot, try meal planning and grocery shopping for the week. For grocery savings tips check out our 'How to Save Money on Groceries [7 Money-Saving Tips]’ blog.
  • Participate in activities that don’t require much money or are free. For example, you can go to the park and play sports, take a hike, or have a game night indoors. It's still possible to have fun while doing the ‘No Spend Challenge’!
  • Pause before making a purchase. Whenever you want to buy something that isn’t a necessity, give yourself 24-72 hours to decide. This gives you time to consider all your options – such as saving up and making the purchase later on. 
  • Cancel unused subscriptions or memberships. The extra money you'll save each month can instead be deposited into a savings account for an emergency nest egg or used to pay for rent, groceries, and school supplies.

Helpful Tip: Instead of solely focusing on not spending money, you could try and channel that energy into making money by finding side hustles to earn extra money. Even if you don’t have a big purchase in mind, just focusing on saving up so that you don’t have to worry about future rent payments or other important expenses!

 

Key Takeaways from the 'No Spend Challenge'

 

In one-month's time this challenge increases your financial awareness in how to recognize and break unhealthy spending habits and prioritize saving that'll help you beyond your college years. It teaches college students about the difference between essential and nonessential needs, and transforms the way you think about spending money. Although the challenge is only for a month, the practices you learn can easily be used every day. 

Instead of treating this as just a challenge, try incorporating the saving and budgeting techniques you learned into your every day routine.

  • Identify spending triggers and create a way to eliminate them.
  • Find alternatives for activities that typically require excessive spending.
  • Set a savings goal whether it’s six months, one year, or longer – coming up with an action plan for regularly saving can be extremely beneficial. 
  • Rotate spending categories. Allow yourself to dine out one week, but cut back on spending in another category the following week.
  • Set a small allowance or budget so you can still enjoy the things you love while maintaining mindful spending habits.

Practicing healthy financial habits as a college student teaches you how to manage a limited budget without feeling overly deprived. You'll also develop financial skills that'll teach you how to find creative ways to pay for things you need and want without accumulating large amounts debt.

Man using calculator and looking at bills

Start Your ‘No Spend Challenge’ Today - Peach State Can Help!


Peach State is here to help make managing your money easier. We offer a variety of resources that can help you successfully beat the challenge. Here are some tools that can help you throughout your financial journey.


1. Easy to Budget Templates


We offer 3 practical budget templates that can help make managing your money easy! These templates can help you discover ways to curb spending, save money, and achieve your financial goals.


2. Savings Account


When it comes to finding the best savings accounts options with great rates for growing your money, Peach State has your back. In addition to traditional accounts, we also offer Club Accounts – which are special savings accounts that can be used for a specific purpose or special event. Whether it's saving for education expenses, or that perfect vacation, Peach State is here to help you save for all your financial goals!


3. Educational Blogs


Use our Dollars & Sense blog to learn more about topics including lifestyle, budgeting, college planning, credit cards, debt consolidation, and many more. Peach State is not only here to offer banking solutions and services, we're also a resource to help grow your financial knowledge.


4. Convenient Mobile Banking


Our mobile banking app is a convenient, easy to use tool that can help you regularly monitor your account, manage spending, and keep track of your finances. You can view your account balance and transaction history, transfer money between your other Peach State accounts, and set low balance and transaction alerts. Mobile banking gives you access to view your accounts at any time, which is especially helpful when you’re creating and sticking to a budget.

By making subtle changes a part of your normal routine, you’ll develop sustainable habits that’ll give you the financial freedom to get the things you need and want. Peach State is here to help our members achieve their financial goals – no matter where they are in their journey. To learn more about how we can help you accomplish the ‘No Spend Challenge’, contact us today!

Subscribe to Dollars & Sense: