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Queen of Free: No-spend challenge

If you want to take more control of your finances, try a no-spend challenge for the rest of January.

INDIANAPOLIS — When we think about budgeting, we look for things to cut to make the bottom line come out black instead of red each month.

By cutting out a category and committing to not spend on that item or activity for a period of time, we gain a sense of control over our finances and budget.

Cherie Lowe, the Queen of Free, does 'no-spend' challenges regularly, and uses some clear and simple tips to make them successful. 

On 13Sunrise and in her weekly blog, she shared the guidelines she uses to make her goals and complete her challenges.

Set parameters to track and share your progress

"Whether you choose a week or a month, you want to know specifically what you’re doing before you begin," Lowe explained. You have to eat, drive to and from work and pay bills, but can you go a whole month without eating at restaurants? Maybe you use a pay period at your job to see if you can be more frugal with your next paycheck.

When you go a day with no Starbucks, check it off a calendar as a win, then tell a friend. Better yet, enlist a friend to share your challenge so you can help hold each other accountable.   

Celebrate

If you meet your goal, be sure to celebrate your achievement. If you go a whole month without eating at a drive-through, you have probably saved enough cash to eat at your favorite restaurant. "Maybe you’ll forgo spending on small things all month in order to save up for something you want at the end of the journey," said Lowe.

Watch Lowe discuss her challenges on 13Sunrise in the video player.

   

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