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The Minority Mindset’s Spending Detox Challenge: Can you save it?

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Spending Detox Challenge

Are you ready for the onslaught of holiday savings headed your way? 

Saving during the holidays? Yep, you read that right!

Here’s how you can join our challenge:

  1. Pick your favorite challenge from the 7 options below
  2. Commit to the challenge by clicking the “share” button & letting your friends know while tagging us @minoritymindset with the hashtag #SpendingDetox
  3. Join our free Minority Mindset community and share your results!

Ready to join? Find your favorite challenge below and start saving! 

1) Declare a ‘Zero Spending Zone’

What’s a spending detox without a period of zero-spending? For this first challenge, you’ll need to choose four days over the next month where you won’t spend any (unnecessary) money.

That means if Gucci is having a sale on the days you chose, you’re out of luck. But, if you need to pay a bill or pay anything else that may land you into trouble later if you avoid it, don’t sweat it. The goal here to strengthen your discipline with money by consciously not spending it.

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn 
  2. Pick four dates between now and December 10th where you won’t spend any money
  3. Don’t spend any money on those four dates
  4. Join our free Minority Mindset community to read other peoples’ success stories and post your own success story

Example: I commit to not spending any money December 1-4th. After sharing with my friends on Facebook, I feel compelled to stick with the plan. On December 1st, my favorite store is having a blowout clearance sale. I go to the store…but I don’t spend any money. I share my zero spending success in the Minority Mindset community. 

Want To Join Challenge #1?

Commit now by sharing on social!

Share this on Facebook, Twitter, or LinkedIn 

2) Make a holiday budget

If you want to keep your spending in check this holiday season, the first step is to create a budget and then stick to it. Essentially, we don’t want you spending what you don’t have, because this can create a bad habit that follows you out of the holidays.

Write down how much money you can spend per week and per month between now and the end of 2020. Obviously you need food and shelter, but deciding how much you can actually spend on gifts, food, tinsel, and mistletoe this year will pay off when you check your account balance come January.

Oh, and don’t let any pop-up ads lure you away from your goal. Sorry bargain hunters.

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn
  2. Write down how much money you are allowed to spend between now and December 10th
  3. Stick to your budget and push yourself to spend less than your budget allows
  4. Join our free Minority Mindset community to read other peoples’ success stories, post your own success story 

Example: I am allowed to spend $75 a week, or $300 a month on non-essential items between now and the end of the year. Week one, I spent $50 buying my daughter a dollhouse. Week two, I spent a little extra, I spent $150 on new clothes for my husband. Week three, I spent $0. And week four, I spent $35 on gifts for my son. I spent $235 in month one. I beat my budget by $65! 

Want To Join Challenge #2?

Commit now by sharing on social!

Share this on FacebookTwitter, or LinkedIn

3) Don’t overpay 

We’ve all been there: You’re at your favorite store and a sign catches your eye, ‘BOGO: Buy One Get One FREE’ it reads. What a deal, you think to yourself. If you notice your hand instinctively reaching out for that new pair of designer jeans on the shelf, stop yourself, and ask, “Is this really a deal and do I really need it?

Remember the difference between a need and a want. You need shoes, you want the $250 brand name loafers.  

One of our favorite mantras at the Minority Mindset is: “A bargain is only a bargain if you need it.” A store’s goal is to take more of your money. Your goal is to keep it in your wallet. So, breath, and repeat after us: “A bargain is only a bargain if you need it.”

What’s the challenge? If you find yourself resisting the urge to spend money on supposed bargains this holiday season, first off, pat yourself on the back, and second, take note of it, and share your #SpendingDetox moment on social media with the button below!

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn
  2. Keep an eye out for supposed bargains
  3. Take note of it, and remember a bargain is only a bargain if you need it. If you don’t need it, don’t buy it
  4. Join our free Minority Mindset community to read other peoples’ success stories, post your own success story  

Example: I’m on Facebook and I see an amazing pair of shoes on sale for $125…and it’s 60% off! What a steal. I’d love to have a new pair of fancy shoes…but I don’t need them. So I don’t buy them. Then I share my success story in the Minority Mindset community. 

Want To Join Challenge #3

Commit now by sharing on social!

Share this on Facebook, Twitter, or LinkedIn

4) Buy prepaid cards

If you cannot control your spending, pay cash to avoid credit card debt. But of course, you can’t use cash when you’re shopping online. In that case, the Minority Mindset team recommends using a prepaid card. Find them at grocery and convenience stores and other retail outlets.

We like prepaid cards because they limit your spending to the amount that is loaded onto the card. If the card is loaded with $250, that’s all you can spend. (Prepaid cards are a great tool for tracking and limiting your spending year-round — not just around the holidays.) 

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn
  2. Get a prepaid card (or two) and load them up with how much money you’re allowed to spend
  3. Think of it like a game of Monopoly. Your goal is to win the game without going bankrupt, and if you run out of cash before the game is over, in this case, before the detox ends, you’ll have to try again next year
  4. Join our free Minority Mindset community to read other peoples’ success stories, post your own success story 

Example: I’m allowed to spend $2,500 on holiday gifts this year. I buy two pre-paid cards. One for $1,500 and the other for $1,000 (this way I know when I’m running low). At the end of the year, I still have $500 left! I won the game, now I have more money for 2021. 

Want To Join Challenge #4

Commit now by sharing on social!

Share this on FacebookTwitter, or LinkedIn

5) The 5-1 Rule

Living smaller isn’t fun. At the Minority Mindset, we don’t just want you to limit your means, but expand them too.

With this challenge, you’re living smaller so you can invest bigger with our 5-1 rule. 

For every $5 you spend, invest $1. If you spend $100 at Chipotle, invest $20 (maybe into the Chipotle stock?).

DISCLAIMER: Investing has risks. You are never guaranteed to make money when you invest, you might even lose money. If you have investment related questions, talk to a professional.

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn
  2. Every week, tally up how much money you spent – this is your spending total
  3. Divide your spending total by 5, and invest it
  4. Join our free Minority Mindset community to read other peoples’ success stories, post your own success story  

Example: Last week I spent $25 at Chipotle, $2,000 at Apple, and $475 at Amazon. My spending total for last week is $2,500 so I need to invest $500 this week. (Here’s the math: $2,500 / 5 = $500) 

Want To Join Challenge #5?

Commit now by sharing on social!

Share this on FacebookTwitter, or LinkedIn

6) Give the gift of time

Spending money is not a law. If you want to give someone a gift but don’t want to spend the cash, give the gift of time. Create a song and sing it to your best friend or buy groceries for your uncle. No one wants to keep standing in line outside of Trader Joe’s wearing a mask. Now that’s a gift! 

If you’re gifted in other ways, make handmade gifts. Besides making people feel special, handmade presents are cheaper without looking cheap.

The goal here is to do something for others without spending money. Get creative and make an impact in someone else’s life without breaking the bank.

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn
  2. Find at least 1-person who, instead of buying them a gift, you give them the gift of your time. 
  3. Be creative, create a meaningful gift (without spending money!), and present it
  4. Join our free Minority Mindset community to read other peoples’ success stories, post your own success story  

Example: I don’t want to spend too much money this holiday season. Instead of buying my parents an expensive coffee maker (that they won’t use), I’m going to create a scrapbook with memories and pictures of our family from my childhood to the present. It’s a great gift and I saved a ton of money! 

Want To Join Challenge #6?

Commit now by sharing on social!

Share this on FacebookTwitter, or LinkedIn

7) Use Tech For Wealth

Give the gift of wealth…to yourself. Tech has made investing more accessible now than ever. Use this holiday season as an opportunity to reward your future self by becoming an investor.

Open up an online investing account that invests your money for you (a couple examples are Acorns or Stash). There are tons of apps to choose from. Then, make it your goal to add a minimum of $5 a week into your investment account. 

Pro-tip: If you want to get really clever, force yourself to invest a quarter for every dollar you spend on holiday gifts. Now you’re forcing yourself to budget for wealth. 

How to participate: 

  1. Commit by sharing this on Facebook, Twitter, or LinkedIn
  2. Research an investing app that you like and create an account
  3. Create a recurring investment every week so can become a long-term investor
  4. Join our free Minority Mindset community to read other peoples’ success stories, post your own success story  

Example: I never invested before. I created a free investment account which automatically invests $50 a week for me. I also spent $1,500 on gifts this season, so I’m putting an additional $375 into my account. Can’t wait to see how my investments are doing in a few years! 

Want To Join Challenge #7?

Commit now by sharing on social!

Share this on FacebookTwitter, or LinkedIn

The Minority Mindset Bottom Line

We get it. Money mixed with holiday cheer usually equals stress and a lot of deflated bank accounts. But, just because the holidays have always been about who can spend the most money, doesn’t mean they have to be about that this year. Our Spending Detox Challenge is all about rethinking how you spend during the holidays.

To get more tips like this, and to follow along with some of our favorite #SpendingDetox stories, join our community, and if you are not already a subscriber to our FREE “Market Briefs” daily newsletter, click HERE to check it out.

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