What ‘No Spend September’ is and how to know if you should participate

Victoria Szafarski currently has $10,000 in credit card debt. 

The New Yorker’s outstanding balance peaked at $25,000 last year, before she took on a second job as a waitress for a few months. The extra cash Szafarski brought in helped her make headway paying down the debt and increase her savings.

“I felt very isolated, I felt embarrassed, I felt like a failure,” said Szafarski, 27. 

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Her next tactic to reduce the balance: participate in “No Spend September,” a social media trend that involves a full month of cutting nonessential purchases. The #nospendchallenge hashtag on TikTok has more than 18,300 posts as of Sept. 16.

“‘No Spend September’ is a great way to check back with yourself,” said Szafarski, who is chronicling her attempt with money diaries on TikTok.

Experts agree.

A no-spend period can bring “conscientiousness in spending,” said Stacy Francis, a certified financial planner and the president and CEO of Francis Financial in New York City.

Here’s more on what ‘No Spend September’ can mean for you.

While you are still going to spend money on fixed essentials such as a car payment or monthly rent, No Spend September is about being thoughtful in how you’re spending money, said Francis, who is a member of CNBC’s Financial Advisor Council.

“For the vast majority of us, we fritter money away every single day, from a $6 latte to a $12 salad,” said Francis. “These are all things we can not do for a little bit of time.” 

While you could potentially have a no-spend month on your own, joining the September trend can help provide a sense of community and support, said Francis.

“There’s a lot of benefit from that. It’s inspirational,” she said.

When it comes to her own finances, Szafarski believes September can also be a “good time to reset” because it’s easy to spend money in the summer, she said.

But you may set yourself up for failure if you have a restrictive mindset.

“Depriving yourself for long periods of time can create a boomerang effect of spending,” Francis said.

To that point, here’s a guideline of how to benefit from No Spend September. 

If you’re thinking about participating in the No Spend September trend or your own no-spend challenge, consider taking a “deep dive” into what you’re spending on by looking through your credit card bills and bank statements, Francis said. 

“Are there things you’re spending money on that you don’t really need or you’re not really using?” she said. 

Here are three other guidelines to consider if you plan to participate:

1. Start small

Different people can have different tolerances, said Francis. If a monthlong challenge feels daunting, “think about doing a ‘no-spend week’ and start with that,” she…