Smart Money App Plum Launches No Spend Challenge Which Could Save You Hundreds This January

Personal Finance
05.01.2026 06:25 am

Smart money app Plum has launched a No Spend Challenge to help users limit their spending and boost their savings this January.

The challenge is free for all users and takes just a few minutes to set up. To start the challenge, users set a maximum daily limit for each day they want to be considered a ‘No Spend Day’ - which can be up to a maximum of £50 to allow for essential spending. Each time their spending stays below the limit, they’ll save a fixed amount of their choice or the difference between their limit and what they actually spend.

The automation is designed to be a 90-day challenge, but users can take part for 14 days, 30 days or 45 days to suit their budgets and savings ambitions.

As an example, if a user sets a no-spend limit of £5, saves £10 each time they don’t exceed the limit and opts into the challenge for 30 days, they could save £300 plus any money they’ve saved from not spending on unnecessary purchases. This challenge is designed to give customers a springboard to put their money to work. They can use the initial savings to put in a high-interest savings account, such as a Cash ISA, or use the money to begin their investment journey.

The new feature was inspired by the viral TikTok ‘No Spend Challenge’ where users completely cut any unnecessary purchases for a set period of time, helping them to save hundreds of pounds and take a more mindful approach to their spending. Plum’s new rule goes a step further by encouraging users to actively save money every time they don’t spend more than they intended, helping them to reach their financial goals faster, whilst instilling positive habits.

Rashmi V D'Souza, VP of Product at Plum, commented:

“January is the time of year when many of us are feeling the brunt of the aftermath of Christmas spending, and maybe even regretful for going overboard. Plum’s new ‘No Spend Challenge’ is the ideal antidote to this, and has been designed to help thousands of people who may traditionally struggle to save, to kickstart their new year by instilling positive money habits.

“Inspired by the viral TikTok trend, Plum’s new ‘No Spend Challenge’ will help millions of people to start the new year on the right foot, and for those who have no savings, to finish January with a nest egg they can build on.”