What is 'No Spend September' and how to determine if you should participate in it.

• The "No Spend September" social media trend entails abstaining from non-essential purchases for an entire month.
• Stacy Francis, a certified financial planner and president and CEO of Francis Financial, stated that the trend can lead to "conscientiousness in spending."
• A CNBC Financial Advisor Council member, Francis, cautioned that being careless can result in backfiring.

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

Szafarski's outstanding balance with The New Yorker peaked at $25,000 last year. To reduce her debt and increase savings, she took on a second job as a waitress for a few months.

Szafarski, 27, expressed feeling isolated, embarrassed, and like a failure.

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To decrease her balance, she plans to join the "No Spend September" social media trend, which entails abstaining from non-essential purchases for a month. The #nospendchallenge hashtag on TikTok has amassed over 18,300 posts as of Sept. 16.

TikTok user Szafarski stated that "No Spend September" is an effective way to reflect on your spending habits.

Experts agree.

Stacy Francis, a certified financial planner and the president and CEO of Francis Financial in New York City, stated that a no-spend period can promote "conscientiousness in spending."

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

'We fritter money away every single day'

Francis, a member of CNBC's Financial Advisor Council, emphasized the importance of being mindful in how you spend money, even while still making necessary payments for fixed essentials like a car and rent.

""We spend money recklessly every day, whether it's on a $6 latte or a $12 salad, which we can't afford to do for a while," Francis remarked."

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

"That's inspirational and offers a lot of benefits," she stated.

Szafarski believes September is a "good time to reset" because it's easy to overspend during the summer, she said.

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

Long-term deprivation can lead to a cycle of overspending, according to Francis.

Here's a guideline for benefiting from No Spend September:

How to benefit from a no-spend challenge

If you're considering joining the "No Spend September" trend or starting your own no-spend challenge, take a closer look at your spending habits by examining your credit card statements and bank records, advised Francis.

"Do you have expenses that you're not truly utilizing or don't actually require?" she inquired.

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

1. Start small

"If a monthlong challenge seems overwhelming, consider starting with a 'no-spend week' to ease into it," advised Francis.

2. Set short- and long-term goals

Set yourself goals for that no-spend week or month, said Francis.

She mentioned that these can be key objectives, such as reducing a credit card debt, setting aside a specific amount for an emergency fund, or increasing retirement contributions.

"She advised considering long-term goals and making sustainable spending adjustments in the future, rather than aiming for a "no spend" month forever."

3. Find ways to creatively avoid splurges

By undertaking a no-spend challenge, you can discover your largest discretionary expenditures and devise innovative methods to enjoy them without overspending.

Instead of going out to dinner with a friend in the city, Szafarski suggested they make a meal at home using the vegetables she had, which were about to expire.

Szafarski stated that although they won't be going out to dinner and spending a lot of money, they will still experience a sense of togetherness and community.