The ‘No-Spend Challenge’ is becoming a trend among younger generations. This challenge aims to minimize spending on a daily basis, even cutting all spending to 0 won. People assign days that they won’t spend any money and post their results on social media to share with others.
The consumer price index rose 6.3% last month, the highest growth rate since 1998 when the financial crisis struck Korea (Statistics Korea). People can no longer stand the high price. EVERYTHING has become expensive: meals, coffee, vegetables, gas, and more. That’s why people started to reduce spending by downloading a ledger app and not eating outside.