Here's what ‘No Spend September' is and how to know if you should participate

• "No Spend September" is a social media trend that involves a full month of cutting non-essential purchases.
• The trend can bring "conscientiousness in spending," said Stacy Francis, a certified financial planner, as well as president and CEO of Francis Financial, a financial planning firm based in New York City.
• But if not careful, it can backfire, said Francis, a CNBC Financial Advisor Council member.

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 in paying down the debt and increasing 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 non-essential 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.

'We fritter money away every single day'

While you are still going to spend money on fixed essentials like 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. 

How to benefit from a no-spend challenge

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 said. 

2. Set short- and long-term goals

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

They can be key goals like paying down a credit card balance, saving a set amount in an emergency fund or boosting your retirement contribution, she said.

"But also think about your longer-term goals," she said, and how you can adjust your spending in sustainable ways going forward. "It's not realistic to have a 'no spend' month for the rest of your life." 

3. Find ways to creatively avoid splurges

A no-spend challenge can help you identify your biggest discretionary expenses and find a creative way to still enjoy it without the splurge.

For instance, Szafarski had ingredients and groceries she knew were about to expire. Instead of going out to dinner with a friend in the city, she said to her: "Let's make a meal, I have these vegetables. I don't know what you have, but let's come together and cook."

"We're not going out to dinner and spending a ton of money, but we're still getting that sense of togetherness, that community," Szafarski said.