How TikTok’s viral 'no-spend month' could come back to bite you

TikTok is chock-full of tips for building wealth.

The latest money-saving trend taking over is the "no-spend month," which encourages TikTok users to cut out all non-essential purchases for a set period.

But, in this case, even the best intentions can backfire.

Here is what you should know before swearing off unnecessary spending.

The "no-spend" challenge can last for a week, a month or even a full year. Some consider it akin to a detox or fast, which can help break the habit of overspending. Any funds that would otherwise be spent on new clothes or dining out can be put toward a long-term financial goal.

On its face, "the no-buy challenge is as much pragmatic as it is symbolic," according to Gregory Stoller, a professor at Boston University's Questrom School of Business. "Why purchase non-essential products that you don't need to begin with?"

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Consumers often track their daily progress and try to rack up as many consecutive no-spend days as possible.

"The gamification can be kind of fun," Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.

Like any quick fix, such a challenge could be hard to sustain over time.

"The potential complication with the no-buy challenge is to what extent people are willing to honor their commitment," Stoller said.

Just as Americans often fail to uphold their New Year's resolutions, it's even easier to break a no-buy promise with a simple click, he added.

"And in most cases, you don't even need to make the extra effort of opening a laptop if your phone is in your pocket," Stoller said.

And then there is the risk of splurging