Kickstart Your Savings with a No-Spend Challenge
Are you struggling to stick to your New Year’s Resolutions? You’re not alone. One effective way to boost your savings and invest in your future is by participating in mini savings challenges. We teamed up with Wealthsimple, a simple and affordable investing platform, to explore the benefits of a “no-spend challenge.” Four influencers took on the challenge, and today, we’re sharing Jessica’s experience from Choosing Chia.
Taking on the Challenge
Jessica committed to spending $0 on non-essential items for two weeks, with the goal of investing her savings towards her future goals. She limited her food expenses to groceries, cooked at home with friends, and became more mindful of unnecessary spending.
Overcoming Obstacles
Jessica encountered one hiccup during the challenge – ordering lunch on a busy workday. However, she remained committed to her goal, saving an estimated $200 that would have been spent on dining out, drinks, and impulse purchases.
What She Missed (and Didn’t Miss)
Jessica missed going out to dinner with friends, but she didn’t miss shopping for non-essential items. She found that her daily habits, such as brewing coffee at home and cooking meals, didn’t need to change.
The Benefits of a No-Spend Challenge
Jessica likened the no-spend challenge to a detox, helping her reset her spending habits and focus on what’s truly necessary. She found that setting long-term goals, like saving for a future home, motivated her to stay on track.
Investing for the Future
Jessica hopes to use her investments to own property and retire comfortably, without financial worries. With Wealthsimple, she can start investing today, regardless of the amount.
Start Your Own No-Spend Challenge
If you’re struggling to save for your future, consider taking on a no-spend challenge. You might be surprised at how much you can save, and with Wealthsimple, you can start investing today. Click here to learn more and get your first $10,000 managed for free.
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