She Strengthens

Spring into Savings: One Influencer’s No-Spend Challenge

As we dive into the new year, many of us struggle to stick to our resolutions, especially when it comes to saving money. But what if we told you there’s a way to kickstart your savings goals and make a significant impact on your financial future?

The No-Spend Challenge

We teamed up with Wealthsimple, a simple and affordable investing platform, to challenge four influencers to participate in a “no-spend challenge” this spring. Ashlyn George from The Lost Girl’s Guide took on the challenge, vowing to spend $0 on non-essential items for 30 days. Her goal? To save as much as possible and invest it in her future goals.

The Challenge: A Success Story

Ashlyn successfully completed the challenge, despite some tempting moments. She pre-planned and worked around her cravings, avoiding extra expenses. However, she did make a few necessary purchases, including new winter boots and a haircut, which she justified due to the changing season and expiring Groupon.

The Savings

Ashlyn estimates she saved 25% more than usual, which translates to 50% of her set budget for the month. She attributes this to avoiding eating out and general merchandise purchases. By cutting back on these expenses, she was able to save a significant amount, which she can now invest in her future.

The Takeaways

Ashlyn misses the freedom to browse shops, but not the actual act of buying. She was surprised by how easily she adapted to bringing coffee from home and finding alternative activities. Ashlyn would definitely participate in another no-spend challenge, citing its effectiveness in focusing on expenses and identifying areas for improvement.

Motivation and Goals

Ashlyn’s motivation to save and invest comes from having a separate bank account for short-term savings goals. She adds a set amount each month, plus any bonus money, which helps her justify bigger purchases and avoid unexpected spending. Her long-term investment goals include retirement savings and shorter-term plans, such as a downpayment on a house.

Start Your Savings Journey

If you’re struggling to save for your future, a no-spend challenge can be a great way to find hidden savings opportunities. With Wealthsimple, you can start investing today, regardless of the amount. Take the first step towards securing your financial future.