Saving for the Future: One Influencer’s Journey
As we settle into the new year, it’s easy to lose momentum on our resolutions, especially when it comes to saving money. One effective way to stay on track is by participating in mini savings challenges. To demonstrate this, we partnered with Wealthsimple to invite four influencers to take on a “no-spend challenge” this spring.
Meeting the Challenge
Jessica Lam from Diary of a Toronto Girl recently completed a 21-day no-spend challenge while social distancing. She successfully resisted tempting sales and online browsing, even when cooped up at home. We caught up with her to discuss her experience.
The Challenge Wasn’t Easy
Although Jessica isn’t typically a big spender, she found the challenge more difficult than expected. With many businesses offering attractive sales, she had to resist the urge to shop. To avoid temptation, she unsubscribed from newsletters and unfollowed social media accounts.
The Benefits of Discipline
By completing the challenge, Jessica estimates she saved around $200, which she can now invest in her future. She also developed a new appreciation for what she already has, rather than constantly desiring new things.
Finding Creative Alternatives
Jessica initially missed eating out and ordering delivery, but she found creative ways to cook restaurant-style dishes at home. This not only saved her money but also helped her develop a new skill.
A Lasting Impact
Jessica would definitely participate in a no-spend challenge again, as it forced her to think carefully about her purchases and prioritize her savings goals. She’s motivated to continue saving and investing for a comfortable retirement and long-term financial security.
Investing for the Future
Jessica hopes to use her investments to buy a house with her boyfriend and retire comfortably. She believes that investing early will make a significant difference in achieving her goals.
Taking Control of Your Finances
If you’re struggling to save for the future, consider taking on a no-spend challenge. With companies like Wealthsimple, you can start investing today, regardless of how much you have to start with. By making small changes to your spending habits, you can take control of your finances and secure a brighter future.
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