She Strengthens

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

As we welcome a new season, many of us are still struggling to stick to our New Year’s resolutions. When it comes to saving money for our future, it’s easy to get discouraged. However, incorporating mini savings challenges can make a significant difference. To inspire you, we’ve partnered with Wealthsimple to feature four influencers who took on a “no-spend challenge” this spring.

Alyssa’s Journey: Spending $0 on Non-Essentials

Alyssa from Mixed Up Money embarked on a bold challenge: spending zero dollars on non-essential items for the entire month of March. Her goal was to invest the saved amount towards her future objectives. As the COVID-19 pandemic unfolded, she faced new temptations to spend less. Here’s how she fared.

Success Amidst Slip-Ups

Alyssa considers herself extremely successful, having only slipped up three times during the challenge. Those unavoidable expenses included forgetting her daughter’s dinner, a last-minute dinner with friends before the pandemic lockdown, and a quarantine care package for her best friend’s 30th birthday.

The Savings Revealed

The results were astonishing! Alyssa had an additional $600 leftover in her checking account, which she can now invest in her retirement fund. This amount highlights how much she can reduce her non-essential spending each month.

Cravings and Surprises

Alyssa missed her daily Starbucks coffee the most, but was surprised by how often she made unplanned purchases. She realized that having a no-spend challenge helped her avoid impulse buys and prioritize essential expenses.

Motivation and Future Plans

For Alyssa, investing in her future is all about securing her family’s well-being. She’s motivated by the thought of building a college fund for her daughter and creating a comfortable retirement. Her investments are primarily for retirement, and she hopes to enjoy a fulfilling life after working years.

Takeaway: Start Small, Invest Big

If you’re struggling to save for your future, consider a no-spend challenge to identify areas where you can cut back. With Wealthsimple, you can start investing today, regardless of the amount. By making small changes, you can create a significant impact on your financial future.