Try Our No Spend Challenge

April 9, 2021

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You’ve heard of Dry-January and No-Carb days, but have you heard of No Spend Day? It’s not a new holiday you have to celebrate, but a challenge I think everyone should try. 

Have you found your bank account a bit lower by the end of each week than you’d hoped? Maybe you’re finding that all of those small purchases here and there are adding up fast - I’m challenging you to go one whole day, 24 hours, without spending a single penny. It’s easier than you’re thinking! And if you still don’t believe me, here are some fail-proof money saving tips, that will have your wallet and bank account thanking me in no time. 

Set your Goal

First things first: set a goal. Whether that is to go all out and to a commit to a day each week that you’ll choose not to spend a single cent for a whole 24 hours or starting with something smaller like skipping that Tim Hortons or Starbucks coffee on your morning commute. It’s good to set realistic goals, so start small and work your way up to a full No Spend Day. Once that becomes attainable, try expanding on your goal to have a consistent No Spend Day throughout the month your goal. The idea with goals is that you have to start someone and if you’re out of the gate with a goal too lofty, it may be overwhelming and hard to maintain. Everyone has a different threshold for temptation and that’s okay! The important part is that you’re starting somewhere. 

Reduce Temptation

Speaking of temptation… 

Whether you’re a plant lover like me, are into Instagram thrift accounts, want to refresh your spring wardrobe, or are thinking about take-out tonight for dinner, there are ways to reduce the usual temptations.

Simply, prepare ahead of time. This will help set you up for success.  

Set your alarm 10 minutes earlier than usual and make yourself a lunch you love! Maybe you even have some leftovers from dinner last night that turned out great; you won’t even want to go pick yourself up a lunch from the burger place around the corner. Now you’re saving on food.

The night before, set your coffee maker up with a timer so you wake up to freshly brewed coffee. Small amounts that we save over time can really add up!

Try splitting an overgrown plant or trim some clippings that you can re-pot instead of getting something new.

Challenge yourself without being hard on yourself

Spending less in your every-day life shouldn’t be the next fad diet - it’s about building a sustainable habit! Whether this challenge is ‘one and done’, or built into a weekly or even monthly habit; the goal is to stick with what is manageable to you. Alternatively, if you decide to stick with only essential spending, you’ll be staying on course to save your money and bringing you closer to your financial goals. 

Have a plan: where should that extra money go?

What are your financial goals?

It’s great to talk about the best ways to save money but be sure that the money going back into your pocket is doing the most for you! Talk to your Financial Advisor, don’t be afraid to ask questions about how to make your money do better for you and your situation. Invest in a savings option that fits your lifestyle, whether that’s a tax-free savings account, your first-home purchase or your retirement plan. There are investment options for everyone in every stage of their lives and each will help you grow your savings for whatever goal you have in mind. Soon your goals won’t just be goals, but reality! 

By Cassie Hunter

Cassie is the Investment Specialist at Libro’s Old East Village location. Her goals include seeing local businesses thrive, reading too many fiction novels, and letting beautiful house plants overtake her home.