Lessons from MoneyLobby’s “2-Week No Spend Challenge”

November 24, 2020

In November, we had over 30 people embark with us on a  2-week No Spend Challenge to start the month. This was a commitment to not spend money on anything that was non-essential. Spending was limited to necessities such as bills, groceries, and transportation, and few exceptions of your choosing. This meant limiting spending any money on non-essentials and spontaneous things - such as clothing, going out to eat.

The goal of this challenge was to become more intentional with our spending habits. Although spending money isn’t a bad thing, in a world where we are constantly being bombarded with offers and deals, it’s a good idea to pause and examine our habits. When you take a step back from spending for a short period of time, you begin to learn a lot about yourself, your spending habits and the relationship that you have with money.

This challenge isn’t easy, but is a great step in a holistic financial wellness journey. Here are some of the major takeaways that were shared with us:

ONE: Helps to change your mindset.

Changing your mindset about money is a huge first step. Some of us have developed some negative spending habits that we could do without. A No Spend Challenge can help you identify the areas in which you are overspending. Having to make a conscious effort to say no to things that you are accustomed to buying really forces you to reevaluate. 

“I have more control of my finances than I thought I did”

TWO: Great introduction to budgeting.

The No Spend Challenge is a really easy introduction to budgeting. Many of us flirt with the idea of a budget but have an extremely difficult time sticking to it. With the restrictions that this challenge, we are forced to stick to it. This is an excellent way of working on the skill of budgeting, which is crucial in any financial wellness journey

“I learned how to prioritize my spendings”

THREE: Curbing impulse spending.

We’ve all had one of those moments when we go to a department store for one item and walk out with seven. Impulse spending is any time you make an unplanned purchase of a product or service and is one of the major reasons that a lot of us overspend. Being a part of a No Spend Challenge helps you to avoid this. You’re less likely to visit places that will tempt you to spend your money.

“The amount of money I spend on things I don’t actually need but want is surprising.  And that feeling of wanting it goes away.”

“All the mindless spending adds up REAL QUICK”

FOUR: Increase your savings or pay down debt.

Spending less money allows you to keep more of it, whether your goal is to shore up your savings or to pay down some of your debt.  The No Spend Challenge is a great vehicle to do this. It's a great tool to use to give yourself a nice start.

“I can actually stick to it”

CONCLUSION:

A No Spend Challenge provides an opportunity to reset, and really evaluate the things that are important to us. We are constantly being inundated with advertisements and offers at every corner of our lives which can be extremely hard to tune out. The unconscious emotional attachment that we’ve developed with spending isn’t easy to break. Becoming more intentional with your spending is a great way of becoming aware of your habits. Incorporating a No Spend Challenge into your life can also help you accomplish some of your financial goals, whether it’s a week or month, it goes a long way. 

10 Online Side Hustles to Increase your Income

October 25, 2020

Sometimes a paycheque just isn't enough! If life feels like it continues to get more and more expensive, making it difficult to truly embark on your personal finance journey - then this article is for you! Whether your goals are to pay down your debt, start saving more and/or even start investing, it requires money. Cutting down expenses is a great start but with the high cost of living that many experience, it may not be enough.

It’s not all bad though, the internet has afforded us the ability to make money remotely, and to help, we have compiled a list of tangible money making ideas that provide you with the ability to supplement your income. We’ve broken up this list into three separate groups; Easier, Moderate, and Harder.  NOTE: With the internet, if it sounds too good to be true, oftentimes it is, so be sure to do some due diligence before beginning.

Easier:

1. Paid Surveys Online

Websites like Survey Junkie and Swag Bucks allow you to get paid for completing surveys online. There are alot of sites out there that promise people cash for completing surveys online, some of which are more legitimate than others. It’s important to do your research before enrolling in any of these programs.

2. Searching the web

Sites like Qmee offer you the ability to earn money while conducting your everyday online activities. You essentially get paid to use sites like Google, Amazon, eBay, Yahoo and Bing while their software is listening in on your activities in the background. This obviously brings up some privacy concerns but is an easy way to make some extra cash.

3. Practicing English 

Cambly offers you the ability to get paid by video chatting with English learners from around the world. You get paid by the minute for talk time, and payments are sent via Paypal weekly. 

4. Online or Mystery Telephone Shopper

Using sites like ARC and Intellicheck you can find companies that will pay you to conduct secret shopping experiments by calling into doctors and dentists' offices, call centers and other companies in an effort to analyze the experience received. 

5. Virtual Assistant

Upwork or Freelancer are great sites to search for virtual assistant jobs. These sites allow you to do small paying jobs from your own home via a simple Internet connection. If you're good at online research and other business related tasks such as bookkeeping and accounting, this might be one of the best ideas for making some cash online.

Moderate: 

1. Sell Photos as Stock Images

If you enjoy photography, you can take pictures and sell them online through websites such as ShutterStock and iStockPhoto. Although some photography skills are necessary this can be done without being a professional.

2. Graphic Design Business

Starting a graphic design business can be lucrative! You obviously need to have some graphic design background to get this off the ground. Websites like 99Designs or Fiverr allow you to sell your services to others.

Harder:

1. Social Media Management for Local Businesses

If you enjoy using social media, reach out to local businesses in your area to help build and manage their online following. Platforms like Instagram, Facebook and Tik Tok allow companies to build up their followers and ensure that their products and services are in front of their audiences. 

2. Online Translations 

People are always looking for high-quality translation services. If you're a native speaker in a second language, or you even speak multiple languages, consider selling your services to offer professional translations. Sites like Fiverr and Upwork allow you to post your services. 

3. Affiliate Marketer

Affiliate marketing is a challenging business but can yield great passive income once it's up and running. It involves a lot of work such as understanding consumer psychology, writing compelling sales copy, utilizing search engine optimization(SEO) and online marketing. If you know how to build sales funnels and squeeze pages this can be a great one to consider. Sites like Commission Junction, and even Amazon allow you to affiliate for a variety of products and services.