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Challenge yourself this week
Your Finance Travel Buddy presents One Simple Step
Happy Sunday fellow Financial Freedom Seeker
Mindset Moment
When you’re on a winding path sometimes it’s best to stop, reflect and reset
One Simple Step
We’re in Thanksgiving and Christmas season which is often the most expensive tine of the year. There are gifts to be bought and seasonal activities to partake in. At this time, it can be hard to control your spending.
Your One Simple Step this week is…
To challenge yourself to have one no spend day next week
What does this mean?
A no spend day is where you don’t spend any money.
There are a few variations on the definition – some allow for spending on essentials, some encourage not spending anything.
Most of your essential spending like rent/mortgage and bills are prepaid so you don’t have to count them in a no spend day.
The types of spending you are therefore trying to avoid is more around leisure spend – going out for food, entertainment, activities – things that usually increase in their frequency during the Christmas period.
Why is this important?
If you’re spending money on leisurely activities every day, then there is a chance you are spending significant amounts of money and not leaving yourself enough to save or invest. This can easily happen during the festive season when there are so many fun activities to participate in, that have the added psychological play of being available for a limited time.
This is why it can be useful to challenge yourself to not spending money for one (or more) days.
This helps:
Manage how much money you are spending especially during seasons of high spending
Your mindset by appreciating the fact that you can have fun without spending money
How do I implement this?
Accept the challenge of having at least one no spend day next week
💡Top tip: there are plenty of fun things you can do for free, even during the Christmas period. Not spending money doesn’t mean you sit at home and do nothing – you can still find ways to have fun. View this reel for ideas to enjoy the festive season with no spend activities.
🗣️ Reply to us with what you did on your no spend days and we will shout you out in our next newsletter and on Instagram to give other people ideas for things to do on no spend days.
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Have a fabulous week ahead!
Until next week
Pernia | Your Finance Travel Buddy