Time spent with my family and friends is one of the most important currencies I value. If you’re like me, food is a big part of our time spent together (I mean, who doesn’t love good company and good food!). Whether it’s a coffee/tea date, lunch or a happy hour… the dollars can add up quickly.
Earlier this year, I started a “No Spend with a Friend” challenge to see how much I could save without sacrificing quality time with my crew. Instead of going out for coffee or out to eat, I coordinated an outdoor activity with a friend like a hike or walk on the beach. I calculated each of those hangouts to be about the equivalent to a $30 meal. Since January, I’ve saved about $1,000, got in my exercise out in nature AND got to hang out with my favorite people.
How the “No Spend with a Friend” Can Help Build Wealth
The concept of this is simple and the benefits can help you build wealth for the long-term.
- You’re more intentional about spending.This is a chance to reflect on how and where you spend your money. Are you spending your money in alignment with your priorities and your values? Are there areas where you’re overspending and it’s taking away from other important financial goals?
- You give yourself more resources to invest in bigger financial goals. Whether it’s saving for retirement, a home, your kids’ college fund or anything else that’s important to you, you can take extra the money saved to work towards these bigger goals.
- You invest in life’s most important currencies: time and health. One of the concepts behind “No Spend with a Friend” is to focus on getting some movement in your day. Taking care of your health can save you hundreds, if not thousands, of dollars in the long-term. The best part is that doing this with a friend can keep you both accountable!
My encouragement for you is to think about building wealth in a way that doesn’t financially deprive you of living life, and this is how I’ve been able to do it over the last 6 months. So, are you up for a “No Spend with a Friend” challenge?