Summer has finally arrived here in the Toronto area, and you know what that means… It’s the perfect time to save some money! I’m embarking on a No Buy July challenge next month, and today I’m sharing all the reasons why now is the perfect time to focus on your finances. (Ready to take the plunge? Check out the official rules in this post!)
I took on a similar challenge back in 2016. If I’m being honest, I kind of half-assed it back then. Sure, I didn’t buy any new clothing, games, or housewares, but I ate out a ton and made a lot of excuses. Plus, this year, the dream of home ownership is much closer on the horizon. My husband and I are ready to rock this challenge and make great progress toward our financial goals!
Maybe you’re thinking, “Why on Earth would you pick the middle of the summer for a no-spend challenge? It’s summer, for the love of Pete!” But the more I think about it, the more I realize that July is a great month for this commitment. Here are my reasons for choosing July — and why you should join me!
Reason #1: Get Outside!
The first full month of summer (where I live, anyway) means ample opportunity to enjoy the great outdoors. And while some outdoor activities or sports can get a bit pricey, there’s also lots you can do for free. Go for a hike, pack a picnic, swim in a lake, soak in the sunshine — it’s free! So long as you can find free parking…
Reason #2: The Joy of In-Season Produce
It’s so much easier in the summer to get fresh, local, high-quality produce. This goes for both your seasonal farmer’s markets and your neighbourhood grocery store. So there’s no need to dine out to get delicious and nutritious meals this July!
Reason #3: Spring Cleaning has Curated Your Stuff
This reason will depend on the person, but I definitely find it’s true for me. Now that you’ve finished Spring Cleaning (or KonMari-ing) for the year, the belongings you’ve kept are the ones that spark joy for you. This means that your desire to toss out and replace your entire wardrobe, for example, should be at an all-time low. Plus, if you get sick of your summer wear throughout July, maybe you can pick up a couple of pieces once August rolls around!
Reason #4: No Obligatory Gift-Giving Holidays
We made it through Valentine’s Day, Mother’s Day, and Father’s Day. We’ve bought gifts for teachers and coaches before the end of the school year. Heck, even National Siblings Day has come and gone. We’re in the clear! And if you’ve got a birthday or anniversary coming up, don’t worry. You’ve still got a week to find a great gift before No Buy July. Or even more thoughtful: gift them something homemade, a service, or your time!
Reason #5: The Perfect Time to Start Saving (and Investing) is NOW
Ever heard of compound interest? I sincerely hope so! (If not, or if you need a refresher, check out this post from Erin Lowry at the Broke Millennial. I recently binged her new book on investing!) The practical application of compound interest is that you should start saving and investing as soon as you can. Waiting until the perfect time could mean waiting forever, which definitely won’t help you achieve your financial goals. Now is the time!
I’ll be sharing my exact personal guidelines for No Buy July before we kick off, and my tips for success throughout the month. Will you jump on the bandwagon with me? Let me know in the comments below if you’ll take on #NoBuyJuly!
