How You Can Have a No-Buy or Low-Buy Year

About Nicole Pajer

Nicole Pajer is a Los Angeles-based freelance published in The New York Times, Woman's Day, AARP, Parade, Wired, Glamour, People and more.

Looking to cut back on expenses? Clear some clutter from your home? Save up some money for your future? One great way to do this is to have a No-Buy or Low-Buy year. The idea is you challenge yourself to spend or purchase as little as you can for an entire year.

Note: If a year is too long, try a month and go from there.

“Committing to a no-buy or low-buy year can be a powerful way to reset your spending habits and become more intentional with your purchases,” says Alexander Ketter, a consumer expert at www.Coupons.com. “The key is setting clear rules that align with your lifestyle, whether that’s cutting out non-essential shopping, limiting dining out or only replacing items when they’re truly needed.” And no, you don’t need to wait until next January to kickstart this new challenge. You can get started anytime. Here are some ways to start.

Take baby steps

Instead of going all in on 365 days of zero spending in every category possible (which sounds overwhelming to commit to unless you have the willpower of steel) “Try a no-spend month or limit spending in just one category, like clothing or beauty products,” says Ketter. See how that goes, then add up from there. Small changes, he adds, can lead to big financial gains over time, making it a sustainable and rewarding approach.

Try the “Wish List Rule”

Instead of making impulse purchases, add items to a list and revisit them in 30 days. “You’ll often find you don’t want them anymore, saving you money and reducing clutter,” says Ketter. The same goes for items that you add to your virtual shopping cart. C. Lee Cawley, a certified professional organizer on a mission to help clients tackle clutter by owning less, says to let it marinate in your cart for a few days before you decide if you truly want it.

Try a “Use it Up” challenge

“I know a retiree who made it into a fun challenge to use up everything left in the pantry before he bought groceries,” says Chris Heerlein, chief executive officer at REAP Financial. Doing this, he shares, helped to cut down on his client’s waste and lessened his expenses. “Instead of building her own collection of things that she would only use one time, a few seniors I know began swapping tools, books, and small appliances,” says Heerlein.

Try the envelope budget

One way to spend less is to designate a budget for nonessential items, like going to the movies or ordering takeout. “For their daily expenses, one of my clients would have cash in several envelopes for dining out and entertainment budgets,” Heerlein shares. “Once the cash would run out, they would have to wait until the following month.” They reported back that this led to immense savings, preventing them from impulsively spending money while not being deprived of anything more.

Embrace reusable items

For everyday savings, Ketter suggests swapping out disposable products for reusable alternatives, for example investing in a high-quality water bottle instead of buying bottled drinks. This will not only help you to spend less money, but it will also give you less items to store at your home – think replacing a Costco sized pack of bottled water with one 16 oz reusable stainless-steel bottle that fits inside your cupboard. It’s also a good deed for the environment.

Think about what makes you shop

Crawley suggests spending some time thinking about the mood that you’re in when you’re buying things. “Identify emotional triggers – aka are you bored or lonely when you shop? Are you impulsive? Are you getting some emotional warmth from a new purchase? Take notes on your moods whenever you have the urge to spend. Then, see if you can replace shopping with something else like taking a walk or putting on a funny movie to boost your mood instead of pulling out the credit card.

Unsubscribe

You know all those emails you receive in your inbox on the regular advertising all the sales your favorite stores are having? Whether you realize it or not, they are doing their best to command you to shop. Say buh-bye to them – at least for the duration of your Low/No-Buy Year. Opt out of text reminders too – “that way you won't be tempted,” says Crawley.

Find people to swap with

“Instead of buying new, consider borrowing or swapping items with friends, neighbors, or community groups,” says Julie Peak, a home organizer with The Precise Place. “It’s a great way to stay social, save money, and reduce clutter.” Join your local Buy Nothing Group where you can pick up things that people are giving away. That can also be a great place to offload clutter in your own home. If you have a great grandchild coming to visit, instead of springing for a travel crib, ask a friend if you can borrow one. Do clothing swaps with friends for a chance to add to your wardrobe cost free. Trade services with others. If you’re good at gardening, give a friend a lesson in exchange for them to teach you about photography so you can both save money on classes.