Lessons from my ‘No Buy Year’

ANONYMOUS

This year, I embarked on a journey to reduce my non-essential spending. I have plans to move out alone next year and need money to fund that desire. I really only have three options— make more money, cut back on spending, or both.

My ‘No Buy Year’ is an attempt to overhaul my spending habits. Caught up in consumerism, COVID-anxiety and homesickness, I indulged in a few too many online shopping sprees last year. I went from owning two sweatshirts pre-COVID, to being the owner of nine sweatshirts post-COVID. From items of clothing to workout equipment to a bright red Dutch oven, your girl spared no expense treating herself during the gruesome year that was 2020. I could only afford to be so fiscally irresponsible for so long, as I was tapping into my savings without fully considering the impact that would have on my future.

A ‘No Buy Year’ is essentially a twelvemonth spending plan that only permits you to spend on necessary items. You choose what you deem to be ‘necessary’, and the point is to stop spending superfluous purchases that are holding you back from your financial goals. For me, my list of necessary items included: rent, bills, $100 per week on groceries and fuel, $50 per week on eating out, and replacement items. Replacement items are things I currently own that I replace when it runs out or breaks, for example a facial cream or earphones. I am also allowed to buy presents for other people, and flights to get home during the break. My rationale behind this is that the spending plan is to discipline myself, not punish other people in the meantime.

I am now six months into this spending plan, and here are my key takeaways so far:

1. It is a lot less scary than it seems

When you first hear ‘No Buy Year’, it sounds so daunting and authoritarian. However, being able to replace what you already own allows you to maintain your lifestyle to a certain extent without being excessive. I used to take ‘retail therapy’ a little too literally and buy new things as a way to comfort myself. After not buying anything new for the past six months, I don’t feel that I am sacrificing my happiness to save money, rather I have learnt that I actually already have a lot of shit that I don’t need. Nowadays I get a thrill out of discovering new things I already own or finally getting through the four bottles of lotion I had as ‘backup’. I don’t feel deprived with my ‘No Buy Year’, rather I feel I can truly understand the saying ‘less is more’.

2. You appreciate what you have

As I was only allowed to buy replacement items when they ran out or broke down, I could no longer throw things out just because I ‘didn’t like it anymore’. I used to get new skincare and makeup based on YouTuber reviews just to ‘try it out’, where I ended up amassing so many random products I forgot about most of them. I can make do with what I already have, and things actually don’t break as easily as you think. Even a shirt that gets snagged with a hole can be easily stitched up with thread and still has quite a bit of life in it until it becomes totally unwearable. 3. The dining out budget is hard, especially when you have a partner

I bulk cook every couple of days to make sure I have lunch I can bring to work and uni. Even though I don’t have a habit of getting lunch when I’m out or ordering Ubereats for dinner, I still find the self-imposed $50 eating out budget quite challenging. My partner and I plan a date every week, where we alternate payment by taking turns covering the bill for us both. Date nights usually involve an activity and a meal, and $50 is just enough to cover dinner for two, which blows my entire weekly eating out budget. On weeks I am not paying for dinner, I can get takeaway coffee and have lunch with a friend, but spontaneous eating out will be out of the question.

4. If you do slip up , you will learn from it

Three months into my ‘No Buy Year’ I saw this adorable shearling bucket hat at COS and technically I couldn’t buy it as I didn’t have a hat to replace. I caved and bought the bucket hat but have worn it a total about five times since I bought it. At the time I was so convinced I needed a shearling hat but now looking back, I really didn’t need it. Every time I see the hat I am reminded of how ridiculous and wasteful impulse purchases can be. I’m glad I didn’t give up on my ‘No Buy Year’ as soon as I slipped up as I continue to reduce my non-essential spending.

Although I only have six months of my ‘No Buy Year’ remaining, there are certain habits I have picked up that I will continue to implement beyond this year. I have greatly lessened my tendency to spend money just to cheer myself up, and I am much more intentional with my purchases. For me, a ‘No Buy Year’ has provided much needed clarity on my spending habits and enabled me to make better decisions to secure my financial future.