13 Easy Tips to Make a Low-Buy No-Buy Challenge
So, you have heard of a low-buy or no-buy challenge and have decided to give it a try so you can save some money or reach a financial goal. That is great, and the good thing is that you can design your challenge to fit your goals and lifestyle. You can do a 30-day, 90-day, or one-year challenge.
With so many ads and social media showing us things we need in our lives to make our lives more fulfilling. It can make it very difficult to stop consuming. To be fit, you need new workout outfits and equipment. To drink more water, you need a water bottle to keep your water cold. You want to try out a new skincare routine, so you buy more products. It can be endless when purchasing items, and it is up to us to stop consuming. Whether you want to do a low-buy or no-buy challenge, below are a few tips to help you stay on track.
1. Know your Why
First, you must know why you want to do a low-buy or no-buy challenge. There can be many reasons for doing this challenge. You may be trying to pay off debt, save for a vacation, or buy a home. You may also be mindful of what you bring into your home to avoid adding clutter. Having a reason for this challenge can keep you focused on your goal and make it easier to do a low-buy or no-buy challenge.
2. Be realistic
It would be best to be realistic when doing a low-buy or no-buy challenge. You cannot change habits overnight; if you enjoy shopping, it will be tough to do a no-buy challenge, and then you will give up. Instead, have a realistic goal. If you enjoy eating out three times a week, cut it to once a week. Buying a cup of coffee daily on your way to work, pick up coffee only on Mondays and Fridays. Do not stop cold turkey because it will make staying motivated to continue doing the challenge harrowing.
3. Unsubscribe to marketing emails
When you purchase an item in-store or online, you are asked for your email. Then comes email marketing. Every week, retail stores offer sales, and then you start to think about what you might need. You think you will be saving money but will save more if you do not purchase an item on sale. The money stays in your bank account. So, receiving these emails can make doing a low-buy or no-buy challenge hard. Unsubscribe to all retail stores to avoid being tempted to scroll and purchase.
4. Mute influencers or friends on social media
Social media is where you see many products shown by influencers, or sometimes you have friends or family members with different spending habits. It can make you feel like you are missing out or give you the urge to purchase an item they have shown or bought. While doing this challenge, you can mute or unfollow them until you finish it. You can always unmute and follow again in the future.
5. Get an accountability partner
Letting your close family and friends know about your low-buy or no-buy challenge can be very beneficial. Ask them if they have a goal or financial goal to reach and if they want to join you in this challenge. It can keep everyone doing this challenge on track since someone is cheering you on. It can also make telling them no for a shopping day or dinner easier. They will understand since they know you are doing a challenge.
To get more tips on saving money, read my How Loud Budgeting Can Help You Achieve Your Financial Goals.
6. Track your spending in writing
By writing down all your daily spending, you will have a clear picture of where your money is going. Just logging into your bank account does not give you the big picture. For example, it will have a purchase at Walmart, but it just gives you the date and the amount. It can be hard to remember if you purchased needed or wanted items. Write down the date, the amount, and what you bought. By the end of the week, you will see where your money went and can help with your spending for the next week. I have done this for years, and I can check my spending weekly and then see the monthly expenditure. It helps me stay on track with my spending.
7. Avoid going to stores
While doing this challenge, avoid going into stores to buy groceries or necessities. Order curbside to keep you from purchasing other items. If you enjoy window shopping or walking around retail stores when bored, find something else to do. Take a walk outside, read a book, do a hobby, or do anything that can help you avoid going into a retail store.
8. That item can wait
It can be challenging to avoid going to a store if you have a family. You are at the store for one thing and see something you like or might think you need. Put that item back. You can always add it to your wishlist for a later purchase. If the item is something you feel you need, get home and check if you have that item. Chances are you already do.
Read my Mindful Shopping: 10 Ways to Save Money and Reduce Clutter for more money savings ideas.
9. Cut your credit cards
I would suggest you cut your credit cards to avoid using them. If it gives you peace of mind, keep the one with the lowest interest rate. If we use credit cards to pay for things, we can’t afford them. Ultimately, we are paying more for the item after interest rates. After you cut your credit cards, delete any credit card information you have saved on websites where you shop frequently. Deleting your credit card information will give you more time to consider a purchase while you get up and get your wallet.
10. Plan ahead
You decide to start a low-buy or no-buy challenge. Let’s say you are doing it for 90 days. Go through your necessities, like toiletries, baby items, or food. Make a list of what you need and order curbside to avoid entering a store. Doing this can keep you away from a store for at least four weeks. Make as many meals as possible with what you have in your refrigerator and pantry. It will avoid letting food go to waste.
11. Transfer to savings
When you are so close to almost buying an item, you know you do not need it, but you have the urge to buy something, stop, and transfer that money into your savings to reach your financial goal sooner. If you are trying to pay off debt, make an extra payment towards your debt instead of making that purchase.
12. Cash envelopes
Nowadays, people use their cards to pay for everything and hardly ever carry cash. By now, you should know how much you spend on eating out, coffee, etc. Whether you get paid weekly, bi-weekly, or monthly, take out cash for these expenses as soon as you get paid. Once you run out, you should not spend more money on those expenses.
13. Be content
Instead of wasting time and money buying something new, be content with everything you already have. Realizing that you already have enough clothes, shoes, decorations, or whatever you enjoy buying will help you avoid buying more of these items.
Final thoughts
Completing these financial challenges can be challenging at first, but it will be easier once you finish day one, week one, and month one. Remember your “why” to help you stay on track and motivated. Stick to your plan, and once you complete the challenge, go ahead and celebrate the wins.
Let me know in the comments if you have done a low-buy or no-buy challenge and how it went or if you plan on doing a challenge soon.