Inside: Reaching your financial goals can be easier when you do a low-buy challenge. A low-buy challenge is a conscious effort to reduce non-essential spending, focusing on needs rather than wants. Here, you will find ten simple low-buy challenge tips to transform your spending habits.
There is no better time than now to reach your financial goals. Whether you are trying to pay off debt, save money for a house, or work fewer hours, a low-buy challenge can be the answer, giving you the power to manage your finances.
With the rising cost of living, we may live paycheck to paycheck, but if we make a financial plan, we will see that we have enough.
Paying only the minimum on debt is also why it feels like we are living paycheck to paycheck. Take control of your finances and reach your goals with a low-buy challenge.
When I was tired of living paycheck to paycheck, I looked at my debt and realized how much money was going on interest when making minimum payments.
That was my wake-up call. I planned to pay off $18,000.00 in twelve months and pay off my debt, a journey that brought me relief and a renewed sense of financial freedom.
I changed my spending habits and had a low-buy year, making it possible to pay off debt quickly. If I can do it, I know you can.
Why embark on a low-buy challenge?
- Easier than a no-buy challenge
Changing a habit is not something you can do overnight, so rather than going extreme with a no-buy challenge, where you completely stop spending on non-essentials, a low-buy challenge, which allows some flexibility in spending, can be more achievable and less stressful.
- Reach financial goals faster
Challenging yourself to spend less money will motivate you and help you reach your financial goals faster.
- Can be as long as you want
The fantastic thing about a low-buy challenge is that you can do this challenge for as long as you want. This can be a 30-day low-buy, 90-day low-buy, or one-year low-buy. The longer you do the challenge, the easier it gets to spend less money.
Ten simple low-buy challenge tips
- Know your why
Without a reason to do a low-buy challenge and reach your financial goals, achieving them will be more challenging. Knowing why you want to do a low-buy challenge will help you stay motivated and make it easier to spend less money.
For example, in 2020, we were doing IVF, and my reason for paying off debt fast was to be able to stay home with my baby if we were successful. I paid off debt in twelve months, and when I was three months pregnant, I quit my full-time job.
It is essential to know your why and write it down so you can see it and remind yourself why you are doing this low-buy challenge.
- Make your own rules
This is your low-buy challenge, so you must make rules that work for you. We all have different spending habits and lifestyles, so what works for someone else may not work for you.
You may eat out four times a week, so cutting it to zero may be difficult. So instead, aim only to eat out once or twice a week and set a limit on the amount of money you can spend.
We get takeout twice a week, so I can easily cut it to one time a week and use the money I saved to reach a financial goal.
- Get an accountability partner
If you are married or live with a partner, it is best to let them know you are doing a low-buy challenge. By doing so, they can help you make this challenge more manageable to achieve.
An accountability partner can also be a close friend or a family member. Someone you can make a plan on how you will do a low-buy challenge, and when you have an itch to spend, they can help you by keeping you from spending.
- Unsubscribe to all email marketing
Take the time to go into your inbox and unsubscribe from all the email marketing you receive. These include stores you usually shop at and receive emails when they have a sale. Delete any shopping apps that make it easy for you to browse when you are bored.
- Avoid social media/ television
Delete any social media apps that make you want to purchase something and feel like you need the thing. Avoid watching TV since you will always see an ad commercial that makes you feel like you need this and that to make your life easier. Ads market items you didn’t even think you wanted until you saw the commercial. Making you want to make a purchase.
Happens to the best of us. I am guilty of this, especially when it’s a new Starbucks drink.
- Keep yourself busy when bored
I have had the experience of getting bored and starting to scroll on my phone, or I want to see what stuff they have at T.J. Maxx or Marshall’s.
The best thing to do when I get bored is to keep myself busy another way. I usually start cleaning because no one likes cleaning, but we all love a clean place.
Start a small decluttering session, which will help you realize you do not need to buy more stuff. This is one of my favorite low-buy challenge tips, and I often use it.
Related post
10 Reasons You Should Start Decluttering Now and Embrace Simplicity
10 Simple Steps to Declutter When Feeling Overwhelmed
- Track your spending
I have always been a planner girl, and at the bottom of my monthly planner, I write down what I spend. I do not write down the essentials, like bills (unless I pay extra on debt), groceries, personal hygiene, etc.
The only things I write down are items I purchase that I want, like a new book, a new plant, plant supplies, or a Starbucks drink.
Doing this helps me see how much I have spent on items that are wants and not needs, which will help you with your spending habits.
- The simple pleasure of finishing it up
Make it a habit to finish a product before buying a new one. For example, do not buy any cleaning products until you finish the ones you have. Do the same with skincare, makeup, and body products. This can also work with food. Create meals with items you have in your home before buying more.
- Buy second-hand first
Shopping gently used or second-hand first is better for the environment and will save you a lot of money. You can buy gently used items such as clothing, books, furniture, or toys.
- Create a wish list
Creating a wish list of items you would like to purchase makes it easier not to spend much money at once. For example, a few items for my wish list this year are two new plants, an electric toothbrush, two summer dresses, and black-out curtains for our bedroom. I spread these purchases throughout the year, so I am not spending much money in one month.
Related posts
Mindful Shopping: 10 Ways to Save Money and Reduce Clutter
How Loud Budgeting Can Help You Achieve Your Financial Goals
Final thoughts
These low-buy challenge tips will help you reach your financial goals more easily. When you get off track, remember your “why” and continue using these tips. I highly recommend Joshua Becker’s book Things That Matter: Overcoming Distractions to Pursue a More Meaningful Life. It helped me change my spending habits and value experience rather than possessions.
I wish you the best of luck in reaching your financial goals. Let me know why you want to do a low-buy challenge in the comment section.