I did a post a while back talking about how I did a No-Buy year and it changed my life. Every so often I revisit the challenge when I feel like my spending is getting out of control. And...
I did a post a while back talking about how I did a No-Buy year and it changed my life. Every so often I revisit the challenge when I feel like my spending is getting out of control. And with Janu-worry on the way, there’s no better time to do a No-Buy challenge. Interested in trying your own challenge? Here’s a few tips to help you get started:
1. Think about what you hope to accomplish from this challenge:
Do you want to change your spending or are you saving for a specific goal? A No-Buy challenge is a great way to kickstart your savings or start saving for a big purchase.
2. What are your problem areas?
Are you an impulse spender? Do you buy expensive gifts? Do you shop as a way to deal with your emotions? Identify what your triggers are. This can be done by tracking your spending for a few days or weeks before you start your challenge officially.
3. Define rules for your challenge
Based on your triggers, decide on what you can and cannot buy, Maybe you want to spend less on gifts or maybe you want to stop splurging on Dischem every month (because, same). Will you be limiting unecessary purchases or will you have to stay within a strict budget? How long will this challenge last? (I usually do this for 6 months but you can try anywhere from 1 to 3 months just to see how it goes). Remember this isn’t to drastically change your finances- we’re trying to make better money habits.
4. Reward yourself for hitting smaller goals.
Instead of going completely cold turkey, make small changes and reward yourself for hitting these smaller milestones. Went a week under budget? Celebrate it! You can do this by buying yourself a SMALL treat or even better, find a no-buy way to treat yourself. Some of my favourite no-buy activities are walks, at home spa days and binging a new book or TV series.
A No-Buy challenge is pretty difficult to get through at first but once you get used to it, it’s a fun way to get extra money and get creative with your spending.