The first time I heard about a “no-buy year,” I was watching The Personal Philosophy Project on YouTube. At first, I didn’t like the concept and thought it wasn’t practical at all. Instinctively, I tried to defend my spending habits. Don’t you make money to spend it? What’s the point of constantly saving if you don’t have room for a little fun in life? However the more that I watched and eventually researched about the topic, the concept of no-buy years started to make sense, and I decided to try it out for myself.
Since I started my no-buy year in September, I’ve found my savings account skyrocket, and I haven’t missed all the spending that I used to do. It took a little bit of trial and error but eventually, I was able to perfect my no-buy habits and save loads of money doing it.
So what’s a no-buy year?
It’s important to note that a no-buy year is not as drastic as it sounds. A no-buy year is a financial budget where I don’t buy anything unnecessary, or that breaks any of the rules I lay out for myself. I’m still allowed to buy things as long as they serve a purpose in my life. So if my shampoo bottle is empty, I can buy another one for myself. Or if it’s a friend’s birthday, I have no problem buying them a gift. However, if I want to buy a new makeup palette despite having usable eyeshadow at home, I refuse to. A no-buy year is all about intentional, practical, and necessary spending.
Why I decided a no-buy year was right for me
I think it’s important to say that I’m very privileged. I’m lucky enough to be close to finishing my college education, I have a support system that is willing to financially support me, and I’m lucky to have two jobs in a pandemic. I refuse to appropriate the word “broke” while describing myself. However, I will admit I’m not financially well-off. Both my jobs pay me under the minimum wage in my state and because of this, it’s extremely hard for me to save money.
I started a no-buy year because I need to save for an apartment for grad school. I have a rocky idea of what city I’m going to live in during grad school so it’s important to me to have a cushion of money for broker’s fees, first and last month’s rent, and any other expenses I might come across. I decided that a no-buy year was the perfect way to finance my future goals because it’s strict and rigid.
So what are my rules?
Creating a set of rules for my no-buy was initially difficult for me. However, after a little bit of deliberation, I decided to follow six rules during my no-buy year.
- I can only buy a new product if my current product is unusable or empty.
- I can go out to eat with a loved one once a month.
- Buying gifts for close friends or family is allowed.
- Once in a lifetime opportunities are fine to purchase as long as they are worth it. To me, opportunities are only worth it if I know that I’ll seriously regret not attending an event or buying a product.
- School materials will be bought without exception.
- My donation habits will not change during my no-buy year.
It was very important to me to make sure that my no-buy year did not feel like a punishment. Instead, I wanted to make my no-buy year a lifestyle that I could sustain until I’m in a more financially stable position.
To make sure that I would be able to do this, I reflected on my values. I care about relationships with family and friends, having meaningful experiences, using money for philanthropy and maintaining a good GPA. While making these rules, I made sure that I could support these values financially. When I first started my no-buy year I felt like I was going to miss out on life, but this hasn’t been the case at all. I feel like I am now more intentional with my time and money and only spend on things and people important to me.
How much money I spent during my no-buy year (so far)
Since I started my no-buy year, I’ve only spent about $150 in a month. This includes paying for groceries, vitamins, donations and a virtual VIP concert with my mom (a once-in-a-lifetime opportunity). This spending has been regular, and the most I’ve spent in a month since starting is about $175. I’ve been able to save about $500. This doesn’t seem like a lot of money, but considering that I’m working under minimum wage, I’m thrilled.
It’s been really interesting to see how far my paycheck will stretch when I’m not frivolously spending. For the first time in a long time, most of my paychecks are going directly to my savings. Although I’m a long way from my apartment deposit, I’m really proud of myself for sticking to my no-buy journey.