Bad with money might be an understatement–I’m terrible with it. My spending habits have always been quite poor (ha). When I was in high school, I would either spend my weekly allowance as I got it, or save it up for a period of time before going on a spending spree and blowing all of what I had just saved. Once I got my first job as a barista, my paychecks never lasted very long; I spent most of it on books, clothes, makeup, food, and coffee.
The fact that my income was so short-lived is even more humiliating when you take into account the fact that everything I bought was nonessential. I wasn’t paying for groceries, bills, or college tuition. I just had no control. That’s thousands of dollars down the drain. See, I am a very flawed human being who is terrible with money. If you are too, then you’ve come to the right place.
In the last few days of 2019, I was looking for ways to make meaningful changes in the new decade. As always, I came up short. Thankfully, I soon came across a youtube channel called The Personal Philosophy Project. I watched her video, “I Quit Shopping For a Year | My No-Buy Year in Review,” in which she details her financial journey during a year where she bought nothing. This trend gave way to a low buy year, which is the same idea, but allows for a much looser interpretation. What it all comes down to is deciding what we consider to be our own personal essential items.
In a no-buy year, you are strictly forbidden from spending money on anything that is not essential. What’s nice is that each individual can tailor their guidelines according to their own unique needs. Once you’ve determined what your essentials are, you can set guidelines. For example, if (aside from bills and other essential payments), you’ve determined that your essentials are makeup and a breakfast sandwich from the coffee shop, you can still have these things!
The no-buy/low-buy year system isn’t meant to make you suffer. You can still enjoy some of your favorite things, you’ll just need to limit yourself. In the case of the makeup and breakfast sandwich, limits might look something like only allowing yourself to buy your “holy grail” makeup products once you’ve run out of your current bottle, and only buying a breakfast sandwich a few times a week.
A low-buy year, on the other hand, allows for more leniency. This is a great option for people who are new to the concept of a no-buy year. During a low-buy year, leniency would allow you to set guidelines like: allowing yourself to eat out (but only with friends), or buying a new sweater (but only once a month, or if you get rid of a sweater that’s already in your closet).
Now that we’re in early February, I am officially one month into my low-buy year. My guidelines include utilizing the public library system instead of buying new books, limiting my usual trip to the coffee shop to twice a week, instead of sporadic trips. I can only buy makeup refills of products that I know will work for me. I can eat out once a month, but it must be with friends, and I am allowed to buy presents for people on their birthdays or other events!
Have I stuck to all of my rules so far? Nope, I definitely slipped up a few times. I’m trying, though, and I’ve got the bank statements to prove it! The process can be slow and will require a lot of self control, but it really is a lesson in financial responsibility. Clearly, this all takes significant planning, and your rules will be unique to you. My one piece of advice is to be forgiving with yourself. Not everyone is going to make it through the entire year with an iron will, but if you at least try doing so, then you’ll find yourself increasing your savings in no time.