What is a no-buy year? Here’s why people are trying it and how you can too
The no-buy challenge is circulating on social media. Here’s how you can get in on the trend. A "no-buy" challenge, a challenge that participants only spend money on non-essential items, is gaining popularity on social media. Participants can choose to skip new clothes, skip fast food for a year, cut carbonated drinks, or skip all expenses entirely. The challenge does not need to be year-long and can be started at the start of the year. Participants must identify their weaknesses and create rules for how long they want to challenge themselves. They can also take a break from social media and unsubscribe when appropriate.
Pubblicato : 11 mesi fa di Caroline McDonald in Lifestyle
Shoppers are pictured on Black Friday at City Creek Center in Salt Lake City on Friday, Nov. 24, 2023. A "no-buy" challenge is circulating on social media.
One Brooklyn resident said no to buying new clothes while another woman banned Target “retail therapy” from her life. A third young woman cut carbonated drinks from her diet.
These three women are just a few of many that, according to The Associated Press, have taken on the “no-buy” challenge this year — a challenge that asks participants to spend money only on what is necessary.
The trend has caught on with social media users, per The Associated Press, with thousands of Reddit and TikTok users posting about their successes with avoiding unnecessary purchases for a week, a month or even a year.
Think this is the challenge for you? Here’s how you can get started.
According to The Associated Press, a no-buy year has one rule: “Make a list of the non-essential items you won’t spend money on for a set period of time and stick to it. Easier said than done.”
“Non-essential items” could look different for everyone. One person could give up fast food for a year. Someone else could opt for public transportation rather than spend money on gas.
Another could even forego all expenses besides food, housing and basic needs. It is entirely up to the individual participating in the challenge.
The challenge doesn’t need to be year-long either.
“Many people start such challenges at the beginning of the year and commit to keep going until the end of it,” according to The Associated Press. “But any time can be the right one for those looking to tackle their credit card debt, declutter their homes or to spend less time shopping. Some challenge participants begin with a no-spend month.”
One participant, Amea Wadsworth, told The Associated Press about her efforts to declutter and save money month by month. “When I have those decluttering moments and I look through all my stuff, I was finding things that I bought and spent a lot of money on and then never ended up wearing,” she said.
Wadsworth has since chosen to take a break from buying new clothes, instead spending money on “experiences with her loved ones.”
How can you start a no-buy year?
CBS News recommends a few steps to get started with the no-buy challenge:
• Find your weaknesses. Understand what makes you vulnerable. Are there things you are regularly tempted to buy? Are there things you spend money on that are unhealthy? Whether it’s food, makeup or something else entirely, identify it.
• Create some rules. Decide how long you want to challenge yourself for. You could avoid buying unnecessary items for one week, one month or one year. Or, you can try a different approach. Set goals accordingly.
• Pause and take a breath. “Finances are very connected to emotions, and emotions sometimes can make you feel like buying something you don’t need,” per CBS News. Finances can also be frustrating. Take the time you need to find what’s best for you.
• Take a break from social media. Social media ads and influencers can often spur unnecessary shopping. Don’t be afraid to unfollow or unsubscribe when appropriate.
• Be kind to yourself. As you start your saving journey, you will probably notice a lot of unexpected expenses. If you fail now and again, it’s okay. Continue being gentle with yourself as you build this new habit.