A no-buy challenge can be whatever you want it to be. At its core, a no-buy challenge involves setting a timeframe where you won’t spend money unnecessarily. This simple guide can help you to decide if you want to try the challenge or not.
To save
Many of us are saving up for a big purchase. Whether it’s a new coat, a new couch or a bigger apartment, there’s always something to work towards. When you limit your purchases to necessities like food and bills, you leave yourself with some money. If you’re a cash person, you can put it in a piggy bank or in a savings account. It can be rewarding to see how much you can set aside over time.
Emergency fund
You can also use this challenge to build an emergency fund. While a savings account is used to grow money for the future, an emergency fund is specific to help during times of need. Whether it’s to repair your car or for sudden travel plans, you want to have the funds ready.
To spend wisely
We’re all guilty of impulse buying. We’re standing in line and see a product on the side, and we act on temptations by adding it to our cart without much thought. This type of buying adds up. You can find yourself with less money than you’d like. Use this challenge to think about where you want your money to go and how you can stop and focus on the things you need.
Create a budget
To help you stick to the challenge and not feel overwhelmed, make a budget. There are some things that should remain in your budget: groceries, phone. Wi-Fi and utility bills (like hydro, gas and water) along with any insurance and/or car payments you have. To create a budget, try out the Government of Canada’s budget planner.
Realigning your money with your values
Some people who do a no-buy challenge do it to stop giving money to companies they don’t agree with. This idea is known as a consumer boycott. You can take this time to see if a company ’s values align with yours and figure out if you want to continue supporting them. This helps you to take more control over your spending while prioritizing your values in the process.
This is not a mandatory part of the challenge as you might depend on a company you don’t necessarily agree with. However, it is something you can remember while creating your budget.
Using what you have
Some people take this time to use what they have. Do you have a lot of cosmetics like lotions and lip balms? Do you have a lot of candles? Take note of all of the things you have already. Decide whether you need to keep buying them or if you can go a week, a month or even a year without replacing them. For example, if you have three lotions already, commit to using them up and only buying a new one when they all finish.
Note: if you have things that have expired, it is better to toss them.
Tips: Make it fun and keep yourself accountable
This challenge can be difficult at first. It might be hard to tell yourself no at times, but it gets easier as you go on.
Bingo
You can create a bingo card on websites like Canva. If you’re doing a no-buy challenge for a month, you can track achievements like “saved $100 this month” or “stuck to my grocery list all month.” You can change it to suit the timeframe. It’s ok to not get bingo as this is just something to encourage you.
Have your community join you in not buying
If you don’t want to feel alone in trying, ask your family or friends to join you in the challenge. As a group, you can all check in with one another to see what progress has been made. You can all be each other’s cheerleaders.
Reward yourself
If you do have space in your budget, get yourself a reward. Whatever you get is up to you, but try to do it towards the end of your set time so that there’s something to work towards.
The no-buy challenge is a good way to save money and refocus on what’s important to you. It’s also a good way to see how you can change your spending habits. The rules are up to you. You can quit and restart at any point, but at least give it a good try.