Your Helpful Guide to a Low-Buy Year

Understanding what a low-buy year is and a helpful guide to follow to have one. Learning to say no to consumerism cycles and yes to things that truly matter.

Dear Spirited Earthling,

2023 is to be a lucky Year of the Rabbit in the Chinese Zodiac. In such a year, having clear intentions and goals can channel that luck into abundance in your desired ‘life areas’. A low-buy year is a great way to focus more on your priorities and less on filling your mind and space with things you don’t really need.

Give yourself the chance to save more, travel more, or spend more time with loved ones. Give yourself the chance to get out of consumerism cycles and impulse buys and live in gratitude for all you already have.

It’s always the right time for new ideas and new starts, and not only at the start of the year, month, week, or day. You have the power to make changes in your life as soon as you decide to. So, whether you’re reading this now in January, or sometime later in the year – this is your invitation to join.

No-Buy Year vs Low-Buy Year

What is the difference between a no-buy year and a low-buy year?

• A no-buy year involves only spending money on necessities (like groceries, personal hygiene products, and transport).

A no-buy year is a challenge in which a person refrains from buying any unnecessary items for a full year. The idea is to only buy the necessities, such as food, toiletries, and other essential items, while avoiding any non-essential purchases, such as clothing, electronics, and home decor. The benefits of a no-buy year are numerous. It can help people save money, reduce clutter in their homes, and promote a more sustainable way of life. By avoiding unnecessary purchases, people can also become more mindful about their consumption habits and learn to appreciate the things they already have.

However, a no-buy year can be a challenging undertaking, especially for those who are used to relying on retail therapy as a way to cope with stress or boredom. It requires a great deal of discipline and commitment, as well as a willingness to let go of the idea that buying new things will bring happiness.

• A low-buy year involves limiting spending on specific categories (like clothing, eating out, subscriptions, etc.).

A low-buy year is a personal challenge in which you commit to reducing your spending and consuming less for a year. It's a way to take control of your finances, simplify your life, and reduce your environmental impact.

The concept is simple: you set a budget for essential items like groceries, bills, and rent, and then limit your spending on non-essential items like clothes, electronics, and entertainment. This can be done in a variety of ways, such as setting a specific spending limit for each month, only buying secondhand items, or committing to not buying anything new unless it's absolutely necessary.

A low-buy year can have many benefits, including reducing your debt, increasing your savings, and helping you to be more mindful of your consumption habits. It can also be a great way to challenge yourself and get creative with finding alternative solutions to meet your needs. By the end of the year, you may even find that you've developed habits that will continue to benefit you long after the challenge is over.

Guide to a Low-Buy Year

This guide to a low-buy year requires you to do some thinking and perhaps make notes, so have a pen and paper or a digital device to make notes as you go through this post. The idea is for your low-buy year plan to be customised to your lifestyle, spending habits, and goals. Firstly, you need to answer some questions

What are your Goals for the Low-Buy Year?

Think about financially focused goals and emotionally focused goals. Figure out your priorities and values.

• Do you want to spend less money to save money (for an emergency fund, a house or car, a long vacation, or kids’ education)?

• Do you want to spend less money to get out of debt?

• Do you want to get out of the stranglehold of consumerism and live more sustainably?

• Do you want to live more intentionally or more minimally?

• Do you want to get into the habit of using what you have instead of buying new?

• Who are you doing this for? You or your family or your (collective) future?

“Friendly reminder: Lack of awareness in self turns into lack of awareness in spending.” ~ Alexis (@financiallybrave)

Review your Spending

In order to stop unnecessary spending, you need to know where you are spending unnecessarily. If you have a budget, review your spending and note which categories you went over your projected budget. For example, did you overspend on takeaway or clothing? If you don’t have a budget, look through your bank statements and get an idea of where you’re spending your money.

“Chasing higher salaries instead of chasing better spending habits 🚩🚩🚩” ~ Alexis (@financiallybrave)

Choose your Low-Buy Spending Categories

Which categories do you want to restrict spending on? What are the rules for your low-buy spending categories? Here are some ideas to get you started.

• Clothing: No new clothes for the year (you can make an exception or three for items that need to be replaced, but be serious about it). Or, a 100€ allowance that needs to cover the whole year.

• Eating out / takeaways:  No eating out or no takeaways. Too strict? Limit it to once a month. Think about meal prepping and keep your favourite feel-good meals in the freezer.

• Subscriptions: Limit the number of subscriptions you have. Do you have subscriptions for every streaming service there is? Do you watch each of them to make the money spent worth it? It’s time to reassess your subscriptions.

• Personal care products: Only purchase replacements. Having a skincare routine is important, so use the products you already have, find the ones that you love, and stop buying the rest. The same idea goes for beauty and make-up, use what you have and only replace the products you use and love.

• Home décor: No new home décor (only replacements). No new seasonal décor (think about using what you have in new ways).

• Gifts: No gift-giving and gift-receiving. Too strict? Put a limit on the amount spent. Can you make homemade cards or crafts with supplies you have at home? Give the gift of a date night and babysit their kids for that evening. Giving the gift of your time is highly valued and often much more appreciated.

Tell family and friends that you don’t want gifts for the sake of receiving a gift. Instead, tell them about your plans and ask for what resonates most with you. Maybe it’s a gift card (you can make conscious choices about what enters your home) or just money (to pay off debts or put towards savings goals). It could be to simply spend time with that person. Or maybe it’s doing something with that person and sharing an experience. If you don’t want to receive anything, but they insist - they can make a donation to a charity you love in your honour.

Remove temptations: Delete apps and unsubscribe from mail catalogues and emails.

“‘Wanting’ wealth is not enough ‘build’ wealth. Be willing to put action behind your desires.” ~ Alexis (@financiallybrave)

Actionable Steps to Follow for Your Low-Buy Year

Start a Budget and Use It

For this year, have a budget and follow it. We have an Excel document with projected spending and actual spending, which makes it easy to compare month-to-month and at the end of the year.

Useful product: Book of Finances to gain a financial overview and start budgeting.

Spend with Purpose

Keep reminding yourself of your goals and the spending categories that need to be restrained. Remember, you’re not denying yourself happiness – you are creating your dreams. Know that you are taking small steps to reach big goals, and remember your why - who you are doing this for.

Spend with Patience

Waiting to make purchases can help you stop impulse spending. Saving and budgeting for larger purchases allows you to think through your use of it. Do you still want it in 3 days, or a week, or a month? You can set your time period for assessment.

This is likely one of the more difficult steps. So many people are quick to buy something seen on social media, but lose interest after a few uses. Getting into the habit of conscious consumerism and only owning what you use and love may take more time to get used to than you think.

Start Gratitude Journaling

Gratitude helps you stay aware of all that you have and all that comes into your life. Gratitude journaling can help you refocus on the abundance you have instead of focusing on what you want to buy.

Do Other Things

If you regularly go shopping, find new and different things to do. Meet friends outdoors and bring your own to-go-coffee. Instead of walking around a mall, walk around a park or in nature. Get more into cooking and enjoy making nutritious meals and take culinary travels at home. Declutter each room and remind yourself of everything that you own, and sell / donate / throw away things you no longer need, use, or want.

Use your Low-Buy Year to Say No

Let go of FOMO (fear of missing out) and embrace JOMO (joy of missing out). Use this low-buy year as a reason to limit social engagements you don’t enjoy, but attend to fit in. Get out of fantasy leagues, weekly boozy brunches, or concerts of people you don’t listen to regularly.

“Your ‘lack of knowledge’ isn’t preventing you from building wealth. Your spending habits are.” ~ Alexis (@financiallybrave)

Is a Low-Buy Year too Overwhelming?

Start off with shorter time spans. Try a low-buy month, a low-buy quarter, or a low-buy semester.

Maybe focus on one category a quarter or semester and build on habits of low-buy spending in multiple categories over time. For example, no new clothes for 6 months. As you’re used to no new clothes, also say yes to take away and dining out only once a month for the next 6 months.

“Just a reminder that a well-managed $2500 paycheck will take you a lot further than a poorly managed $8000 paycheck.” ~ Alexis (@financiallybrave)

Committing to a Low-Buy Year

This year we are having a low-buy year. Not because we are in debt (thankfully, we live debt free) and not because we spend excessively. It is simply to live an intentional life without being side-tracked by impulse buys or feeding into consumerism cycles. Improving your mindset around money and finances will welcome more wealth into your life. Will you join us? We can be accountability buddies.    

Spirited Earthling is more than just a blog – it's a gathering place for kindred spirits drawn by an interest in self-discovery, the appeal of self-care, and a desire for a deeper connection to the world. Written and created for curious minds and spiritual hearts seeking meaning in everyday life, this blog aims to help you curate your wholesome personal growth with free weekly ideas and affordable resources for sale.

As you navigate your personal growth journey using the words and ideas shared here, consider sharing this blog with someone looking for inspiration or motivation on their own journey. We are all spirited earthlings, and can lift each other together with mindful, connected living.

Thank you for being part of this community.

Best wishes, warmest regards

Jordan

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Follow Alexis on Instagram for more financial talk and calling it out like it is.

Journal Prompt: Three ways I can be more financially responsible to feel more in control of my finances.

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