Try a low-buy challenge!
With prices on just about everything feeling like they are landing at all-time highs, many of us are rethinking the way we spend. In fact, a growing number are embracing what’s known as a no-buy or low-buy lifestyle, meaning they’re making choices to cut back and get the most out of every dollar they can.
Consumer educator Teresa Hunsaker shared practical advice to help you stretch your money, avoid impulse spending, and still enjoy life without feeling deprived.
Understanding the No-Buy Lifestyle
The no-buy lifestyle is about focusing strictly on essential expenses. “I’m going to just look straight at what is absolutely needed. Rent or mortgage, the auto payment, the gasoline, the food, and keep all this discretionary spending done,” Teresa explained. This approach can be challenging but rewarding, as families have saved significant amounts by cutting out non-essential spending. Teresa shared the example of one family who saved almost $300 in just one month.
Exploring the Low-Buy Approach
The low-buy approach is less restrictive, but still emphasizes intentional spending. “Limit, restrict, but don’t cut out completely on the discretionary,” Teresa said. This means setting a dollar limit on non-essential purchases and being mindful of spending habits. For example, instead of buying a large soda, go for a smaller size to save money while still enjoying a treat.
Here are Teresa’s strategies for living a low-buy lifestyle:
Willingness to Change
An important part of adopting a low-buy lifestyle is assessing your willingness to change. “What am I willing to change, to give up, to step down in my spending?” Teresa emphasized. This involves evaluating each spending category and determining where you can make adjustments. It’s about making conscious decisions to reduce expenses without feeling deprived.
Shopping with a Menu Plan
Creating a menu plan can help you manage your grocery budget effectively. “Not just a shopping plan or a menu plan in the grocery store, but for all discretionary income that I really am purposeful,” Teresa explained. Planning your meals ahead of time helps you make a precise shopping list that includes only the items you need. That way, you avoid impulse purchases and make sure that every dollar spent is intentional.
Not Buying Extras Because They’re on Sale
Sales can be tempting, but they often lead to unnecessary spending. Teresa advised against buying extras just because they are on sale. “I don’t buy. I skip it. So those little extras that seem like a really good buy, they’ll probably come on sale again,” she emphasized. It’s important to resist the urge to purchase items simply because they are discounted. Instead, focus on buying what you need and sticking to your budget. By skipping these extras, you can avoid clutter and save money for more important expenses.
Using Up What You Have
Planning and Tracking
Effective budgeting requires a detailed plan. “I’m very intentional, very purposeful in each dollar and where it’s going to go,” Teresa said. This includes creating a shopping plan and tracking every dollar spent. By doing this, you can ensure that your money is being used wisely and avoid unnecessary purchases.
Avoiding Temptations
One strategy to maintain a low-buy lifestyle is to unsubscribe and unfollow sources of temptation. “We need to eliminate the temptation. That means I need to find something else to replace that moment that I’m spending online,” Teresa recommended. By reducing exposure to advertisements and influencers, you can minimize impulse buying and stay focused on your financial goals.
Celebrating Success
Tracking your savings helps you stay motivated. “I’ve got to see those dollars making a difference,” Teresa emphasized. Celebrate your achievements and recognize the impact of your efforts. This will help you stay committed to your budget and continue making smart financial choices.
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