SACRAMENTO, Calif. — In a world where spending money is easier and faster than ever, more people are choosing to slow down and spend less by embracing a “no-buy year.”
“A no-buy year is a choice… it’s a plan for 12 months where you would commit to only spending money on things that were absolute needs,” said financial coach Maureen Paley.
Needs can include your housing payments, utility bills and food. A “no-buy year” means not spending on extras beyond your needs.
“It will help us slow down the time between the impulse that we normally have to spend and the actual decision to spend,” said Paley.
The rules are simple and self-imposed. They’re totally customizable for your unique life situation.
For example, if your weakness is buying new clothes just for fun or eating out every day at work, a no-buy year could mean wearing only the clothes you already have and packing your own lunch for the work week.
“Someone who is head of household and has children to provide for, maybe the no-buy year only applies to the adult in the family and not to the children. There are some life factors that need to go into the decision-making,” said Paley.
Paley says by doing a no-buy year, you may notice a lot of your spending is on autopilot.
“Do you truly need it? This kind of commitment helps you take the time to really slow down and really investigate what your true needs are,” said Paley.
A no-buy year has its challenges and rewards. Before you dive in, try going online and searching for people telling their stories and experiences of a no-buy year.
Some models are stricter than others, but it’s all about you and what you’re comfortable with.
If you don’t feel ready to commit to this challenge for a whole year, try one month and see where it takes you.
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