What is a no-buy/no-spend year?
In the strictest sense, it is removing any extraneous purchases from your budget in 2022 in order to reset your spending habits. I find it critical to see what you are spending year over year to help with this process. I use a tool called Quicken to help me monitor my spending habits and I am currently looking at my annual expenses in 2021 to see how I can reduce these expenses. I personally do not remove all of the extraneous expenses but have a plan on what I truly need verses what I want.
A no-buy year is what you want to make of it and what your goals are going to be. 1st, focus on what is a list of approved purchases and 2nd, write down what is the list of items that you would like to abstain in 2022.
My plan for 2022:
Key areas for me for 2022 are capital expenditures to improve my condo in Chicago. I am currently looking at purchasing an induction range. They cost between $1,300 to $3,400 depending on the model. If my goal was to eliminate capital improvements, I would eliminate the cost for 2022. I however am trying to make improvements in my condo and have a specific dollar amount in mind. I am also conscious of any over improvement my condo and the value that I am going to receive in the future. Again, I am putting a plan together and truly thinking about each purchase.
I also aware of my spending at restaurants in 2021 and the rising costs of dining out. I’ve been limiting my exposure to large groups and gatherings and I justify the expense to keep my sanity during this extraordinary time with COVID-19. I enjoy eating out but I cannot go cold turkey and eliminate this expense.
My no-buy year will include no purchases of any clothes at a major retailer. I have learned to pick up items at the local Salvation Army/Goodwill. I recently purchased a brand new Patagonia vest for $10. If I went to the Patagonia website I would have paid over $100. I’ve also eliminated gifts with my friends. I was surprised how my friends were thrilled about doing this.
“You” Set the Rules
Remember, you are in charge. Set your own rules and build a plan to make the most out of your experience. The goal is to monitor how you are doing through out the year. I feel as if we get caught up with mindless purchases and if we have a plan, we are more likely to enjoy the purchases that we make.
Let me know if you have participated in a no-buy year.
