Why Did I Decide on a Low-buy Year?
As I've mentioned several times on my blog and IG already, I want 2022 to be a no-buy/low-buy year for me - however, I still haven't shared why I decided on such a challenge and what I expect from this minimalist concept. So, in today's post, I thought I'd write a little more about what this challenge means to me and how I plan to persevere in my new year's resolution. Also, I hope it will give you a little glimpse into what content you can expect on my blog for the next few months.
If you are not familiar with the no-buying - this is a project based on using what you already own and cutting out all spending for the entire year. A less restrictive version of this challenge is a low-buy, where you cut back any unnecessary expenses from your budget. So as you can see, no matter which concept you choose, the goals are pretty much the same - a reasonable approach to money and eliminating unnecessary spending from your budget.
For me, low-buy is quite similar to regular budgeting because you create your own rules depending on your values, financial goals, lifestyle, etc. For example, you can give yourself a small annual budget for new clothes, beauty products, or small pleasures like coffee on the go once a week, etc. You don't have to spend this money - however, if you decide to treat yourself with something from such categories, the low-buy gives you some kind of flexibility here. But, you have to follow the individual rules that you set at the beginning of the challenge!
It's not as complicated when it comes to no-buy. Here, you just have to limit your expenses to regular monthly bills and necessities such as groceries, hygiene products, medicaments, etc. However, just because something isn't complicated doesn't mean it's easier ;) I find no-buy to be a very demanding project. Personally, I didn't feel ready to fully start this challenge in 2022 and apply it to all the categories that, in my case, involve monthly or seasonal expenses. But, I was already familiar with a low-buy because I tried to do it in 2021. Even though it didn't turn out exactly how I planned, I learned a lot about my spending habits, eliminated the main shopping mistakes, and set some financial goals for the new year.
That's why, in 2022, I wanted to challenge myself a little bit more and decided to do a no-buy when it comes to:
fashion (new clothes, but also second-hand purchases)
home decor (everything that just clutters the space around me)
beauty products (new lipstick, mascara, eye cream, etc. - just because it's a bestseller or on sale)
small expenses - i.e., everything that costs about $5-$10 at a time, but in overall summary causes that from our account disappears $200 per month. I mean here, entirely unnecessary things, such as coffee on the go, membership cards, phone apps, or subscriptions for something we don't even use or can live without.
At the same time, I plan to continue the low-buy and limit my expenses for other aspects of my life like:
work (as a self-employed person, I will not avoid expenses such as taxes or insurance, but I will try to limit purchases like, for example, office supplies and unnecessary equipment),
home life (Netflix - yes, but only during colder months. Spring and summer are for spending time outside and enjoying the weather ;)
hobbies/passions - books, and everything related to traveling, photography, and now - also blogging.
And yes, I know that it can all seem very complicated or overwhelming at first, especially if we compare the low-buy and no-buy challenge with the most popular and easy saving plan like piggy banking. But, because I’m slowly seeing small positive changes in my approach to money and savings, I think low-buy or no-buy (depending on what works for you better) is really worth trying - at least for a month or two to learn more about your consumption habits. It's also an excellent alternative for people who have a problem with compulsive buying and those who want to try the capsule wardrobe concept or just want to achieve a more mindful and intentional living.
What turned out to be the most important for my husband and me when planning the low-buy year is creating our own rules (aligned to our current financial situation, life values, investment plans, etc.) that will help us achieve our goals.
Goal number 1: Even though we try to be financially responsible, we want to rebuild our saving plan. That is why we decided to split our savings fund into three parts:
the first concerns unplanned expenses (car or dishwasher repairs, etc.),
the second is money-saving for the future or situations when, for example, one of us loses his job (yes, we live in difficult times, which is why we all should prepare ourselves for such unpredictable emergencies),
the third one is all about thoughtful and reasonable life investments - so basically everything that in the future can guarantee us additional financial security. For each of us, it will mean something different. Some prefer to invest in real estate or new businesses, others in education, which may pay off in the future with a better job position and then salary.
Goal number 2: We decided to participate in the money-saving challenge to engage with experiences rather than things. And I think that this goal clearly illustrates why we decided to do a no-buy when it comes to spending money on typically material things and why a low-buy for crucial areas that rely on experiences and small pleasures. And here are examples from real life:
I can skip the purchase of another unnecessary skirt, but it will be hard for me to grow my small business without investing in training or new equipment from time to time.
I can also wait to buy a new eye shadow palette until I finish using the previous packaging. Still, I don't want to give up going on a date with my husband at least once a month because, after 11 years of marriage, such small pleasures have already become our little tradition:)
I can skip buying the next vase or candleholder that will only clutter my home space. Still, I'd be happy to purchase sustainable containers that I can use to store food or pack lunch for work, which will eliminate another unnecessary expense like takeaway food.
The same goes for my 'small' coffee addiction. Yes, I love coffee, and I can't imagine my morning without a delicious cappuccino or espresso. I also love seasonal drinks like iced matcha or pumpkin spice latte. But, after realizing how much money I leave at Starbucks per month, I decided to change it and invest in a better-quality coffee maker. Thanks to this, I don't have to give up this small daily pleasure, but at the same time, daily coffee costs me now not $7, but only 15% of this price.
Also, I cannot forget about some examples based on the most important values in my life, such as family time and health. And here:
I prefer saving for another family trip (so we can spend quality time together) than for a designer "it" purse.
I would rather choose to exercise at home, instead of buying a gym membership, which I will probably use only twice a month.
I can skip the professional manicure and learn to do it by myself at home. But, there must always be room in my budget for all the expenses related to health (regular medical checkups, insurance, healthy food, etc.).
Of course, these are just random examples from my life - for each of us, the priorities, money-saving goals, and plans to achieve them will be completely different. But remember that we strive for progress, not perfection.
Goal number 3: My last goal is quite personal and entirely focused on something I wanted to achieve in 2021, but unfortunately, I failed several times. I'm talking about fast fashion and the fact that I'd love to find enough motivation to buy only ethically produced clothes and accessories. And I'm not going to lie - the topic of sustainability and quality fashion is not as easy as it might look. Because how to speak about sustainable fashion (which is usually more pricey) when so many people are struggling with financial problems and when rising prices for fuel, energy, groceries, and other goods weigh on the minds of all of us? And that's precisely the reason why, in the case of the fashion and home category, I decided to go for the no-buy challenge.
After the big closet clean-out I did at the beginning of winter, I quickly realized that I had enough stuff in my closet - the same thing with kitchen gadgets, plates, bed sheets, candles, vases, pillowcases, perfumes, etc. Usually, while preparing my wardrobe for the new season, I create a small list of clothes and accessories that I would like to add to my capsule. This time (except for a few basics I needed to replace because the old ones were already damaged), my seasonal clothing wishlist was empty. I'll not hide that it was a satisfying moment for me because finally, after a few years of my adventure with the capsule wardrobe concept, I was able to say that I was 100% happy with the way my wardrobe looked. It was also the first moment I started thinking about a year without fashion/beauty shopping and a no-buy/low-buy year in general.
Of course, I’m aware that it will significantly affect the content I create here on the blog and social media, but what can I say. I'm just tired of thinking about clothes and constantly chasing trends. I also felt overwhelmed by all the fashion hauls that kept popping up on my Instagram and YouTube page. Yes, I want this blog to become my part-time job, and I don't exclude partnerships with ethical and sustainable brands. Still, as I mentioned - my goal is to reach a conscious, intentional life. So, if I have the opportunity to share something that will bring me even a little closer to this goal, or something that will make my life simpler and my fashion choices more sustainable, I will do it with great pleasure. But what I can guarantee is that you will not see fashion hauls or any sale alerts here. Instead of that, I prefer to focus on a capsule wardrobe, shop your closet concept, honest reviews, and post from the series '10x10 challenge' or 'how to style' - so you will be able to see how I style just a few items in many different ways.
In my opinion, the essential thing in the no-buy and the low-buy challenge is to set realistic goals and then create your own rules and principles that will help you achieve your planned target. After a month of this challenge, I can tell you that it won't be easy. It's only January, and I feel like promotions and sales are lurking at almost every corner. But in unity, there is strength!:) So, definitely let me know in the comments if you ever tried this challenge! If so, what was your motivation, what surprised you the most after getting to know your consumption habits a bit better, etc.? I will also return to this topic in future blog posts and share some ideas for not being tempted by unnecessary shopping and thus completing the challenge successfully:)