Is one of your Financial Resolutions to get better with money, get out of debt or save for something big? Perhaps you want to do a no buy year to save money?? You’ve come to the right place! I went from being an over-spender to completing a ‘no buy year’. This was never something I thought I could do! But I loved sharing my experience and insights on how I managed to cut down the extra spending that I used to do and how I successfully managed to save tens of thousands of pounds and moreover, get a hold of my spending and help save for our house deposit. It’s important to note that we have been saving for years for our house deposit, so this isn’t a quick fix – but it definitely will help you get to your savings goals quicker!
Before diving deeper into this you need to know that different people do this for different reasons.
Some people may want to do this to:
- Get out of debt
- Save for something big
- Be more mindful of the spending
- Reset spending habits
So, you must know why you are doing this rather than just following the trend.
So, let’s go ahead with tips on how to stick to a ‘no buy year’ and save money.
Time It Right
If you have big plans in 2022 you need to time it right so you set achievable expectations. This is essential because you don’t want to start it when you might end up having non-negotiables and spending more. For example, you don’t want to start it in December when you are busy with festive events and purchases, or in your birthday month when you want to spend it on some celebrations.
Set Your Rules
Sticking to this routine will require some rules, so you need to set those no buy year rules for yourself. There are no hard and fast rules for this, but you have to design your rules which are practical and fit your lifestyle, what I mean by this is that if you need to be well dressed for work, set a clothing budget, if you meet your Mum for coffee once per month as a treat, include that in your “allowed” list. On the flip side, if skincare or plants are your addiction then not allowing these is potentially where you can cut a lot of spending! You might also want to write down those rules and put them up somewhere to have a visual reminder daily.
Celebrate Your Success
Nothing encourages like a reward and therefore you need to celebrate when you achieve certain milestones that you’ve set. This should provide you with the inspiration you need to keep going on.
Use Your Time Productively
When you are making changes to your routine you could have more time on your hands. so make sure you use your spare time productively and stay busy; If you are idle you might end up with boredom spending and that again is something that you want to avoid.
Share with People
Sharing your new lifestyle and goals with like-minded people is a great idea. They can cheer you up when you share your milestones and offer you the right support that you need to keep going on. They may even want to join your challenge with you for their own savings goals!
Know Why You Are Doing It
As with all resolutions we can sometime lose momentum, and this is no different for financial resolutions. There are times when we lack motivation, and that’s exactly why you need to keep telling yourself why you are doing this. You need to have a constant reminder of why you want to get out of debt or save money, and that should keep you motivated when things are not going the way you want them to. I pinned our savings sheet on the fridge – you can get your free savings tracker on my website.
Recognise your triggers!
We all get emotional and impulsive at some point and this could mean you end up spending on certain things. However, that feeling of impulsiveness is temporary and if you can recognise it, that’s the first step to changing it. Once you recognize those feelings it can help you to control your impulsive spending.
Plan Your Moves
Nothing helps you stick to your financial resolutions like planning and therefore you need to know how you are going to manage your budget for the day. This will assist you to keep your expenditure to a bare minimum.
This Isn’t Forever
While it certainly feels like this is forever at the time, it is not. I’m sure you will smash it and you will achieve your milestones. However, this mindset and behavior will hopefully stay with you and allow you to manage your finances in the years to come. Try to take it each day or week at a time rather than worrying about the full amount of time.
Choose Free Alternatives
There are ways to find many free vouchers and options online that would allow you to keep your costs low and get the services and products that you want. You can always look for things on freecycle and local selling sites to pick things up for free or very low cost.
Take stock
If one of your financial resolutions is to buy less, then you need to take stock of what you have already. This will allow you to cut down your expenditure on things you don’t need, and also make you realise how much you have! You can also upcycle certain products differently or you perhaps borrow them if you only need things for a while.
Set Your Budget
You must have clarity on your budget and how you can use it effectively to keep it on track. Knowing exactly what is coming in and what is going out is key to understanding and getting on top of your finances!
Minimize Your Lifestyle
We all tend to buy more products and services without thinking about it. So, focusing on how you can minimise things without impacting your lifestyle. Remember, if you are to get a new job or a pay rise, don’t let lifestyle inflation creep up on you as you’ll be back to the beginning of not having anything left at the end of the month! It’s not how much you earn, but how much you have left at the end of the month and what you then do with that which makes a difference.
What are your financial resolutions for 2022? Pop on over to my YouTube channel where I documented my no-buy year and shared the highs and the lows of totally changing my money mindset!
What do you think?