Revitalizing my "Low-buy" Mentality

In 2022 I attempted a low-buy year. I wanted to make a dent in my student loans and revitalize my savings account after needing to purchase a car. I also wanted to limit the number of items entering my space after returning home from living internationally. My 2022 low buy was going relatively well— I was making great headway on my loans, I felt I had was rebuilding my savings, and any items I purchased were generally consumables. Then, I took a 3-week holiday in the summer. While I didn’t go completely insane, my spending did increase up a bit. Between finding that I needed a few clothing items over the course of my stay, falling in love with a couple of art pieces, and of course, eating out, my credit card charges ticked up a bit.

Since the summer and I feel like I have been in a non-stop battle with my credit card statement. On top of that, a couple more large expenses cropped up just when I felt like I was getting the credit card yo-yo under control. Overall, I do not have any purchases from 2022 that I regret— the handful of physical items I purchased are well used and well loved and the experiences I bought were certainly worth the money. Rather my credit card statement is simply slightly higher than I would prefer because I would rather be paying off my student loans.

I am generally intentional with my purchases, but we all slip up. I do not feel the need to detox, so to speak, from shopping but one of my current goals is to pay off my student loans as quickly as possible, so re-implementing and sticking to, my low-buy challenge will help me to be more intentional in my spending going forward.

In my experience, even an imperfect low-buy, can yield great rewards.

Before embarking on a low-buy challenge it is important to do a few things. First, you must reflect on and understand your reasons for attempting a low-buy challenge. If these reasons are not meaningful, then you will be incredibly difficult to curb the instant dopamine rush that awaits us when we make a purchase.

My reasons for this year’s low-buy are:

• To continue making a dent in my student loans. By the end of 2022, I did achieve my goal of cutting my student loans in half. By the end of 2023, I would like to have my loans under 10k.

• I would like to also continue adding to my savings account. I have found that having a bit put by comes in handy when surprise expenses crop up.

• Finally, my third reason is that I want to focus on spending money on things that are actually valuable to me. I want to use the low-buy as a means of slowing down and exercising more self-control when faced with the potential of buying something that I want in the moment (normally Starbucks or takeaway). Essentially, I want to build my powers of delayed gratification, especially as I plan to travel more and want to stave off a dramatic spending uptick that coincides with travel.

These reasons are important to me. They factor into my longterm financial and wellness goals so even when I am feeling the urge to buy something, I will be able to connect back to these reasons and, in most cases, ward off the urge to spend.

By focusing more time and energy on meaningful pastimes, like making art and knitting, I give myself a gift without having to spend any money at all.

Once you have reflected and connected with your reasons for embarking on a low-buy challenge, you must decide on your rules— making them as specific as possible. Third, obviously, is to follow the rules. Some people make adjustments periodically, as we generally aim higher than is necessarily attainable, but I hope that I won’t have to make too many adjustments.

My Low Buy Rules for 2023 are:

1. I can buy things to restock consumables that I use, but only once I have run out of (or am about to run out of) the one that i am using. For example, I need to restock on my face wash. While I feel the prick of price with this particular face wash, I also know it is the one I enjoy using and that works for me. So I will buy more.

2. I can buy things that I have been meaning to buy for months. I recently had to purchase a new computer— I have known that I needed a new one for about a year and on Black Friday I was able to take advantage of a sale. The price tag was still steep, but the purchase is one that was necessary for both professional and creative purposes. In Goodbye Things, Fumio Sasaki says that if you have thought about getting rid of something 5 times, that I a signs that you can definitely get rid of it. I think the same is true for purchases. If I have reflected and thought about buying something multiple times (say 10 times) that is a sign it is actually something that will bring me some value, even if it is not strictly a necessity.

3. I will not allow myself to make impulse purchases. It is no secret that impulse buys are the quickest way to buyers remorse…and a depleted bank account. I plan to simply not allow myself to buy something unless I decided ahead of time that I would buy it. If, for example, I want to get a Starbucks or takeaway, I will plan for that purchase the day before so that I do not give in to the caffeine craving 4/5 days during the week… as has been the case the past few weeks at work. If I happen to see something in a store that I want, I will tell myself to wait for at least a day. If after 24 hours I still want that item, I can always go back to the store and find it.

4. I will appreciate the things that I already own. When we seek to buy something new, oftentimes it is because we do not appreciate what we already own. Why do I need a new sweater when I already have several? When we intentionally practice gratitude for our possessions, we stem the desire to accumulate more because we already feel as though we have enough. Intentional gratitude has made low-buy habits much simpler because I am not relying solely on willpower and logic to convince myself not to by something that I want in that moment. I am not hit with the sense of “lack” that comes with passing something by. Rather I can appreciate an object without having to own it because I feel as though I already own enough.

5. Lastly, I will focus on myself. I often feel the urge to buy things for comfort or a sense of control when I am not caring for myself in the ways that I ought to. By focusing more time and energy on meaningful pastimes, like making art and knitting, I am giving myself a gift without having to spend any money at all (except of course the money that has already been spent on the materials)

I use these techniques often when thinking about buying something and by applying these techniques I am able to greatly reduce the amount of things that I am bringing into my home and the amount of money I am spending each month.

Sticking to a low-buy challenge helps to be more intentional in spending going forward.

If you have financial goals that you are striving to meet, or bad spending habits that you want to break, beginning a low-buy challenge is a great way to shift your spending habits in order to better align your finances with the goals you have for your life. In my experience, even an imperfect low-buy, provided the goals and rules align with your needs and values, can yield great rewards.