One of the intentions I recently set for 2020 was to stop spending needlessly. There's a really important reason for this -- clinical year is coming. And while I may have the luxury of working a part-time job right now, that's going to go out the window as soon as clinical year rolls around. Ultimately, what I want is to have enough money saved that I can stay in my house without having to get a roommate for that time (I'm getting too old and like my personal space too much for a roommate anymore!).
I had a shocking revelation when I was paying my credit cards. Sure, it started because I got a notification that said I've spent less in November than in recent months (cool!), but upon further investigation, I was asking myself, "but how did you even spend this much??"
In November, I had managed to spend an average of $30 per day. And in previous months, that figure has loomed closer to $40. And that didn't include my mortgage, car payment, or utilities!
*mind blown emoji*
What in the heck am I buying?!
I'm certain that this, at least to some degree, has to do with stress related to school and life in general. In my mind, I've probably been rationalizing stupid purchases with "but this will cheer me up." And while that may be true, being able to live in my home without a roommate during clin year is going to bring me far more joy than any cute coffee mug can.
Honestly, I have no idea where I heard about the "No Buy" trend, but for someone who has never been super good at budgeting and wants to make a significant dent in my spending habits, cutting the crappy spending cold turkey sounded like a pretty good idea.
But I hear with these kinds of things, it makes sense to set some rules, because I can't buy literally nothing. And while everyone's rules probably look a little different, here's how mine have shaken out.
Things I can't buy:
Things I can buy relatively unrestricted:
Exhibit A for why I need a No Buy!!!
A lot of people say that if something breaks and they absolutely need it, then they can replace it, and I think that's a fair loophole to have in place. The idea is, also, that you try and fix whatever it is first before you replace it, which I can get on board with.
There's a couple of other things I'm on the fence about, such as Netflix/Hulu (I don't have cable) and things like charity fun-runs I might want to do with my friends or sisters (but do I really need to spend $35 for another T-shirt??).
I'm planning to monitor everything I purchase by writing it down in a little notebook (which I already own!) because I think this helps with accountability. Am I really willing to write down this purchase as a necessity? Or is it really more of a "want" that I shouldn't be buying at all? Writing down what you eat can help with changing dietary habits, so why wouldn't the same theory apply for finances?
Overall, I'm both scared and excited about this No Buy challenge. My goal is very clear (be financially secure when entering my clinical year), and I have laid out lots of rules to make this happen (although I'm sure there's plenty of things I haven't quite thought through).
I posed the idea on Instagram recently -- I'm thinking of doing a No Buy, would anyone be crazy enough to do this with me?!
A 50/50 split. Twelve votes in each category! I'm honestly surprised there was anyone who voted that they needed this kind of challenge, too.
I ended up getting a lot of supportive messages from people about it. Many of my friends have done this challenge or tried something similar in the past and told me about how good it made them feel, how it helped them reach their goals, or how it changed the kind of consumer they are. All these messages were honestly encouraging. I've had this post written for days but hadn't been yet ready to commit to publishing it. "Am I really going to do this? Can I really commit?" While I know I can't be perfect, I do think the possible benefits of this challenge far outweigh not trying it at all. So here goes nothing!
Wish me luck!
P.S. While most of the messages were positive and encouraging, there was also this. From my sister. HA.
I had a shocking revelation when I was paying my credit cards. Sure, it started because I got a notification that said I've spent less in November than in recent months (cool!), but upon further investigation, I was asking myself, "but how did you even spend this much??"
In November, I had managed to spend an average of $30 per day. And in previous months, that figure has loomed closer to $40. And that didn't include my mortgage, car payment, or utilities!
*mind blown emoji*
What in the heck am I buying?!
I'm certain that this, at least to some degree, has to do with stress related to school and life in general. In my mind, I've probably been rationalizing stupid purchases with "but this will cheer me up." And while that may be true, being able to live in my home without a roommate during clin year is going to bring me far more joy than any cute coffee mug can.
Honestly, I have no idea where I heard about the "No Buy" trend, but for someone who has never been super good at budgeting and wants to make a significant dent in my spending habits, cutting the crappy spending cold turkey sounded like a pretty good idea.
But I hear with these kinds of things, it makes sense to set some rules, because I can't buy literally nothing. And while everyone's rules probably look a little different, here's how mine have shaken out.
Things I can't buy:
- New clothes, shoes, purses and accessories
- Cafeteria food or fast food
- Coffee when I'm not studying or coffee shop snacks
- New books -- I have a library card and that's free!*
- Makeup, if I'm not truly totally out of something
- Home decor, kitchen gadgets, etc
- Unnecessary "necessities" -- I have a huge stockpile of shampoo, conditioner, lotion, etc, that I need to use up first, even if the brands aren't my favorite; also, do I really need to buy things like paper plates? Probably not.
- Gym memberships or yoga punch cards -- the one exception here could potentially be getting a reduced/zero cost membership through my work's wellness program, but that would likely require me to go to the gym a certain number of times each month and I'm not sure I can commit to that
- Bars and restaurants with friends -- because I get to spend such little time with my friends, I'm definitely allowing this, with the expectation that I choose affordable options when able
- Coffee -- sometimes I need a change of scenery and I want to study at a coffee shop (which has honestly happened less than I expected); I can go and buy one non-fancy/cheaper drink (like drip coffee or tea) and no snacks
- Haircuts for me -- there have been far too many tears after haircuts at cheapo places, so I'm sticking with my salon, but we're going at least 10 weeks in between, and the hair color I got this month will be my last!
- Haircuts for Milo -- after giving Milo his first DIY haircut at home and it turning out semi-successfully, I've decided every other haircut for him will take place at home to save money, but he'll get a professional one in between so he doesn't end up looking totally goofy
- Toiletries, paper products, etc -- I have a Costco membership until October, so I'm hoping I can get good deals on basic necessities
- Travel -- with summer break from school next year, I know I'm going to be traveling to at least one place; travel is super important to me, but I'll do everything I can to keep costs down by using things like Student Universe for flights and crashing with friends/family when possible
- School-related things -- if there's a resource I feel like I need and I can't find it anywhere for free (borrow it from someone, get it from the library), then I'm okay to buy it; do I really need new binders to organize my notes though? Probably not.
Things I can buy relatively unrestricted:
- Gas, oil changes, and other necessary car-related things
- Gifts -- I'm not a big gift giver to begin with so I don't see this being a big deal
- Groceries -- I have less time to cook but eating healthy is a priority for me, so I've been allowing myself to buy slightly more expensive groceries for the sake of convenience while not losing out on the healthiness
Exhibit A for why I need a No Buy!!!
A lot of people say that if something breaks and they absolutely need it, then they can replace it, and I think that's a fair loophole to have in place. The idea is, also, that you try and fix whatever it is first before you replace it, which I can get on board with.
There's a couple of other things I'm on the fence about, such as Netflix/Hulu (I don't have cable) and things like charity fun-runs I might want to do with my friends or sisters (but do I really need to spend $35 for another T-shirt??).
I'm planning to monitor everything I purchase by writing it down in a little notebook (which I already own!) because I think this helps with accountability. Am I really willing to write down this purchase as a necessity? Or is it really more of a "want" that I shouldn't be buying at all? Writing down what you eat can help with changing dietary habits, so why wouldn't the same theory apply for finances?
Overall, I'm both scared and excited about this No Buy challenge. My goal is very clear (be financially secure when entering my clinical year), and I have laid out lots of rules to make this happen (although I'm sure there's plenty of things I haven't quite thought through).
I posed the idea on Instagram recently -- I'm thinking of doing a No Buy, would anyone be crazy enough to do this with me?!
A 50/50 split. Twelve votes in each category! I'm honestly surprised there was anyone who voted that they needed this kind of challenge, too.
I ended up getting a lot of supportive messages from people about it. Many of my friends have done this challenge or tried something similar in the past and told me about how good it made them feel, how it helped them reach their goals, or how it changed the kind of consumer they are. All these messages were honestly encouraging. I've had this post written for days but hadn't been yet ready to commit to publishing it. "Am I really going to do this? Can I really commit?" While I know I can't be perfect, I do think the possible benefits of this challenge far outweigh not trying it at all. So here goes nothing!
Wish me luck!
P.S. While most of the messages were positive and encouraging, there was also this. From my sister. HA.
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