The No-Buy Challenge: A challenge to help you Save Money

Confession: I love to spend.

Honestly, it’s therapeutic for me. It’s a reward for myself. I had a long day at work? I’m going to get myself a Coke from McDonald’s. Hungry and haven’t eaten all day? I’m going to get myself a Crunchwrap Supreme from Taco Bell because it's convenient. Baby is finally taking a nap and I have a moment to myself? I’m going to scroll online for cute winter clothes. I mean, I deserve it, right!?

But, even though it’s fun and exciting to buy things, the dollars add up. And after Jacob and I checked out our spending for August, we decided (or really, just me) that we needed to do a little challenge to help us analyze our spending habits.

THE PURPOSE OF THE NO-BUY CHALLENGE

I had heard about the No-Buy Challenge from watching a Youtube video by Sarah Therese (If you are interested in watching the video, here is the link: https://www.youtube.com/watch?v=1arJoxoG1wI). Not only does the challenge help you cut back on your spending, but it simultaneously helps you to analyze your spending habits and help you realize what you value or what you feel is worth your money.

I was immediately intrigued and wanted to try. After asking my husband to join me, we sat down and created OUR NO-BUY CHALLENGE PLAN.

HOW TO CREATE A NO BUY LIST IN ORDER TO SAVE MONEY

1. CREATE A LIST OF THINGS YOU MAY NEED TO SPEND ON VS WHAT YOU DO NOT NEED TO SPEND ON

Regardless of the name of the challenge, it is inevitable that you will spend a little bit. You still need to use the utilities of your home. You may have emergencies that will require a payment. However, like I mentioned before, the purpose is to help you analyze what you value and help you understand what your money is worth to you. Everyone have different and unique spending habits, so this challenge can be catered to what works best for you.

In our case, Jacob and I decided to make a list of the things that we would continue to use money for, as well as a list for the things we did not want to put our money towards. Our list looked like this:

THINGS WE NEED TO BU                      THING WE DO NOT NEED TO BUY

1. Groceries (minimum)                         1. Eating out (Unless we have gift cards)

2. Gas                                     2. Luxury items (thing we want but don’t need)          

3. Utilities                               

4. Emergencies

5. Tools needed for our renovations

In our example, we knew that before the end of our No Buy Challenge, we would have to get groceries. However, we decided that we would only purchase things that we needed. That meant that we would have to meal plan beforehand so that we would only get the ingredients that we would need rather than just buy random food.

Another thing that we planned for was “tools needed for renovations.” We are fixing up our house, and we knew that we would need to plan on purchasing things for that.

In our “Things we do not need to buy” category, we put "eating out and luxury items." We determined that if we were going to buy food for groceries, we would not need to eat out. Luxury items included anything that we just didn't need, but we just wanted. We wanted to analyze how much we were saving by not buying those items.

So figure out what things you may need to spend on. Remember, regardless of the name, the “No Buy Challenge” is not necessarily about not spending any money, but more about learning how to save money by understanding what things you value and want to put your money towards.

2. SET A TIMELINE

Once you have established what you will and will not be purchasing, give yourself a timeline. The time line is completely up to you; however, I suggest setting it for at least 2 weeks so that you can better see the results of your endeavors.

For our No Buy Challenge, Jacob and I set a time line for 1 month. 3.  ESTABLISH A SYSTEM WHERE YOU CAN SEE HOW MUCH MONEY YOU SPEND

It’s important for you to create a system and a way so that you can see where your money is going. You can do this in a variety of ways- write down your purchases, save your receipts, or maybe just use 1 credit card or debit card so that you better keep track of all the money spent.

In our example, my husband and I decided to use only 1 credit card each. At the end of the month when we got our credit card bill, we were able to see exactly how much we spent that month. I also kept receipts if for whatever reason we had to use cash instead of card.   4. ESTABLISH A SYSTEM WHERE YOU CAN SEE HOW MUCH MONEY YOU SAVED

Similarly to knowing how much you spend, it’s also important for you to know how much you saved.

For me, every time I found myself wanting to spend on something that I knew I didn’t need, instead of purchasing the product, I wrote the product and the amount of money I would be spending. At the end of our challenge, I tallied it together to see how much I saved.

Visually seeing the amount of money you save will motivate you to keep saving.

5. GET CHEAPER OPTIONS WHENEVER POSSIBLE

There will be some things that you will have to buy while doing this challenge, but you want to do all that you can to save money. When you do make a purchase, try to find cheaper options. Buy foods that are in season rather than just buying what you want. Instead of buying new, see if you can buy used, such as through Facebook's Marketing page (Jacob and I did this a few times when it came to buying things for our renovations). When at the store, buy things that are on sale.

For example, Jacob and I knew that we were putting money towards tools for our house that we are renovating. After a lot of research, we realized that we wanted/needed a paint sprayer. Buying it new (at the cheapest price) would cost us $340. We were able to find a used/like new paint sprayer on Facebook for $220, and we were able to save $120.

6. STAY ACCOUNTABLE BUT FLEXIBLE

Of course, sometimes we make mistakes. There was a time or two where we bought something that was more of a luxury than a need. That’s ok!

To help keep yourself from becoming discouraged, give yourself 3 “start over” days. If you find that you spent when you probably shouldn’t have, remember to try again the next day. Don’t beat yourself up, and most importantly, don’t give up!

SO… HOW MUCH DID WE SAVE?

Now, you may be wondering how much we saved by doing this challenge. Please keep in mind two things: 1. We purchased a few tools to help us with our renovation and 2. This is an approximation. We did our best to record any kind of spending for the month of September.

By not eating out, by being patient and not buying things just because we wanted them in the moment, and by buying the cheaper option, we were able to save $1,754.88.

The great thing about this challenge is that you can cater it to your needs. You do not have to do it exactly how we did it. You do what works for you!

MY FINAL THOUGHTS

The most important I learned from this challenge is to become more aware of what I value. Even though it has only been one month, I know that I can be patient and put my money towards things that are of more value and will benefit me in the long run rather than just spending to satisfy cravings. I have found other ways to satisfy my cravings by replacing them with healthier options, and because I am making a more of an effort to save, when I do spend on a meal, I don’t feel as guilty.

But I will not lie- the first thing I purchased when our challenge was done was a McDonald’s Coke. And I have no regrets. :)

How many of you will try a No Buy Challenge? Have you tried a No Buy Challenge? Comment down below! :)