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With 2022 underway, you might be feeling the pressure to create a New Year’s resolution: Maybe you ate out too often in the last year and you’re always late to pay your credit card bills. For many, a new calendar year could be the time to save more, reassess spending habits, and cut back on overspending.
If you want to get your finances in order this year, you can try implementing what is called a “no buy or buy low” period. During a low buy or buy now period, people limit their spending for a period of time. No buy and buy low are popular in the minimalist movement, which is a lifestyle movement focused on buying less, decluttering, and buying and keeping only items that give you personal value.
Below, Select examines how people can make financial resolutions that they can actually stick to, and how to successfully reduce overspending and overspending by using a no-buy or low buy period.
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New Year’s resolutions help us identify what we want to improve in our life. However, sometimes failing to stick to these resolutions can make us feel like we have failed ourselves. Even taking small steps towards our goals, we can still feel inadequate if we don’t meet our goals right away, like when we go to the gym twice a week instead of our plan to go four times a week. week.
While you might be fed up with making promises that you won’t be able to keep, there is a way to make a New Years resolution without a buy or with a low buy that you can actually stick with.
If you make New Year’s resolutions with an extrinsic purpose – which can be related to appearance, materialism, and power – you’re less likely to keep those resolutions, Dr. Richard Ryan, professor at the Institute of Positive Psychology and of education at Australian Catholic University, said The cup. If, however, you make resolutions that focus on your intrinsic motivation for personal growth, community, and fulfilling relationships, you might be more likely to stick to them.
So, if you’re struggling to pay off your student loan debt, or if you’ve racked up more “stuff” than you actually need, think about what motivates you to pay off your debt or cut back on over-buying.
You don’t have enough room in your apartment to store your things? Do you want to start investing in your child’s education?
Once you’ve identified why you’re making a low buy or a no-buy period, you’ll want to set a clear, realistic and achievable goal for yourself, says Christina Mychas, a YouTuber who participated in a low buying period between 2019 and 2020 and still practices minimalism. You will want to know if you want to do a no buy period or a low buy period.
A no-buy period is more restrictive than a low-buy period. With a no-buy period, you are only allowed to spend money on essential expenses like food, rent, transportation, and health care. With a low purchase period, you can also spend money on discretionary spending, but you set restrictions on certain spending areas.
For example, your low shopping rules might be that you are not allowed to eat out more than twice a week, you can buy replacement toiletries, and you can buy one used item of clothing per month.
You will then need to set a time frame for your no buy or low buy period. You will want to think about what is realistic for you. Will you be able to refrain from buying new clothes for a whole year or is three more months doable for you?
Mychas emphasizes that the goal of a low buy or no buy period is not only to meet your financial goals, but also to change your shopping mindset. After your no-buy or low-buy period, you might be more intentional about your purchases and you may be able to delay instant gratification while waiting to make new purchases.
She also recommends that people treat each other with compassion and empathy when they buy little or nothing. If you find yourself spending money that you weren’t meant to spend, don’t take the setback as a reflection on your character. Instead, people should go back to their intentions and reframe their rules so that these guidelines are more moderate and less restrictive, Mychas says.
Whenever you end up shopping, it’s a good idea to track your spending using a budgeting tool. By tracking the purchases you make, you will foster a more intentional attitude towards spending.
If you like to see all your expenses and the date of purchase in a spreadsheet, you can opt for Google Sheets which provides budget templates with third-party add-on software that populates your financial transaction details. Or, consider mint, a free app that lets you sync your bank account and credit card, so you can get a complete picture of your finances in one app.
Finally, you may be able to find a community of people participating in this challenge to empower you further. Mychas covers how to stick to a low buying period on her Youtube channel, and she was inspired by YouTubers Hannah louise poston and Useless. There are also groups on Facebook and subtitles where people share their own failures and successes when shopping low and without buying.
At the end of the line
New Year’s resolutions can be a touchy subject for people who feel like they can’t stick to their goals. However, if you are looking to save money or cultivate a more intentional mindset around buying and spending, participating in a no-buy or low-buy period might be a good option for you, you You just have to be kind to yourself in the process.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.