In January 2020 I made a decision to start a no-buy year in an effort to save money and get myself back to a financially comfortable position.
I had a baby in October 2018 so I spent the majority of 2019 on maternity leave which also meant maternity pay. Maternity pay for me covered my half of the mortgage and bills and left me with about £10 after that! The important thing is that I could still contribute to keeping a roof over our heads and food on the table. Unfortunately, I still spent like I was when I was earning a full wage, which meant that by the end of the year my bank balance started to look very sad and scary! Starting 2020 I knew I needed to make more sensible money decisions, and so I made the bold decision to do a no-buy year, however it has turned into a low-buy year and I will explain why later.
I spent the last week of December googling no-buy years and watching lots of YouTube videos about it. The best person I came across was the brilliant Lara Joanna Jarvis who did hers last year and did incredibly well! (Instagram @larajoannajarvis Blog - www.adventuresofamum.com)
Once I had got my head around what it was I set out my own rules:
I CAN’T
- Buy unnecessary things!
- Buy clothes, home decor or make-up on a whim
- Spend on my credit card
I CAN - Buy presents for people (birthdays etc) - Use gift cards - Replace things that run out or break
I MUST
- Check if there is an alternative at home before replacing something
- Only buy if there is a real purpose and it is needed
- Meal plan properly for the week
- Check for deals, discounts and buy a cheaper alternative where possible
- Check in with myself at the end of each month to keep myself accountable
EXCEPTIONS
- Work – On the rare occasion I need to buy something for work I can but it still must be a sensible and considered decision.
- Summer – May need to buy a few essential clothes as I was bigger last summer due to baby weight! The clothes must only be key pieces and I need to check the loft before buying!
- Jake – I can buy bits Jake needs to encourage his development and keep him in clothes that fit! But only what he needs, not just because something looks cute!
- Experiences - that will benefit us as a family.
*GOAL* – To pay off credit card and get my current account back to a healthy position by the end of 2020.
I wrote all of this down in my planner so I always had it to hand. I also felt that if I wrote it down it was real!
So below is the review of my first three months:
January January started off well. I think a lot of people dial it down in January due to being post-Christmas and it being THE longest month in terms of the paycheck period. I get paid in December just before Christmas, so I have about 6 weeks in-between pay days (argh!). I pretty much stayed away from the shops, so I wasn’t too tempted. Towards the end of the month I did crack and bought a tall vase for the corner of the stairs which I had had my eye on for ages. It caught my eye again as it had gone into the sale and had £25 off. I kept picking it up and putting it down, walking away and going back to it, as even though it had a large discount it was still going against the rules I had set out for myself. But I cracked and bought it…all the time still trying to justify it in my head.
Even though I did break some of my rules I realised that my mind set was starting to change. Pre challenge Faye wouldn’t have really thought twice about it and certainly wouldn’t have felt guilty after, but I did! I also realised that a no-buy year was going to be too much of an impossible challenge for me, so I changed my rules slightly.
NEW RULE - £10-15 monthly budget for non-essentials
This may seem quite high and like it goes against all the principles of a no buy/low buy year, but I felt it was necessary to keep on track. The budget is high enough to allow me to still buy some bits, but it is low enough to stop me from splurging on something. It is also a considerably lower amount than I was spending on non-essentials pre challenge. So, after a month my no-buy year turned into a low-buy year! But it is my challenge, it needs to work for me and not feel like a punishment…although I guess it actually is a little bit!
February February was much better! I definitely didn’t buy unnecessarily, and I only used £12 of my new budget! There were so many different things that I wanted to buy but I didn’t as I knew I didn’t need them. My budget went on some bits for the bathroom as it had a mini make over. It had a lick of paint turning it from magnolia to white woohoo! So I bought a few accessories to make it feel nice and fresh and organised.
March March started off with a trip to the retail parks in Thurrock as I needed to return something to IKEA and I spent my budget (I bought a lamp from Argos which was half price in the sale). The rest of the month was spent dreaming and wishing!
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First three months reflection
I could have done better! I didn’t start off well, but I definitely got better. This is a learning curve, I knew it would be difficult but my aim is that by June I have got it cracked! My mindset has changed and I am learning different tips and tricks to make me feel better! The ethos of spending less and making better choices had filtered though into all other areas of my life. I have spent more time at home and had a huge de-clutter and re-organisation so I know what we have and what we need…or more like don’t need! This has been helpful to only buy exactly what we need. We have looked at what we are spending on food, gas and electric etc and thought of ways to cut down and save the pennies.
What have I learnt so far?
1. I have definitely learnt to distinguish between want and need – I don’t need half the things I want!
2. I am learning to make more considered choices and make sure that what I am buying (necessities and not) are right for the purpose and are the best price I can find.
3. I have learnt to think before I rush in. Just because something appears to be a great offer or fits what I want I am waiting, sleeping on it and then double checking.
4. I have learnt to look again at what I have – how can I re-use, re-purpose or re-invigorate what I already to have to feel new and give that buzz of something new.
My top tips so far to satisfy a spending need without spending are:
1. Still online shop - add everything you like to your basket but don’t hit buy! Keep them in there and add them to a favourites list.
2. Start a wish list – anything that I see that I really like and would normally have bought I have been adding to a wish list on my phone. This is becoming a great birthday and Christmas list! If you are anything like me you never know what you ant as a gift when people ask, this way I now have options to give people!
Are you doing a no-buy / low-buy year? If you are I would love to know how you are getting on or if you have done one in the past let me know your tips and tricks. Come and join the conversation over on my Instagram @acton.life.and.home.
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