For some time, “no buy” challenges have been featured all over social media. However, for it to make a meaningful impact, you have to do more than just buy nothing. This article covers the step-by-step process for making this self-imposed discipline more than “just a trend.”
How to Do a Buy Nothing Challenge RIGHT
For anyone on the come-up, some of my best money advice is to minimize or eliminate excessive spending. And the majority of you understand that as you work toward financial freedom, luxury items must be a hard pass.
But, we aren’t talking about obvious big-ticket purchases like that here. We are talking about the small things you frequently buy out of convenience… WHICH – NEWS FLASH – ADD UP!
These “little purchases” are almost more dangerous, because we tend to swipe our cards and forget ‘em. So, to make your “buy nothing” challenge worthwhile, you should look to past spending for clues as to what you need to eliminate.
Make a list of everything you buy that is unnecessary and pick a category – or a few – to eliminate for now.
Examine Past Spending Habits
The first thing to do is to select the category of purchases you’re not going to make during your “no buy.” The most impactful strategy is to target your weaknesses. Figuring out what those are is easy.
Look over your credit card and bank statements – there, you’ll notice patterns like:
- “I spend HOW MUCH on lattes every month?”
- “I have a tendency to buy more than I need when I shop at certain stores.”
The list of examples is endless. But, make a list of everything you buy that is unnecessary and pick a category – or a few – to eliminate for now.
At this point, you should make a solid decision to buy none of each item type within a certain time frame. For example, “I will give up spending money on takeout for 90 days.”
Now, it’s time for the hard part.
Commit to Buy Nothing Non-Essential
The next step is clear from the name of this exercise: For the chosen time frame, buy nothing you don’t need and/or have committed to not purchase.
Look, I understand that giving up treating yourself is difficult – especially in the beginning. But, spending on these things to “feel better” is not what you really want and need, nor will it get you to the real goal.
With that in mind, I do have several tips to help you when you feel like you wanna cave.
Here is a smart idea I read in an article on “no buys” from AP News: Whenever you want something non-essential, write it down. Then you can – after completing the challenge – buy it if you still want it. That way, you don’t feel you are denying yourself. That being said, you more than likely won’t want it after you’ve had time to think about it.
Final Thoughts on the Buy Nothing Challenge
Ultimately, I think making a game of smart financial decisions is a good idea. It builds discipline and changes your perspective on these choices. But the fact of the matter is that you can’t “buy nothing” forever. Eventually, you have to fix the real issue – which is how to earn more money.
For more content on how to do that, check out grantcardone.com.
