Set 'No-buy' Rules to Save Money, Cut Waste
2024-06-07
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1Some Americans have been setting their own "no-buy" rules in an attempt to reduce wasteful spending and save money.
2Creating no-buy rules themselves can be easy.
3People simply make a list of non-essential things they plan not to buy for a specific period of time.
4The idea has caught attention on social media, with people and groups sharing progress on their goals.
5But keeping such rules can be difficult, especially for extended periods of time.
6Reporters from The Associated Press (AP) spoke to some people who have set their own no-buy rules, as well as experts.
7Here are some of their ideas on how to come up with a list of rules, as well as ways to keep no-spend promises.
8Whether it is beauty products, ordering takeout food or buying unnecessary low-cost items at the store, experts suggest knowing your weaknesses so you can make realistic plans.
9Mia Westrap is a Ph.D. student in Southhampton, Britain, who decided to establish a no-buy promise, or pledge.
10But before starting, she took a close look at what she spent money on during the previous few months.
11Through that process, Westrap realized that unnecessary food and drinks were her big weakness.
12"I figured out that I was spending four figures on just carbonated drinks and Pepsi Max," she said.
13Experts say one of the fun parts of no-buy rules is that there are no set rules.
14Individuals get to choose what to include and what not to.
15Amea Wadsworth is a 22-year-old living in San Diego, California.
16She told the AP she used to love spending hours looking at clothes and interesting knickknacks at places like Target and Goodwill.
17But when she moved back home after finishing college, she realized how many things she had built up over the years.
18"When I have those decluttering moments and I look through all my stuff, I was finding things that I bought and spent a lot of money on and then never ended up wearing," Wadsworth said.
19To keep her rules, she chose not to buy new clothing and to center most spending only on experiences involving loved ones.
20Wadsworth also set her rules to be on a month-to-month basis.
21Experts say it can be a big help for people to write down their rules to help remember and keep them.
22However, it is also fine to slightly change some rules, if needed, during the process.
23Take a break before buying. When Wadsworth feels a strong desire to get something she sees on social media or at a store, she writes it down instead of immediately buying the item.
24At the end of each month, she then goes over the list and decides what, if anything, is worth buying.
25Between pop-up offers and influencers praising new products, social media can be a trigger for unnecessary shopping, said Courtney Alev.
26She is a financial adviser at the company Credit Karma.
27If someone feels they are spending too much because of long periods spent on a computer or a device, Alev says they should take a break from any services providing an urge to buy things.
28As Westrap began her no-buy year, things did not start well.
29During the first month, her car broke down.
30Then, she received a costly parking fine.
31Experts say unexpected costs or weak moments happen to everyone.
32So it is ok if people do not end up following their no-buy rules exactly.
33Carrie Rattle is the chief executive of financial advisory company Behavioral Cents.
34She told the AP, "If you fail, you probably need a bit more help. You are not a failure. You have simply failed at one method."
35Rattle added that the realization is very important so that people don't feel "dejected."
36I'm Bryan Lynn