For those of you who may still be trying to figure out what low buy is how to implement it into your life, here is a quick break down of what all it entails and how you can begin to apply it to your life starting TODAY! You may look at applying this in increments at a time vs for the remainder of the year but if you are ready to go big then I recommend taking on as much change as you can as this is how you will see a big difference.
How to Begin:
Start by Tracking Your Expenses: When wanting to start your low buy year or habits is by keeping track of the money you have coming in and where it is going. Make a list of your monthly expenses that MUST be covered every month like rent, cellphone bill, insurance etc. Then take a look at the other categories that you are currently also spending in and determine what your budget for these should be, think your groceries, personal items (shopping) etc. Lastly, determine where you want to cut back on your expenses, set budgets for all of your buckets and determine a REAL number goal with a deadline. I’ll touch on this in a bit.
Know Your Why: The biggest thing I have learned is that a goal without a number or a deadline is just a dream. A big part of why many people have a low buy year is to help them prioritize where they want their money to go because at the end of the day you should be the one telling your money where to go not the other way around when you check your statement at the end of the month. Be very specific with yourself on the reason WHY you are wanting to have a low buy year and how this can help you reach your goal. If having low buy habits means you need to cut out buying things you don’t need on Amazon to save for that dream vacation getaway that many of us have being wanting, wouldn’t that be a big enough reason for you to begin to make these changes?
Set a Number Goal: As mentioned before make a list of all your expenses, track your spending habits and evaluate how you’d like to change them and SET A NUMBER AND DEADLINE GOAL! I really can’t stress this enough, this is key because as you continue to track your expenses throughout this whole journey (oh because it doesn’t stop with you taking a look at it just at the beginning) you will be able to track your progress. Think if I can make cut back spending on x,y,z I would have $2,000 in my savings account that I can put towards a down payment for my dream house. Be that specific! Also, don’t forget to have check ins with yourself to see if you are doing your part to help meet your goal and if you’re caught slippin then you can then add up all the spending’s you didn’t need to make and see how much could have gone towards your goal instead. It’s a good realty check.
Know Where You Need/Can Cut Back: When looking at where you can cut back I recommend not trying to cut back on everything at once. The reality is if you do this for a lot of people it can feel like you’re depriving yourself, know that it is ok to make adjustments as you go and to test to see what works for you. At the end of the day you are the best judge on what is realistic for you but also take this as an opportunity to really evaluate if your current spending habits are bringing you short term or long term happiness.
Be Creative: When making these low buy habits it can be easy to think that you will be missing out on a lot of things but the reality is that their can be work arounds. Instead of going out to brunch with friends how about you host a pot luck and everyone brings a dish and booze to share? This is a much more affordable route and you still get the satisfaction of seeing your friends and eating great food. Want to spruce up your wardrobe? Host a clothing swap with friends, shop second hand or borrow from friends and family when needed. You can find a few more examples that I myself am trying myself this year in this blog post, My 5 Low Buy Rules For 2021.
Keep Track & Record Your Progress: Tracking and taking a look at your spending habits and expenses doesn’t stop at the beginning. This is because as the year goes by their may be expenses that you didn’t have before that now are a reoccurring payments that weren’t before like adding a subscription, a car payment, etc. With this in mind it is important to continue to keep track at your spending habits to help you continue to have a low buy year because you can see where you have made improvements even if you might have needed to adjust a little along the way.
Reward Yourself: When you’re going through the process of living a low buy year/life it is important to reward yourself along the way. Set milestones along the way of reaching your goal with a reward, this can be something as small as buying takeout from a favorite spot, treating yourself to a nice even a little more higher price wine that you have been wanting to try. These may seem small but setting these rewards for yourself are good reminders that you are on your way and one step closer to your goal and living a low buy life.
Don’t Be Afraid to Adjust Along the Way: As mentioned before when starting this journey you will never stop tracking your spending and adjusting and this is very important because sometimes we can’t stop a big expense from coming into our lives that we might have not planned for that can be a set back. You may have medical expenses that you weren’t anticipating or fix something with your car that you didn’t think you would for another year, the list goes on. The best way to approach this when it happens is to readjust your number and deadline if needed because you can still achieve your goal but it might just now take you a little longer than you originally thought and that’s ok. Just don’t go moving/adjusting this over and over because you’re not doing your part and spending on things you shouldn’t. Self control, people.
Talk About It: I have learned that not enough people talk about this with those close to you and you should! At the end of the day your friends and family want you to reach your goals and be happy and if that means you decline an invite and tell them it is because you are saving towards x goal or are trying to cut back spending in this category in your life, they will understand. If anything else this can begin a conversation with them because maybe they have also wanted to cut back on their spending to work towards their goal and from there you may now an accountability buddy which will only help. Needless to say there is no shame in wanting to cut back on expenses because you want to save for a goal, want to have better consumer habits, be mindful of how your purchases have an impact on the environment or because you’re tired of your money going to shit you don’t need that only brings you short term joy. Remember your why and don’t be ashamed of the adjustments you have to make in your life to reach this because if YOU know this is what you want and will make you happy then that is all that matters.
I really hope this helped answer any questions you may have had about how you can also begin to have a low buy year! Let me know if there are any more questions you have, I’d love to help!
As always, thank you for reading. Como siempre, gracias por leer.
