Low Buy Year Survival Guide (how to stick with it)
A low buy year is a fantastic way to boost your wealth. But it’s much easier to commit to this challenge during January when fresh starts and resolutions are all the rage than it is to stick with it throughout the year.
These tips will help you smash this low buy challenge and form new spending habits that will help you to build wealth.
What is a low buy year
A low buy year is where you commit to reducing your spending on non-essentials. Most people create a specific list committing them to what they will not buy.
It does not mean you cease all spending on non-essentials. Doing a low buy year can help you transform your spending habits, appreciate what you own much more and save money.
Start with a goal
It really helps to stick with the challenge if you have a “why” behind doing it.
It’s going to be tough sacrificing things you usually buy for enjoyment, so you need to frame these sacrifices as being in pursuit of something you want even more.
It should not be because you’re punishing yourself for having a super expensive Christmas period. Frame it in a positive way so that it’s about improving your finances, not as a negative.
It could be that you want to eliminate your debts, build up an emergency fund, save towards a dream holiday or top up your children’s savings accounts.
Whatever your why, be clear on what it is and maybe even have a picture on your fridge or some way of recording your savings progress so you can stay motivated.
Set the boundaries
Be clear with yourself what you are and are not allowed to buy in your low buy year. The hardcore low buy challenge participant will ban themselves from anything new at all and luxuries like beauty treatments.
But to be successful you need to create rules you can stick to for a whole year. There’s no point banning all non-essential spending and then realising you quite want to go out for your birthday. There’s a balance to be struck.
Create a list of red light items you are banned from buying and green light things you are allowed to buy.
Some people will budget to allow say £80 of spending per month on stuff that isn’t a need.
You need to be clear what level of restrictions give you a better chance of success to complete this challenge. It doesn’t have to be all or nothing. Maybe all you do is cut out one particular category of spending, like haircuts at a salon or new shoes. This is going to be very personal to you because we all have different spending priorities and habits.
To decide on your list you could start with how much you want to save per month and figure out what you could put on the red list to achieve that amount.
Check out this sample list.
Mistakes are OK
Don’t let a slip where you spend beyond the rules that you set at the start of your low buy year make you quit. Rome wasn’t built in a day and chances are you won’t become a millionaire this year because of a low buy challenge. It’s about trying to form new spending habits and adjusting our attitude towards money, but sometimes we have a slip.
It’s really important that you give yourself some grace to make mistakes and slip. A single slip doesn’t mean you should abandon your low buy year. Give yourself a break, and promise to do a little better tomorrow. A mistake is an opportunity to learn something about yourself. Why did you slip up? Were you bored? Was there a particular trigger like an email from a brand? Can you avoid it in future.
Track your progress
Try to note down how much you are managing to save as you go, because this will motivate you.
You may also find it useful to start a daily spending journal to keep track of how you are doing.
Write down every bit of spending each day, including food and fuel. Then see what your average spend was. On the days where you spend a lot more, what was it that tipped you over. This kind of granular analysis of your spending habits can help you to form new ones that save you money.
Recognise the value of what you already have
If you want to buy less, then squeeze every ounce of use out of the stuff you already have.
The explosion of consumerism means that we have come to think of the things we own as temporary and disposable. It’s become entirely normal to have something for a short period of time and replace it with something else, not because it’s not good any more but because buying new frequently has become normal.
Stop seeing the clothing, home decor and stuff you have in your home as temporary, and instead recognise those items as valuable and permanent. When you get into that mindset, you make better more intentional spending choices with the stuff you spend on and bring into your home.
If you are someone who gets bored with clothes, then think of new ways to style things you have. There’s tons of inspiration for this kind of thing on Pinterest. Can you pair certain pieces together in ways you haven’t done before?
Do an inventory of the beauty products you have now. I bet you’ll be surprised at what you find at the bottom of handbags, drawers and in your car.
Avoid temptation
One way to succeed at your no buy challenge is to be clear on your budget and move the money you would usually spend on non essentials that are now on your no buy list over to a savings account.
If it is out of your current account then you won’t be tempted to spend it on extra stuff you don’t need.
It can also help to create friction in the shopping process so you can avoid impulse purchases. One way to do this can be to delete your card details from your phone so you cannot do a quick checkout. There will always be something that pops up that your brain can convince you is a need. Try to avoid the temptations – unsubscribe from emails for brands that tempt you and unfollow influencers who often tempt you to spend. Ignorance is bliss.
Find an alternative for your online shopping boredom.
One of the biggest challenges of embarking on a low buy month or year where you’re trying to cut back is spending money is fun.
Shopping for new stuff online is an activity and it gives you a rush. Doing fun stuff often costs money, like eating out. So you need to come up with alternatives that provide that entertainment without costing you money.
You need to divert yourself from your smartphone, which keeps you clicking around from one app to another and one temptation to the next. You need to form new habits that take you away from this one. For example, say you will no longer scroll in bed before going to sleep.
Starting a new hobby now is not the solution, unless it’s a totally free one. Most new hobbies are a financial commitment.
One great hobby is cooking. Combine it with the practical need to feed your family, and you’ve got something that can keep your idle thumbs busy but isn’t costing the earth, and actually is necessary spending.
Another fantastic budget friendly way to skip doom scrolling and buying is committing to read more books in 2025. A library card is free.
There are a ton of benefits to investing more time in reading such as learning new things and skills and improving your mental health. Just six minutes of reading has been shown to reduce stress levels by two-thirds.
If reading is not your jam, try audio books and set yourself a decluttering challenge for your whole house. You can listen while you work. You can borrow audio books for free from the library too with apps such as Libby.
Other cheap entertainment ideas include making a list of parks you want to explore, a family board games tournament and trying free online workouts on YouTube.
Try to solve problems without spending
It’s often easier and faster to solve a problem by throwing money at it. But you can save money by trying to tackle things yourself.
I needed a costume for my daughter once and by asking around I found another parent with an older child who could lend me what I needed.
Get creative with solving DIY issues around the house or asking friends and family to borrow tools and extras you need for a one-off job, rather than buying new tools to do it.
Tell friends and family
Trying to cut back on your spending alone without support will make it much harder to succeed.
Tell people you’re doing the challenge and you still want to be social and see them, but suggest meals at people’s homes or a nice walk in the fresh air to catch up.
Make a wish list
If you are tempted to buy something then add it to a wishlist and allow that to build up then revisit it every 30 days.
By that time I bet when scrolling through the items you were tempted to buy you’ll have a fresh perspective that means you’ll realise it was a want not a need.
