WHAT IS A NO BUY?

I’ve had about a million people ask me this. A “No Buy” is basically where you do not buy ANYTHING extra. You can choose your own way to do it, but usually it means you buy nothing but food/gas/other necessary things.

WHY WOULD YOU DO THIS?

We have racked up some debt! From our wedding to our trip to London and some random splurges in between…we know we need to lower our debt to income ratio. It’s a very simple concept that has proven to be effective for many people. In fact, I did it a few times within the last few years and was amazed at how much money I had left to apply to debts when I just stopped spending on the little stuff. (And the big stuff, lol.)

HOW DO YOU DO IT?

Every person or couple can conduct a No Buy however they please. Some people do it for a few weeks, some for a year, some for a month- we have opted for 2 months to begin. I have a feeling it will work well for us and we will do it again soon.

For me (and my husband,) we are not purchasing anything material, especially our guilty pleasures (makeup for me, shoes for him.) We are limiting our fast food/restaurant purchases and using the food we have in the house up before doing another big grocery trip. Instead of hanging out in the mall where we have many temptations, we can use that time to do much needed home projects, go on walks, or exercise.

Some things we have not given up are purchasing gifts for holidays and birthday, spending on some entertainment (read: summer concerts) and travel. We wouldn’t skimp out on holidays just because we had been a bit irresponsible with our own money, but we will be putting a cap on spending. Since we have recently wed, we need to regulate the amount we spend on birthdays/holidays per person across the board anyway, so this is giving us a head start!

SMART SUGGESTIONS

If you are afraid of failing and want to take things a little slower, set limits.

If you like to go out and drink with friends as your entertainment, you would save a lot of money by just cutting it out all together. If you are unable to do that, only take the amount of money with you that you know you can spend. You can always try to flirt it up to get free drinks, but if you’re not that kind of girl… Try whatever’s on special, give yourself a curfew, or hey- hang out with your friends at home.

If you are a makeup addict (ahem, me, ahem,) then you can use this time to shop your own collection. How many lipsticks do you have from last summer that look THE SAME as the ones coming out for this summer but just aren’t the “new cool thing?” I have enough eye shadow to last a lifetime, yet the minute Urban Decay comes out with a new Naked, I’m completely obsessed and HAVE to purchase. Makeup is expensive. So just say no. Shop your own collection!

If you go out every day for lunch, you can save $5-15 bucks per day just by preparing your lunch at home. As boring as it is, a frozen meal can cost $1-3.50 per meal! You can save even more by making dinners in bulk to eat throughout the week! It’s a simple way to get back $25-75 PER WEEK.

These are just a few suggestions! I’m sure you know your own weakness. Use it against yourself and save some money!

GAIN SUPPORT

I would hate to do this No Buy without the support of my awesome husband. He keeps me honest and knows our finances better than I do. If you don’t have a significant other, consider partnering up with a friend to keep yourself accountable. I promise the buddy system will be a must for the No Buy program.

If you decide to do this, let me know! If you’ve had success with it or hated it in the past, let me know that as well! I’m curious about other peoples’ experience with a No Buy.