Despite the name, don't think that this challenge is just a month-long no-spend challenge — no, it's an experiment, at the end of which you'll have to get on the path to a more rational use of your abilities as a shopper.
The point of the challenge is simple: stop and think before buying that expensive coffee at Starbucks or ordering your tenth video game. It’s getting increasingly harder, especially as social media generates huge conspicuous consumption. People start buying a lot of useless products because of trends or influencers. But you surely don't need 12 flavors of body shower gels! So this challenge should teach you a little financial literacy and how not to waste all your money on nonsense.
Define your “Why”
When you buy another shirt at the mall just because it's cute, you're not doing yourself a great favor. Chances are you'll feel good about yourself for a moment, but when you get home, you'll find 10 similar shirts that you don't even have time to wear. Maybe not repeating outfits looks cool in the mind of some, but it's definitely not cool in the mind of your wallet. Start asking yourself why you need a particular item before you buy it. Be a rational shopper who actually uses the item they buy, instead of buying it for the sake of momentary gratification or the approval of others.
Make categories
When you know that 45 percent of your paycheck goes to rent, 30 percent goes to food, and so on, you start to take what's left for entertainment much more seriously. So, sit down and calculate how much money you should allocate for each thing on a regular basis. Don't forget to set aside categories to be able to allocate some money for a rainy day. Also, don't forget that the food category might not be enough for you. So, you might sometimes want to dine out at a restaurant, in which case you can make a “Cafés and Restaurants” category. Learn more about this from our summary of the incredibly helpful book Your Money or Your Life.
Track every expense
Try an expense tracker that you can use to keep track of where your money is going. It could be a book or a special app, although today, more and more banking apps also have the ability to show you your expenses for the month. Watch how often you spend money on something unnecessary and think about it. Maybe your main problem is that you're spending too much money on after-work chocolates. Or maybe you have too many internet subscriptions that you don't even use.
Declutter your space and mind
So, back to the 10 shirts... do you really wear them all? Online shopping is a wonderful thing, really, so why not try selling a few of them? Studies show that a cluttered home causes clutter in the mind. At the same time, a minimalistic approach to decor, clothing, and living makes the mind clearer. Stop spending all that money on every trendy new thing and focus on what really matters to you. Perhaps if you become a minimalist, it will not only save your wallet but also your mind. Find some insightful tips for this journey in our summary of Goodbye, Things: The New Japanese Minimalism.
Embrace mindfulness
Will that shiny new gadget really make you happy? How about splurging on a family trip to the mountains that you'll remember for the rest of your life instead? We put too much meaning into material things. And it's not about their quality — yes, many people buy brands for the sake of quality, but a huge percentage do it just for the sake of the brand. So, try to shift focus from materialism to experiences. At the end of your life, you will remember that trip to the Maldives with more pleasure than the new iPhone for which you limited yourself in buying groceries for six months.
Don't be afraid to be frugal
When we become frugal, we may get negative feedback from our friends about it. “Don't be a cheapskate, we only live once.” Of course, if you don't go out of the house just to save some money, then it won't bring any meaningful joy to your life. However, you don't need to go to extremes — you just need to learn to enjoy small things. For example, you don't need an extra-large ice cream if you can enjoy a small portion. There is a word in Spanish that perfectly captures this idea. “Aprovechar” means to enjoy a thing to the fullest. So, don't buy a new jacket if you have a perfectly functioning old one. Learn to find happiness in simplicity.
Try no buy year
Cait Flanders was just like us — an ordinary person trying to answer the question of how to save money. In The Year of Less, she shares her adventure, which she started with $30,000 in debt and surrounded by clutter. However, now she only spends her money on things she needs, but that doesn't stop her from enjoying delicious food and wine on holidays — everything in moderation. If you start following the tips on the list, you can repeat her experiment, saving the majority of your income and not spending money on unnecessary things.
It's not at all easy to give up shopping as a hobby and start accounting for every penny. In some ways, sloppy use of these tips can make you paranoid, unable to spend money on something even when it becomes necessary. But remember, it's perfectly normal to fail. You don't have to be perfect, and also spending on a treat occasionally can actually make you more content. If buying a new bag, enjoying hot chocolate on a chilly day, or shopping for boots with friends becomes a meaningful moment rather than just another expense, you’re heading in the right direction.
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