Do you ever feel guilty after buying stuff you don’t need? Hosts Jessica Reyes, Patricia Wu, and guest therapist Joann “JoJo” Venant explore the “no-buy year” trend that cuts out non-essential spending so you can take control of your finances.
Identify Your Weaknesses
The first step in a no-buy challenge is recognizing where your money goes, like that coffee in the morning before work. JoJo says you can be flexible and self reflect by taking a month to look at how much you’re spending and what you’re spending it on to get a clear picture of your weaknesses.
Make Your Own Rules
The next step is to make your own rules. One participant chose to stop buying new clothes and focus on experiences instead which gave her longer gratification. JoJo advises to try not to compare yourself to others and don’t be too hard on yourself about buying things unless it becomes a problem. Do what works for you!
Take a Pause
When tempted to buy, you can write down the item and revisit the list later, which can often make you decide against it. Ask yourself if the item is something you really need in your life to avoid impulse buying and get your finances up.
