Financial Fitness: A No-Buy Experiment
The benefits reach farther than your bank account
As many as 90% of Americans cite financial issues as their top stressor. Stress is a contributing factor to chronic health issues such as hypertension, obesity, physical inactivity, and heart disease. So, today, I’m diving into another realm of well-being: financial fitness.
My husband is an accountant by trade, so over the last ten years, I’ve had loads of practical life lessons as we’ve paid off debt, been meticulous about our saving, and been frugal when necessary. We’re minimalists and while we’ve still accumulated more “stuff” in our house than I’d like (thanks to kids), we are constantly pushing back against overconsumption.
That’s not to say we don’t ever buy anything. We spend money on things that we find value in, things that we and our kids need, and yes, we sometimes buy things just because. I love to thrift and have amassed a massive book collection through my secondhand shopping. (Books are the one area that I’m NOT minimal.) However, the reality is that we need very little to function and even purchasing secondhand can get out of hand.
I recently read Cait Flanders’ book, The Year of Less, and enjoyed following along as she documented her no-buy year. While a full year seems daunting, starting with a no-buy month (or even a week) could be a great place to start. No-buy doesn’t mean that you don’t spend a dime. It just means you put parameters on how you’re going to spend your money during that time period to avoid unnecessary purchases and overconsumption.
Make your no-buy list
We all have certain things that we know are problematic areas of spending (mine = books + food). Below are some other areas to consider.
Individual drinks / snacks on the go (tea, coffee, smoothies, etc.)
Cosmetics, fragrances, and/or skin care
Electronics
Clothes / Shoes / Accessories
Books
Kids toys
Home Decor
Eating Out
Movies
Alcohol (if you imbibe)
Decide how you’ll buy what you need
You’re still spending money during your no-buy experiment. You’re just spending it solely on what you need to function. Buying groceries, gas, and paying bills are unavoidable for most people. Decide how you will buy what’s necessary.
If you know that purchasing groceries in-person at Target may be a trigger to buy unnecessary extras, then place a grocery pickup at Walmart. One key to breaking bad habits is to make them more difficult to access. Make yourself jump through more hoops by shopping at a store you hate, so you’re less likely to spend money on something you don’t need.
Identify your triggers
Some people shop solely because they’re getting a good deal. They absolutely do not need the item they’re purchasing, but the dopamine takes over and they buy it anyway. Then, usually shortly thereafter, they feel the regret of bringing yet another thing they don’t need into their house.
Others shop as a coping mechanism for (insert stressful event here). They’re numbing something they don’t want to face. Maybe they’re having “me time”. Perhaps they’re just taking a break from their kids and going on a Target run. The thrill of buying something new gives that same mental override to their stressful day, and the cycle repeats the following day.
Find your minimum
There’s a reason why you feel so light when you go on vacation with only your essentials. Decision fatigue is quickly eliminated when you only have access to your favorites. The lightness reaches past personal belongings, too.
You’re not staring into the abyss of your overstuffed pantry wondering what in the world you’re going to make for dinner. You don’t have a mile-long list of places to choose from when you want to go out to eat. The rental isn’t filled with toys, either, so you have to go adventuring for new experiences to occupy your kids’ time.
No-buys and minimalism go hand in hand for this very reason. By not purchasing, you’re forced to face all of what you currently own and consume it mindfully. (Well, that’s the goal at least.) As you use up the excess in your home, you become more minimal in the process.
Minimalism helps you realize what you actually need and what you truly love.
As you’re using up the excess you’ve accumulated, you can be critical in the best way about what has and hasn’t worked for you. Pay attention to what you keep reaching for. Finding what works best for you also helps you eliminate everything that doesn’t. Some products may serve multiple purposes. An example from my skincare arsenal: I use jojoba oil in place of shaving cream, to remove my makeup, and to moisturize my kids’ skin.
A behavioral experiment
At face value, a no-buy period seems like a financial experiment, but it’s really a behavioral experiment. Being exceptionally intentional about how you spend your money helps you identify triggers that elicit bad spending habits. The goal is to break the bad habits and to develop new ones.
Most underlying bad habits are driven by stress. You have a rough day at work, so you come home and let your brain seek out the dopamine in the quickest and easiest way possible. You grab a handful of M&Ms, plop down on the couch, and turn on the TV. Before you know it, you’ve squandered your opportunity for exercise and only feel like going to bed.
The ways in which we cope with stress are on autopilot. These are your bad habits in action. You automatically engage in the same behaviors when stressful triggers arise because that’s what your body knows to do. Changing those takes serious work, but money is a great place to start.
Figuring out what role your spending plays in your stress response is low stakes. It’s not physically challenging (like exercise), doesn’t require social discomfort (like showing up to the gym), and if you crack the code, you’re saving money.
As I was writing this my husband said I’m the worst candidate for a no-buy experiment because I rarely spend money. However, I think self-discipline can be developed in a number of ways. Research also tells us if we turn our habits into a game or a challenge, we’re more likely to stick with them.
So, where are you going to start? If not a no-buy experiment, what other habits do you need to evaluate? It’s time to take a closer look at how our habits are running our lives.
Simply Fit is a free, weekly newsletter written by Dr. Amanda Durall, a Kinesiology professor, fitness professional, and busy mom who aims to simplify exercise science and deliver practical recommendations to help you achieve your fitness goals. Want more free content like this delivered straight to your inbox? Subscribe for weekly training tips, technique overviews, and more evidence-based fitness content!