If you’re getting ready for a low-buy year in 2024, hopefully this post can help you succeed over the next 12 months.

In this current crazy economic climate – with everything getting pricier – 2024 is a perfect time to dive into a low-buy lifestyle. It’s your shot at saving some dough and making thoughtful choices in a world where costs keep going up.

So, how can you make this low-buy year the best ever?! 

1. Take inventory before starting your low-buy year

Before starting the journey of a low-buy year, the first and foremost step is to take inventory. This crucial step lays the foundation for a successful and mindful approach to spending.

Assess and catalog all your possessions, ranging from clothing and accessories to household items and electronics. This step is imperative because it provides clarity and awareness regarding your current belongings. Often, we make purchases without realizing what’s already in our closets.

By systematically going through your items, you’re reminded of forgotten treasures, reducing the likelihood of unnecessary repurchases. This not only saves money but also prevents the accumulation of duplicates or similar items.

Taking inventory also fosters a more intentional and mindful relationship with your possessions. It allows you to evaluate each item’s value and usefulness in your life, shifting your focus to acquiring items that genuinely enhance your life and bring joy. To kick off the process:

• Start by categorizing your belongings.
• Take it one category at a time.
• Evaluate each item based on its relevance and value to your life.
• Consider donating or selling items that no longer serve a purpose.

2. Decide what you’re allowed to purchase during a low-buy year

Determining what’s fair game for purchase (outside of necessities) during a low-buy year is a game-changer in reshaping your relationship with consumption.

You need to establish a clear roadmap for your year because without a defined plan, it’s easy to justify purchases you don’t need or can’t afford. Specific guidelines for acceptable purchases create boundaries that align with your financial goals. These boundaries help prioritize needs over wants, fostering a shift in mindset. This self-reflection is crucial for an intentional approach to spending.

Tips for deciding what you’re allowed to buy include:

• Create a list of necessities and carefully considering each potential purchase.
• Be “very” specific about what falls within the allowed categories, such as essential clothing or items contributing to your well-being.

3). Set dollar limits for these items/purchases

Additionally, setting a dollar limit for allowed purchases during a low-buy year is key to maintaining control over your spending habits.

A dollar limit provides a concrete boundary, preventing overspending and ensuring you stay within your financial means.

Without a defined budget, there’s a higher risk of impulsive purchases and exceeding your intended spending limits. This tangible guideline reinforces your commitment to a low-buy year and encourages prioritization. When faced with a potential purchase, you can assess its importance and value, and consider how it fits within your budget.

4). Create a shopping list at the beginning of each month

Creating a monthly shopping list is an added bonus during a low-buy year.

In a low-buy year, the primary goal is to minimize unnecessary purchases and focus on essential needs. Therefore, a monthly shopping list can be an effective tool for identifying necessities right from the start. By planning certain purchases at the beginning, each shopping trip has clear intentions.

Providing this framework encourages responsible spending. When you know exactly what you need, you can navigate through stores with precision, reducing the likelihood of being swayed by tempting sales or promotions.

Conduct a detailed inventory of essentials at the beginning of each month. Evaluate your current stock of household items and personal care products to identify what needs replenishing. This mindful approach helps you avoid excess and promotes a “buy only what you need” mentality.

5). Prioritize experiences over things during a low-buy year

During a low-buy year, make an effort to shift your mindset from accumulating possessions to enjoying meaningful experiences.

Experiences tend to be more memorable, enriching your life and encouraging personal growth. Additionally, they can be cost-effective, as many meaningful experiences don’t necessarily require a significant amount of money. Whether it’s a weekend getaway, a picnic in the park, or a creative DIY project, these experiences often provide more satisfaction compared to the transient thrill of acquiring more stuff.

To prioritize experiences during a low-buy year:

• Set aside a specific budget for activities that bring joy and fulfillment.
• Identify experiences of strong interest, whether it’s attending local events, exploring nature, or engaging in community activities.

To plan ahead for experiential activities, create a monthly or quarterly calendar that includes outings, events, or even simple at-home activities. This provides a break from routine and encourages a collective shift towards prioritizing moments over things.

6). Use cash-only for certain items

Opting for cash payments in categories where overspending tends to be a challenge is a practical and effective strategy during a low-buy year.

One key advantage of using cash is its tangible nature. Having a fixed amount of cash forces you to stay within your predetermined limits. Cash payments also create a psychological barrier to overspending. When you physically hand over cash, the transaction feels more real and immediate than a digital payment. This can encourage you to think twice before making impulsive purchases.

To implement this strategy:

• Identify areas where you historically overspend.
• Create designated envelopes or pouches for each spending category, labeling them accordingly.
• Place the cash into its respective envelope at the beginning of the month. This makes it easier to track and manage your budget throughout the month.

As a tip: If you consistently have cash left over in one category but struggle in another, consider redistributing funds to better align with your priorities and challenges.

7). Revisit and tweak your low-buy year

Finally, being flexible and revisiting and tweaking your budget can ensure success during a low-buy year.

Unexpected expenses, shifts in income, or changes in priorities can all impact your finances. Regularly reviewing your budget allows you to remain proactive and responsive to these changes.

Even though a low-buy year is a journey of intentional and mindful consumption, the reality is, your initial budget may need adjusting as you better understand your needs and habits. Revisiting your budget from time to time lets you identify areas where you consistently underspend or overspend.

Schedule regular check-ins, either monthly or quarterly, and use these sessions to assess your spending patterns and any emerging challenges or opportunities for improvement. Also, take note of any major life changes that could impact your budget, such as a new job, a move, or changes in family dynamics.

Consider using budgeting tools or apps that offer real-time tracking and analysis of your spending.

The bottom line is that you need to be flexible and open-minded during the tweaking process. The goal is to have a low-buy year that realistically reflects your needs and priorities.