The 'No-Buy' Movement Is Axing Consumer Debt: How To Go The Extra Mile With Savings Accounts

Forbes

a day ago

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Open any social media app, and it seems like the algorithm has something to sell you. From Labubu dolls to matcha, trends are constantly popping up with a clear message to consumers: buy.
Now, a counter-movement is gaining traction. 'De-influencers' and 'no-buy' trends are encouraging social media users to push back, skip the splurges and focus on tackling their debt and building savings.
For personal finance content creator Rebecca Sowden, that shift has been both personal and public. On TikTok, she documents her no-buy journeys, inviting followers into the mindset shifts that have reshaped her relationship with money.
Her inspiration came from two places: her husband, a 'super-saver,' and a growing unease about how quickly her spending habits were spiraling out of control. In 2024, she realized she was spending around $1,000 a month on shoes and clothing alone. Sowden committed herself to consistent no-buy periods for over a year, and is now eight months into her most recent no-buy sprint.
Sowden isn't the only one to experience post-impulse shopping remorse— a 2023 Deloitte study found that 51% of Gen Zs and 43% of millennials say social media tempts them to buy things they cannot afford, based on responses from over 22,000 young adults across 44 countries.
For Snowden, the payoff has been tangible: she's reached her savings goals faster, paid off her car with a $12,000 lump sum, and has reclaimed the time and energy she used to spend browsing for her next buy.
'When you're listening to the voices of people who are not interested in over-consuming, that naturally quiets the voices in your own head,' Sowden says. 'That's been the major brain shift—I wanted to quiet the amount of planning around purchases I was doing.'
On top of her financial transformation, Sowden says her quality of life has improved, with more mental space to invest in hobbies and pet ownership, with the adoption of her dog.
'Now I take her to the park and sometimes I forget to bring my phone with me. I'll bring my journal and it's nice to touch grass,' Sowden says.
Bill Shafransky, a certified financial planner and senior wealth advisor at Moneco Advisors, says the no-buy movement can be a powerful way to free up cash to pay off high-interest debt—especially credit cards.
Once that debt is gone, Shafransky suggests contributing to money market accounts , a type of bank account that pays interest—often higher than a regular savings account—that also gives you access to your money with physical checks or a debit card. He adds that oftentimes, growing a savings cushion is often a better option than paying off low-interest debt, like a mortgage.
'It's better to keep that low-interest bearing debt because in most cases, you can get a higher rate of return by investing in, nowadays, a simple money market account,' Shafransky says.
For first-time no-buy challengers, Sowden says don't be discouraged if it takes a few tries to stick. It took her several years of attempts before she could fully complete a no-spend sprint.
Sowden's tips for no-spend success: Identify your 'why.' Having a clear motivation will help you stay on track.
Having a clear motivation will help you stay on track. Take a hard look at your expenses. Separate wants from needs and create your budget around the essentials.
Separate wants from needs and create your budget around the essentials. Set a realistic timeline for yourself. Start small with one or two weeks rather than jumping into a 6-month sprint.
Start small with one or two weeks rather than jumping into a 6-month sprint. Track your wins. Celebrate milestones. Whether you've completed your first day or first month, taking note of your accomplishments will keep your momentum going.
If you've used a no-buy sprint to pay down debt, you may eventually find yourself with extra cash. In that case, building a three-month emergency fund should be your first goal to give you a cushion against unexpected expenses.
From there, you can decide next steps based on your financial goals. A few options aside from Shafransky's recommendation of money market accounts include: High-yield savings accounts (HYSAs): If you need a flexible savings option, HYSAs are for you. They boast interest rates much higher than the national average. Most allow penalty-free withdrawals, making them ideal for a growing emergency fund. For example, a $10,000 deposit in a HYSA with a 3.8% annual percentage yield (APY) would accrue $380 in interest over a year, or $38 a month.
If you need a flexible savings option, HYSAs are for you. They boast interest rates much higher than the national average. Most allow penalty-free withdrawals, making them ideal for a growing emergency fund. For example, a $10,000 deposit in a HYSA with a 3.8% annual percentage yield (APY) would accrue $380 in interest over a year, or $38 a month. Certificate of Deposits (CDs): Long-term savings goals, like saving up to buy a car or house, will likely benefit more from a CD. They typically offer higher fixed rates than HYSAs but require money to be locked away in the account for a set term. Make sure the timeline fits your needs and check any withdrawal penalties before committing.