4 Pieces of Advice for a No-Buy Challenge, According to ‘Reformed Shopaholic' Christina Mychas
According to data from Pymnts Intelligence, 62% of Americans live paycheck to paycheck, a percentage that includes high earners. For consumers who are struggling and not earning enough to support their lifestyles, a no-buy challenge can be a good way to be more aware of their spending patterns.
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For those who want to try a no-buy challenge, here are some of Mychas' tips to make it more effective.
Also see nine signs to tell whether a no-spend month is right for you.
According to Mychas, the first step should be deciding between a no-buy challenge and a low-buy challenge.
Your decision should be based on what you think will work best for you. 'Whether or not you decide to do a no-buy or a low-buy is really dependent on you and your personality,' she said.
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Mychas advised setting clear rules that work for you. Consumers have to buy certain items like food and gas. Most no-buy challenges allow spending on necessities. It's also good to decide what your exceptions will be ahead of time, like not going out to eat unless you're invited to a birthday dinner.
While Mychas explained that you can as flexible or ambitious as you want, she encouraged challenging yourself.
It's easy for people to get sales emails or see other temptations that make them want to spend. To make a no-buy challenge easier, reducing temptation is key, according to Mychas.
For example, Mychas suggested unsubscribing from emails and avoiding places that usually trigger shopping. In a Ramsey Solutions article, money expert Rachel Cruze also offered a few tips to stop spending, including avoiding social media and restaurants.
Challenges are easier when people have accountability. In fact, Mychas said a no-buy challenge can be even harder if other people aren't aware you're doing it. 'It's so important to surround yourself with a community of people doing the same thing as you,' she said.
Trying out the challenge with a friend or family member could be helpful, as could sharing the journey on social media.
While a no-buy challenge can be a great tool to get out of debt or reset your shopping habits, there are benefits and drawbacks consumers should know about ahead of time.
A no-buy challenge can offer greater awareness into shopping triggers and their habits. Observing how much people consume can also lead to a greater awareness of global consumerism as a whole.
Additionally, not spending money naturally leads to more savings. People who participate in challenges can see financial benefits in just a few days or weeks.
A no-buy challenge can also reduce stress. The American Psychological Association's Stress in America survey showed that 64% of adults listed money as one of the most significant sources of stress in their lives. A no-buy challenge can help alleviate some of that stress.
Not everyone will be supportive of someone undergoing a no-buy challenge, especially those who used to shop or go out to eat with the person doing the challenge. That lack of support could have drawbacks on a no-buy challenge.
Plus, while there are many free activities people can do during a no-buy challenge, some might find that taking it on will negatively impact their social lives.
Lastly, if someone makes a mistake or breaks a rule during a no-buy challenge, it's easy to feel shame and guilt, which can make it difficult to finish the challenge.
A no-buy challenge can be a great way for people to make positive changes in their spending habits and develop more awareness about consumerism in general. For best results, people should give themselves grace if they make mistakes and look for a supportive community to cheer them on during the challenge.
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This article originally appeared on GOBankingRates.com: 4 Pieces of Advice for a No-Buy Challenge, According to 'Reformed Shopaholic' Christina Mychas
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