Latest news with #NoBuy
Yahoo
22-07-2025
- Business
- Yahoo
The 'No Buy' trend is catching on — and leading to big savings
Sometimes, getting your budget on track starts with a detox to wipe the slate clean and build new habits. Many consumers have taken on no-spend challenges to put themselves to the test and see if they can go a day, week, or month without spending money. Others have taken it a step further and adopted a 'no buy' year to cut out unnecessary spending and focus on what matters. Here's what you need to know about No Buy 2025 and how to incorporate it into your life. What is No Buy 2025? No Buy 2025 is a personal finance trend in which individuals commit to avoiding non-essential (AKA discretionary) purchases for a set period this year, which could range from a few weeks to the full year. One example of this trend in practice is 'No Buy July,' where participants challenge themselves to avoid spending money for the full month. 'No Buy July is like a financial detox,' said Hanna Kaufman, CFP® at Betterment. 'For one month, you hit pause on all non-essential spending — think: takeout, impulse Amazon buys, new clothes — and focus only on what you really need.' She explained that it's a challenge that helps people reset their spending habits, get clarity on their financial priorities, and boost their savings without having to make huge sacrifices. But some people are taking it a step further and adopting the trend for the entirety of 2025. For example, a Reddit group dedicated to the no-buy challenge boasts more than 70,000 members who share their personal experiences and tips. Many of those who take on the challenge start by creating a list of rules for themselves that align with their lifestyles. This could include hard rules such as 'no new clothes whatsoever' or 'no new technology,' as well as rules that limit the frequency of certain purchases, such as 'yes to takeout once per month' or 'yes to one nail appointment every two weeks.' Others have posted online about having a 'low buy' year, which means they're limiting the amount of purchases they're making, rather than cutting out non-essential spending altogether. The ultimate goal: Spend less and save more in order to reach larger financial goals, from paying off debt to buying a home. Read more: How the 30-day savings rule can help you stop impulse spending and save more money Why it works You may wonder why creating a simple budget isn't enough. While it certainly can be for many, some people need the extra motivation that comes from a challenge. 'Challenges work because they give you structure with a finish line,' Kaufman said. 'You're not saying 'no' forever, just 'not now.'' Kaufman added that joining a no-buy challenge also helps you break longstanding habits, like reaching for your phone to shop when you're bored, because you have the time to ask yourself whether you truly need or want an item. 'Plus, there's a little psychology at play — our brains love a good goal, especially when there's a sense of community and accountability behind it,' she said. Read more: 5 psychological money hacks to cut spending and increase savings There's also the added bonus of having built-in accountability partners, be it through close friends, family, or global online communities that are all working toward the same goal and experiencing similar pain points and victories. If your budget has been off track and you're struggling to get your spending under control, embarking on a no-buy challenge can be a good way to reset and remind yourself of what's important. Up Next Up Next How to participate in No Buy 2025 If you're thinking of getting on board and joining in on No Buy 2025, there are a few steps you can take to set yourself up for success. Create your no-buy rules The spending parameters you set should be unique to your situation. After all, no one knows your spending habits and pitfalls better than you. What are your nonnegotiables? What can you afford to cut out? Be honest with yourself about what you absolutely need, versus what is simply nice to have. It's also important to be flexible. For example, cutting out all non-essential purchases completely may be demotivating after a while, whereas limiting your 'fun' purchases to once per week or month will make you feel less deprived and motivated to stick to your plan. Set a savings goal Having an end goal in mind can make it easier to stick to the challenge. Imagine what you hope to accomplish. Perhaps your goal is to pay off your car loan, save for a down payment on a home, or set aside enough money to start a business. Knowing your 'why' can help you avoid veering off track when things get difficult. Find free joy Just because you're avoiding spending money doesn't mean you have to deprive yourself of the things that bring you joy. 'Replace shopping habits with low-cost (or no-cost) fun: picnics, hikes, library runs, or finally watching that streaming series you've ignored,' Kaufman suggested. Keep track of your progress Watching your savings increase over time can be a constant reminder that your no-buy challenge isn't limiting you; it's helping you get closer to reaching your financial goals. Consider using a budgeting app or spreadsheet to track your progress over time, and whenever you're feeling deflated, you can remind yourself how far you've come. Forgive the slip-ups You're aiming for progress, not perfection. If you have a moment of weakness and end up splurging, use it as an opportunity to learn. Then get back on track. 'If you cave and buy a latte or a concert ticket, don't quit the challenge,' Kaufman said. 'Reflect, reset, and keep going.'
The Hill
15-02-2025
- Business
- The Hill
‘No Buy 2025': Inflation-inspired challenge trends on TikTok
(NEXSTAR) – Frustrated by rising prices and overconsumption, a growing league of people are swearing off unnecessary purchases altogether. The 'No Buy 2025' challenge has garnered thousands of posts on TikTok with many people sharing their personal rules for a year of buying less. Despite its 'No Buy' name, the trend is more about putting entire categories of spending off limits, or cutting far back on nonessentials. It's obviously not feasible to swear off buying groceries, gas and other necessities. Common 'no buy' items include new clothing, makeup or impulse purchases you might make while out shopping, but everyone's personal no-buy list is different. A big part of the trend is making a list and sticking with it. Many of the TikTok posts related to No Buy 2025 showcase each content creator's own list, often written up in the notes app of their phone. Your closed Party City may soon turn into one of these familiar stores One poster swears off all new clothes, makeup, and home decor. Another is banning herself from any T.J. Maxx, Marshall's, Ross and Home Goods stores. Others cancel streaming subscriptions or set strict budgets for groceries or takeout. Sometimes people participating in the challenge also make a detailed list of what they're allowed to spend money on, like going out to eat once a week or restocking toiletries once they've run out. People's motivations for No Buy 2025 are just as different as their off-limits lists. Some talk about paying down debt, while others want to prioritize saving for travel and experiences over material consumption. Could soda, beer prices rise amid aluminum tariffs? Over a month into 2025, the No Buy challenge may look even more tempting. Federal numbers released this week showed the pace of inflation increased in January, driven in large part by rising grocery, gas and rent prices. The consumer price index increased 3% in January from a year ago, Wednesday's report from the Labor Department showed, up from 2.9% the previous month. It has increased from a 3 1/2 year low of 2.4% in September. The new data shows that inflation has remained stubbornly above the Fed's 2% target for roughly the past six months after it fell steadily for about a year and a half. Elevated prices turned into a major political hurdle for former President Joe Biden. President Donald Trump pledged to reduce prices on 'Day 1″ if elected, though most economists worry that his many proposed tariffs could at least temporarily increase costs.
