These three women, who don't know each other, all started the year resolving to spend money only on necessary purchases, or what is popularly known as engaging in a no-buy challenge. The self-imposed rules of the challenge are simple: participants pledge to stop buying non-essential items, be they unneeded shoes, additional beauty products or other impulse buys for a set amount of time, usually 12 months.
What started several years ago as a blogged-about experiment in budgeting and mindful spending has become a popular trend on social media. A Reddit group where people share their experiences has 51,000 members. The challenge primarily gained popularity on TikTok, where some videos of users seeking to hold themselves accountable get hundreds of thousands of views.
Elysia Berman, a creative director who lives in Brooklyn, decided she needed to drastically change her spending habits after she accumulated a collection of vintage designer clothing and a five-figure credit card debt. Her no-buy pledge included no new clothes, getting makeup and hair products only after she finished the ones she had, and limiting social outings to low- or no-expense activities.
For Berman, adopting a more frugal lifestyle is serving one purpose: paying down her credit card debt. "It wasn't like I wanted to challenge myself. I'm really in a position where this is a necessary next step for me," she said.
Both sticking to her pledge and making progress toward her financial goal have proven more difficult than Berman expected. Within two weeks of starting her challenge, she couldn't resist buying a new beret. Next came a new pair of boots. Although the challenge has helped her reduce her spending, she isn't accruing savings as much as living within her means.
"Having this lifestyle adjustment, I was anticipating that it would make a huge difference in my ability to pay down my debt," Berman said.
This story is from the June 01, 2024 edition of Techlife News.
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This story is from the June 01, 2024 edition of Techlife News.
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