Low Buy Year Challenge 2024  

Low Buy Year Challenge 2024

Low Buy Year Challenge 2024

Are you feeling as overwhelmed as I am by a house full of stuff?!

Overflowing skin care products, a closet filled to the max with clothes, or a junk drawer with random things you just can’t seem to throw away? 

If so, join me in a low buy year challenge for 2024!

I discovered Malama Life on Youtube recently and was introduced to the low buy concept from her. If you’re sick of living paycheck to paycheck, want to save money for something big in your life or you’re just sick of overconsumption this challenge is for you. Let’s take a step together and embrace living more minimalistically.

low buy year challenge 2024

Everyday we’re bombarded with ads to buy more and more. When does it end? When do we feel like we finally have enough? 

Especially with all the extra spending during this holiday season. I found myself thinking about these questions a lot recently.

Instead of feeling joy I started to feel overwhelmed by my material belongings. I am blessed and privileged to have all that I do. I am grateful for all the abundance in my life but I want to devote this new year to being less wasteful and finding happiness without external materialistic validation. 

So I have decided to do a low buy year challenge for 2024. If you are interested in participating as well, keep reading to see all it entails. 

The Low Buy Year Challenge can be broken up into 4 steps: 

Step 1 Study Past Spending Habits

Step 2 Remove Temptations

Step 3 Develop Your Own Rules

Step 4 Find An Accountability Buddy 

Step 1 Study Past Spending Habits

In order for change to occur you must look back on the past to see where improvements can be made. Look through all of your bank account statements from the past year 2023. This may seem like a daunting task but I promise you it’s a crucial step that will set you up for success. 

You might even be surprised to see where most of your money has gone over the past year. I know I was! I was shocked to see I spent most of my money eating out. Even more so than online shopping which was a close second. 

Write down your top 3-5 categories of spending in the past year. Then ask yourself these questions:

Did all of these purchases bring me joy? 

Did all of these purchases add value to my life? 

Were all of these purchases necessary? 

Why did I feel like I needed to spend money on them? 

What was my motivation for buying things? Do I need them or want them? 

Did these purchases give me internal or external validation?

Am I happy with how I’ve spent my money this past year? If not, why? 

What are the major areas that need improvement? 

What aspects of my spending brought the most value into my life? 

What do I expect to get out of this low buy year challenge?

Step 2 Remove Temptations

The best way to stop a habit is to avoid the temptations to begin with. 

Did you know according to some estimates by the marketing firm Yankelovich, we are exposed to anywhere between 4,000 and 10,000 advertisements a day, depending on where you live, your career, and how much time you spend online. 

In 2006, they estimated that we were exposed to roughly 5,000. In the 1970s we were exposed to about 500 ads per day. Basically temptation is everywhere, and now so even more than ever before! 

It’s impossible to turn a blind eye to all advertisements in person and online but we can make small adjustments in our personal lives to help silence some of the noise.

Some ways are by:

Unsubscribing to email newsletters from brands 

Deleting PayPal 

Removing credit card autofill on your computer and phone  

Unfollowing social media influencers who aren’t supporting your new lifestyle choice

Step 3 Develop Your Own Rules

Now for the fun part! Creating your own rules for the low buy year challenge. This is what is so great about the challenge, you can customize it to your specific needs and goals. Sure, I could give you a list of generic rules to follow but they might not necessarily help you and your particular spending goals. 

Based on steps one and two you can now develop your own rules that feel achievable and maintainable over the next year. 

These are my personal rules for inspiration: 

  1. Only buy skincare, makeup, and hiegene products once I run out completely
  2. Only buy replacement clothing if something is worn out 
  3. Only treat myself to two meals and two cafe beverages a month (solo) 
  4. Do a weekly check in/ review of bank statements 
  5. Keep a wishlist of things I want to buy for myself
  6. Wait 7 days before buying a product to make sure I really want to invest in it
  7. Check second hand and local shops first before buying online 
  8. Gifting to others and receiving gifts from others do not count
low buy year challenge 2024

Step 4 Find An Accountability Buddy 

The final step, find an accountability buddy. Having a healthy support system is important and will help you achieve greater results. You will see more improvement as opposed to taking on this challenge solo. 

Tell your close friends and family members what you are doing this year so they can be compassionate during your journey. 

Discuss this idea with a friend or close loved one and maybe it will inspire them to join the challenge as well. You can set up monthly check-ins, talk about your wins and discuss where improvements can be made. 

If you are especially active on social media you can create vlog updates and do monthly or seasonal check-ins with your online community to help you stay accountable and on track. That’s where I’ll be sharing my journey!

Starting January 1, 2024 let the Low Buy Year Challenge begin. 

I am most excited about having financial freedom, learning to appreciate things without owning them, increasing my self-worth without material overconsumption, and overall discovering more joy in everyday life through experiences and time shared with others. 

Let me know if you’re up for the challenge too! 

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