How to Start a Low Buy Year: 4 Steps to Living More Minimally

What does Low Buy mean?

A Low Buy Challenge is less restrictive than a No Buy Challenge. I began my Low Buy Challenge back in 2020 to cut back on my credit card bills and start saving for an emergency fund.

A Low Buy Challenge works for me because it allows me flexibility while achieving my goals. You can set your own rules with this type of challenge. You can do a monthly challenge or three- to six-month challenge or do a Low Buy Year, as I do.

There are three reasons why I do a Low Buy Challenge every year:

First is to live intentionally by buying only the things that add value to my life.

Second, I dislike clutter. If I only buy things I need and use, it minimizes clutter in my home.

Third, I realize I buy things with not only my money but also with my time. A frivolous expense can cost a lot of money, which means working longer hours to pay for it.

If something was only $10, I used to think it was a good deal even if I didn’t need it. This habit of justifying impulsive buying ended up costing me hundreds of dollars on my credit card.

I want to share the four steps I used to start a Low Buy Challenge. Living this way has improved my life and finances.

1. Take an Inventory of Your Monthly Expenses

First find out where most of your money goes every month. I used to spend over $200 a month on eating out and take-out, which is excessive.

I also spent money on bottles of supplements from other countries, which is double the price. When you find out where a huge chunk of your money goes each month, that's the best place to start cutting back.

2. Create Categories to Cut Back

Once you’ve figured out where most of your money goes, these are the categories you’ll create your rules around. Here are categories I include in my Low Buy Challenge:

• Eating out
• Supplements
• Hobby products (crocheting, art supplies)
• Fancy groceries (chocolate bars, organic corn chips, quinoa, etc.)

I don't buy clothes more than twice a year, and I buy shoes every two years so clothing wasn’t a problem. Add as many categories as you want, such as makeup, kids’ toys, books, art supplies, plants, or whatever you feel the need to set a budget for.

3. Plan for Future Spending

It’s important to look at your future spending to add into your budget, including upcoming holidays, birthdays, and anniversaries. 

Cut back by making gifts and holiday cards for family and friends.

4. Keep Your Rules Simple and Clear 

It’s hard to stick to a goal when the rules are complicated and unclear so keep your guidelines simple. Determine your limited budget per category for each month. My main challenge is the temptation to eat out, but I set a limit of $100 a month to enjoy the experience and I’ve kept to that goal.

A Low Buy Challenge can be boring. When I’d get bored, I’d grab my phone for online shopping or food delivery. Find more meaningful activities you can enjoy during your challenge that won't cost a lot of money, such as taking walks, hikes, gardening, reading, or doing anything that uplifts your spirits and sparks joy in your life.

How to start a Low Buy Year

The success of a Low Buy Challenge really comes down to your “why.” What is your goal and motivation? Share your reasons for wanting to start a Low Buy Challenge in the comments below.