Why I'm Doing a Low-Buy Year in 2023 & 9 Things I'm Not Buying
I have decided to have a low buy year in 2023, and there are nine categories of things I will buy a lot less. What has driven my decision to have a low buy 2023 is the impact of the global recession, the cost of living crisis, rising inflation, rising interest rates, and the impact that's having on everyday finances and income and managing money.
The result of all those things combined is that even though we may still earn the same amount of money, we're earning quite a bit less with all those other external factors. Because of that, I need to spend less.
What is a low buy year?
A low buy year is effectively buying less of what you usually buy. It's not saying that you can't buy it at all; it's not putting restrictions in place that if you want something, it can't be bought, but it is just setting a rule that you will spend and buy less in specific categories. That's the way that I'm dealing with it.
I'm going to go through with you the nine categories and areas that I am going to buy less of in 2023.
The first one is handbags.
I am going to buy and spend less on handbags in 2023. I may buy fewer or less expensive handbags, or I may sell more of the handbags I have in order to buy any new ones.
I did recently sell quite a few of my handbags, and the vast majority of the proceeds of what I sold has gone back into our family accounts, savings accounts, and investments and has not been spent on other bags.
I'm going to buy fewer of the clothes I buy just for the sake of it. I have to admit there are quite a few clothes I buy just for fun that we don't need. I know there are pieces in my wardrobe that I need to fill in to put together outfits, things that have maybe been worn to death and need to be replaced that I wear very regularly.
We have a couple of rooms in this house that still haven't been renovated. I have no difficulty with spending on furniture for finishing rooms and rooms that haven't been started yet. I think that's money pretty well spent getting our home together.
I want to spend less on furniture I don't need to buy. I have a habit of buying and replacing pieces that don't need to be replaced. I do not need to replace and rebuild furniture that there's nothing wrong with. I need to focus on the rooms in our house that need to be finished and the rooms in our house that aren't put together yet.
4. Soft furnishings
I habitually buy too many blankets, throws, pillows, and attractive little pieces to place around our home. I have so many of them that I have to rotate them or replace them, or there isn't even space to put all of them out. I want to spend less money on soft furnishings and decorative pieces I don't need that are extras of something I already have.
My mum bought me a brand new bottle of perfume for Christmas.
My brother also bought me a bottle of perfume for Christmas. If we were to go down into my closet, I think there are about four or five boxes of perfume that are still in the cellophane wrapping because I haven't opened them yet because I have so much perfume.
That is nonsense. I need to stop that; I don't need them.
Buying shoes on a whim will be part of my low-buy year. I was recently talking about my worst purchases of 2022, and the shoes I have in boxes made the list. I bought them and forgot all about them because when I bought them, I wasn't buying them because I needed them.
They weren't missing from my wardrobe and they weren't a gap.
I forgot I had bought them. I'm going to buy fewer shoes that I don't need.
7. Costume jewelry
I'm going to buy less costume jewelry.
I love and use and wear a lot of costume jewelry.
My point in not buying more of this is I have quite a lot of it, and I have enough to go with whatever outfits I wear. I don't need to buy any more. So I'm going to buy a lot less of it in 2023 simply because I have enough of it and to save some money.
I am a planner, but I will buy fewer notebooks.
They're all around my office.
There's a section on a shelf in my office that is just back to back with notebooks that haven't been opened yet. Some of them are still in the wrapper. I have enough of them. Until I get through some of these, I need to buy less.
9. Eating out
The 9th category that I want to spend less on in 2023: eating out. Now, I don't mean on the nights that we've planned to eat out and that we're going out as a family, or maybe I'm going out with my friends or meeting people.
What I mean is, when we haven't planned it, and there's a whole fridge full of food, and I bought the dinner for those nights, and we decide to order in or go to the local restaurant?
That, to me, is a waste of money. It's a double waste because I bought the food in the first place, which I'm not using and eating.
Low-buy year for 2023
All of the above is my reasoning behind a low buy 2023. I have different financial goals this year that I want to put above and beyond what we already do, and I need to cut back on these other things. Are you cutting back spending to achieve other goals? Share your plans in the comments below.