We have officially conquered No Buy July! Whether you managed to save a boatload of money this month, or simply skip a latte or two, you — and your wallet — deserve a pat on the back. Prioritizing your financial well-being is hard work! I surprised myself with how frugal I could be while still maintaining reasonable expectations for my day-to-day lifestyle. I hope the challenge was a success for you as well, and that your No Buy July lessons carry you forward into August and beyond!
Feeling a bit of FOMO (or just confused)? Here are my No Buy July rules so you can have your own no-spend month.
Final Financials!
Once I saw last week’s results, I declared that I’d do everything I could to keep my savings rate over 50% of my income for the month. I’m pleased to say that I achieved my goal with some wiggle room to spare! The “Tims/Dining Out” budget ballooned a little near the end of the month, and I’ll discuss that in a moment. Still, I’m happy to have kept our spending under control to the end.
No Buy July Lessons Learned
Meal Prepping is a Habit to Practice
They say it takes 21 days to form a habit. While I’m sure the statistic itself is bogus, I did experience a shift around the three-week mark as it pertained to meal prep. I found that I no longer felt awful when I realized I had to eat my prepared meals instead of eating out. I’d also started to figure out how to balance variety with bulk preparation. It took a bit of trial and error, but I feel that I’ll now be more consistent with meal prep moving forward.
The Library is a Goldmine
Here are five ways the library should be the entertainment hub of your no spend months:
- Books. I mean, duh.
- Audiobooks! Your library likely has a partnership with one of the many free audiobook apps out there (Libby or Hoopla, for example). They all have slightly different features, but it’s a great way to take advantage of your commute!
- Movies and video games. Your options may be slightly limited (either by title selection or borrowing length) but hey, it’s free!
- Workshops and resources. Join a social book club, attend a free event, or look into the free services offered at your local branch. (My library even offers a free “seed library” for planting a garden in the spring!)
- The library is the perfect hangout spot when you feel like going to a coffee shop, but don’t want to spend money. Make your own drink or snack at home, then bring it and a book or laptop to the library.
What People Get Wrong about Budgeting
I will unashamedly admit that I redeemed my two remaining “dinners out with friends” during Week Four. However, I turned down an additional invite, as my predetermined budget didn’t account for a fourth event. I stayed within my budget while still being realistic and enjoying myself.
I’ve noticed that many people talk about budgeting the way they talk about dieting. They approach it like financial deprivation that necessarily causes guilt anytime you spend money on “fun stuff”. But my approach to finances revolves around my ability to plan and measure reality. If my budget is so restrictive that I’m bound to fall off the wagon, then it’s just a terrible budget. (Same goes for crash dieting!) What’s important is to set limits on the spending categories that you know you can reasonably cut back. Your energy and willpower will be much better spent on adhering to realistic guidelines than stressing about cutting “fun” from your budget.
What’s Next?
Well, as of this morning, I can spend money again! I avoided a number of impulse purchases and lots of overpriced meals on Ritual last month. There are a few items I’ll likely buy over the next few weeks, now that I’ve mulled over them for a while. (For example, Joe and I might get ourselves a compost tumbler for our backyard garden!) However, I intend to continue reducing my intake of takeout and other unnecessary expenses.
Overall, I’m super happy with my results in this challenge. I can’t say I’m particularly eager to do it again, but I’m definitely pleased to have learned the No Buy July lessons that I’ve shared here!
How was your No Buy July? What did you learn from the experience? (And what are you most excited to buy in August? Haha!) Share your thoughts in the comments below!
