Saving Money: Creating a No Buy List

So I’d heard of creating a list of things you can’t buy for a set amount of time to a) see if you need them and b) try and save money. I have done some research to try and find a ‘how to’ guide or even just an example of one. Alas I couldn’t find a thing, so I’ve decided to make one myself. I thought I might also explain why I’m doing this.
  1. I’m currently losing weight at ~1kg a week so I am going to eventually go down a dress size, its just not a good idea to be spending tonnes of money on clothes.
  2. To help me losing weight there are certain food items that just aren’t a good idea to buy – that’s not to say have occasionally, but consistently buy
  3. I want to save money to be able to buy good clothes when I do get down to my goal weight, I want to be able to travel and buy a new car one day etc.
  4. It might help me stop impulse buying – something that is destroying my bank account.
After making these goals I set what it was that was a) unhealthy for me to buy or b) unnecessary for me to buy. I am lucky enough to live at home so I don’t pay rent at the moment or very much for food. I do however have to spend a lot on fuel (nearly half of what I do earn goes on fuel) and netflix etc. I do have a budget document on excel which helps me know how much I do have to spend and where a lot of my money goes. The only thing this has really done is shown how much money I spend on useless things.
To help curb my ridiculous spending I’ve decided to impose a ‘No Buy’ List on myself until I am at my goal weight (hopefully around mid next year) to hopefully manage my money better, and to learn what i do and don’t need. So here’s how I went ahead and made it.
Step 1. Create your financial goals within a selected time frame.
               Example: I want to save $1000 in a year
               Example: I want to live within a Budget for a year
Step 2. Create Categories where you are going to stop buying things from
               Example: Groceries, Clothes, TV Providers, Home Decor and Kitchen Ware
Step 3. Write the things you’re not going to buy!
                 No Buy list
Step 4. Try not to buy those things in order to achieve your goals 😀
There you go, my little no buy list. The only thing that I didn’t actually put into my list was when I was going to start buying those things again. This was because I don’t really know when I will be down to my goal weight so I’m just going to leave it as forever for now.
Have fun!
Turtle
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One thought on “Saving Money: Creating a No Buy List

  1. It’s been awhile since I visited your blog but this caught my eye!
    I do a similar thing, although I don’t have a permanent no-buy list (that’s actually a really good idea, thank you!), all I do (because I have trouble with impulse control sometimes) is put off buying something for a few days to a week. Basically, if I can justify it to myself after a week, then it might actually be something I need. Obviously the length of time would depend on the person, but so far that rule has worked to stop me from buying things like snacks & other impulsive buys like pet rat toys etc.

    Like

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