Trying a Low Buy Year

It's that time of year when you start to contemplate what you might like to achieve in the coming year. I don't really make resolutions as such, as they are way too easily broken, but I would like to make some changes to my spending habits this year.  Some bad habits were formed during the first lockdown and beyond and I'd like to curb them as much as possible next year.

As a consequence, I've decided to go back to keeping careful records of all spending, and trying to have a low buy year. I want to only spend money on things that I really need and not splurge on unnecessary items, as I have been doing lately. We have so much and need very little, it is just crazy to continue buying stuff.

In addition, by way of doing this, I hope to build up more savings this year and get on a better financial footing for the future.  One thing 2020 has taught us, is that you just don't know what is around the corner and the better financially prepared you are the easier it should be to weather the storms.

In addition, it's getting near that time when LB will be going off to university, and although I've managed to save some money to help towards the costs, I do need to get more serious about getting more money together, if we want to help prevent her having to start her working life with lots of debt to pay off. 

In order to help me in this endeavour, I've joined a new Facebook group which is all about participating in a No/Low Spend year. I'm hoping it will give me some motivation and I'm enjoying reading some of the posts.

It helps that I don't get paid until 31st December and that in the midst of a pandemic, the shops are mostly shut, as there is little temptation or opportunity to go out and shop. I'm also trying hard not to shop online, although I did purchase some cruelty free makeup that I needed the other day. If I can't manage to control my spending at the moment, then there's probably little hope for me.

Looking back over 2020, I think that during the first lockdown, I was pretty anxious about the virus, shocked at what was happening in the world, frustrated by the disruption and a bit lost at not having the security of my usual routine of work/gym/dance classes, etc. and as a consequence I spent money to provide an emotional crutch. I think as time has gone on, I have got more used to the disruption, although it's still not easy to completely accept it. 

During the second lockdown, knowing it was only for a short period of time helped and before I knew it I was back at work. Spending then became about Christmas and gift/food shopping. 

This time around, finding ourselves in Tier 4, with a more virulent strain of the virus out there and the figures being as they are, I fear it might be much longer before things get back to some sort of normality. As a consequence, I've decided to just try to accept my fate, not put too much pressure on myself, enjoy the time away from work and try hard to keep the spending from spiralling out of control. With Christmas now over, it's the perfect time to slow down the spending and buy as little as possible. 

The first challenge comes in January, as I have a fairly big credit card bill to pay, a hangover from Christmas, and LB's 18th Birthday looming mid month. I've bought a few small things already, but will need to purchase a good few more. Sadly for her, it is looking like she won't be able to meet up with her friends, unless she is back at college, so it may be more subdued than she would like it to be. This does potentially give us a bit of time to spread the cost, as we will probably treat her and some of her friends to a birthday meal out at some point in the future when restaurants re-open.

Other than that, there aren't really any great expenses on the immediate horizon that I can see. I'm intending to just take it one month at a time and see how it goes. 

I'll keep you posted on progress.