How to buy less in 2021

How any times have you heard that 2020 was a difficult year (what an understatement). If you’re fiscally responsible, have already done an audit of what you spent in 2020 (or you have a running budget/spend report) and it is a LOT more than you expected the perhaps this post is for you.

I regularly keep track of my spending (shameless plug – check out my monthly spend reports in the money category of this blog) and in 2020 I spent almost $7,000 on clothes and shoes (yikes). It’s the most I’ve spent in any category. Second up is what I spend on “home stuff” (we partially re-did our bathroom and kitchen this year) and beauty (I spent about $2,000 in this category).

When I break this down into a monthly amount, my spending on beauty (this includes makeup and skincare) is about $166 a month (which really isn’t that bad). My spending on clothing (this includes shoes) is about $583 a month which is nuts given that we have been in a pandemic for 10 of the 12 months (I’ve also been working from home 10 months of the year).

Anyway, long story short, I am REALLY trying to buy less this year. I say this every year and honestly have been FAILING miserably haha. I’ve been tracking my spending diligently for years and my clothing spending both on a yearly and monthly level has been more or less the same.

I have been consuming a lot of minimalist content on youtube and I have learned some valuable lessons that I can certainly implement into my current lifestyle. I find that most of the minimalist content out there have a specific “look” and “aesthetic” in the wardrobe department which doesn’t really match my sense of style (aside from the colour palettes). I am simply in search of a balanced lifestyle while also exercising awareness of my spending habits and where my money is going.

I will be doing a financial detox in January and will NOT be buying anything that I don’t absolutely need (this includes beauty products, clothing and shoes). I did this last year and I’m confident that I’ll be able to keep this commitment for a month.

I’ve been able to collect to following tips for buying less in 2021 that I hope to implement into my own life:

1. SET A BUDGET – if you aren’t already budgeting then that is certainly a problem. Even if you are not budgeting I think it is very important that you are tracking your spending and have an idea of what you’re expenditures are, especially as it compares with your income. If you have no idea what these figures are, things can quickly spiral and you can run into some issues down the road especially if you are overspending.
2. SET GOALS AND FIGURE OUT WHAT YOUR PRIORITIES ARE – everyone will have different financial objectives. For some it is to save for a house, for others it may be to pay their student debt. As a new grad I certainly fall into the latter. If you are new to my blog, I have a number of posts about my law school journey and the cost of obtaining two JDs. With this came a massive student loan. I am trying to pay off my loan while also living a meaningful and fulfilling life (one where my restrictions done leave me feeling deprived and unhappy).
3. INVEST IN THINGS THAT WILL PAY OFF LATER – each time you purchase something think about cost per wear/cost per use. If that figure is high, that in itself should discourage you from purchasing that item. There are a number of household, everyday items that I have invested in and those investments have truly paid off because the product has basically eliminated my need to purchase disposables for example.
4. KEEP YOUR RECEIPTS AND PURCHASE FROM RETAILERS WITH GREAT SERVICE – I have gone into this topic at length I a previous post (see your complete guide to returns and exchanges). As a former retail employee and a highly experienced shopper, I always make sure I have options/recourse when buying products (especially new products or products that I haven’t tried before). Make sure you always keep your receipt when you buy something, if something goes wrong you can always return it or contact the company to ask if there is anything that can be done (manufacturers defects happen!). When purchasing makeup or other products that are personal use in nature, make sure you are aware of the return policy. Many premium makeup/skincare retailers will take a product back so long as it isn’t completely used (of course) and you have a valid reason for retuning the product.
5. BEWARE OF EXPERIMENTAL PRODUCTS – further to my previous point, I would be very careful with new products. I used to get into a spiral of watching beauty hauls online and would convince myself that I needed a certain product. Then when I purchased it, it just wasn’t what I expected nor did it deliver in the way I thought it would. It’s easy to get into this spiral but if this is you, I would maybe consider creating a “waiting list” of things you may want. Create a list on your phone and when you want a product put it on that list with the date, once you hit the 30-day mark (or however many days you think you should wait) then go ahead and purchase it. This is a trick I learned online and I think its great for those that find themselves in the habit of mindless spending.

These are just 5 of my top tips for decreasing your spending in 2021. I plan on creating more content like this in the future to keep myself on track and to hopefully help others with the same shopaholic tendencies that I seem to have developed.