How to do a “low-buy” year in 2021

If you read my previous post you are probably here for the financial content of January 2021. With the new year comes new year resolutions of course. Two resolutions that always seem to be popular amongst people that participate in these types of exercises are: getting in shape (whether that be joining a gym or eating healthy or both) and being more financially responsible.

Both of these things are important to me and I plan on coming up with some valuable content about reaching these goals or at least trying to this 2021.

As I have mentioned in my previous posts, I will be doing a no-buy January where I will only buy things I absolutely need. My focus will on beauty and clothing. In an effort to be more transparent I will define what I mean by “need”: for me a need for skincare and beauty is basically a category of products that I use everyday that I do not have a substitute for or cannot abandon without my skin suffering adverse effects (basically face wash, toner, moisturizer, sunscreen, foundation). Other things such as mascara, lip colours, etc. are really not considered an “essential” to me and I truthfully have so many of these types of products that I can potentially last an entire year without purchasing anything new in these categories.

In terms of the definition of “need” for clothing: I truly do not need anything. I have all the clothing I need. I have a good collection of basics most of which I obtained in 2020 (thanks to the Aritzia sales throughout the lockdown). Additionally, I am anticipating working from home all of January (not that this would make a difference) so I don’t suspect I would need a particular outfit for an event/function that I don’t already own.

The remainder of the year (from February 2021 to December 2021) I will be on a low-buy especially because my clothing spending has spiralled and I really have to reign in back in.

Here are the rules I am making for myself:

1. I can only buy one item per month (the value of which cannot exceed $150)
2. The item must be on sale or discounted in some way
3. I will be implementing a “waiting list” rule where the item must be on that list for 30 days prior to purchasing it
4. I will no longer be browsing used clothing online for fun (goodbye Poshmark and marketplace)
5. I will make an exception to rule number 1 during the Aritzia clientele sale (my weakness) where I will allow myself to purchase a maximum of $200 worth of clothing (pre taxes)
6. I will be able to use gift cards/gifts that I receive in cash for clothing/beauty that I will not include in my $150 monthly budget
7. For my beauty and skincare purchases I will only buy something when I am out of all items in my possession for the following categories: face wash, toner, moisturizer, sunscreen, a moisturizing mask, and an exfoliating/clarifying mask
8. I will make an exception to rule 7 for the Sephora VIB sales (I usually have my sister purchase for me since she maintains this status and I don’t spend enough to) to restock on anything that I am missing but use regularly and have no replacement for. I will limit my spending during these sales to $150 (pre taxes)
9. If I sell a piece of clothing that I already have, that money will be treated as income and not added to my $150 monthly clothing budget
10. I will allow myself to buy ONE luxury bag (probably on my birthday). I only purchased one this year and I think limiting my bags to one per year until my student loan is paid off is a great compromise/balance.

I know these rules seem like a lot but I really don’t want to fail so I’ve included some exceptions based on my previous habits (shopping the Aritzia and Sephora sale).

There are a number of other rules that I found online while doing research on this topic that I think you can consider if you are embarking on a similar low-buy journey. These rules were ones I opted out of but if you feel so inclined perhaps you can incorporate it into your low-buy year:

1. The one in and one out rule – if you purchase an item (ie. a clothing item) you have to get rid of one or two items you already own
2. Only purchasing used items or items that are discounted
3. If you want to purchase a new clothing item – think of 3 ways to wear that item
4. If you want to purchase a new clothing item, declutter your closet to see how you can create similar looks with pieces you already have
5. You can limit your clothing budget per season – you can have a set amount for fall/winter and have a set amount for spring/summer and you will only shop for clothing once during each of these seasons

If you have any other rules you can think of please share in those in the comments below!