The no-buy challenge that has TikTokkers racking up millions of views

They’ve decided not to buy anything deemed non-essential. 

No shoes. No sunglasses. No makeup. No spikeball sets. No BBQ tongs. Nada.

If it’s not a core expense literally to live, like groceries and their home, they’re not buying it.

The rationale varies from environmental reasons, an anti-corporate narrative, the need to save or pay off debt, mental health, reduced consumerism and building mental, social and financial fortitude.

I consider myself an expert at this and usually do a no-buy challenge a few times a year for a duration that typically ranges between a week to 30 days. Each time, I save hundreds, if not thousands, of dollars.

If you want to jump on the bandwagon and turn off the taps on your spending, follow these steps.

Pick a day to start and a reasonable duration

You might be reading this and want to begin right now — good! Because there is no perfect date. In fact, the further out you push this, the less likely you are to do it. Set your calendar reminders in your phone to start your no-buy challenge and have it repeat daily until you’ve completed it.

There’s a tendency to try to go for longer than is reasonable for the no-buy challenge — it’s really hard to do it for a year. Being successful at a shorter duration will give you the motivation to do another that’s a bit longer, and then another.

I coach my student community to begin with five days of no-buying. Push it to 10 days for the next, then to 30 days and so on. The savings and sense of well-being are a huge motivation to extend.

Know your vices and replace them with something healthy

Maybe it’s takeout or sports gambling? It could be booze, dating, streaming services or fitness apps. Heck, maybe your vice is gardening tools. Your no-buy challenge is going to bring you face-to-face with real spending temptations, old habits, mental patterns, your ambition and confidence.

I know my spending vices (coffees, fancy foods and everything fitness). I know what triggers spending for me (comparing myself to others). Because I know what can throw me off track of my no-buy challenge, I can plan ahead to deal with whatever comes up. For me, that means ensuring I’ve got the groceries I want and need on-hand, the coffee pods, the space between myself and the people in my life that love to flaunt their new gear, and more. When the temptation arises, I insert a healthy, free substitute like a walk, purging my closet so that I get a good view of all the great fitness gear I have, making myself a coffee or a smoothie, visiting with a friend who really gets me.

Know your vices. Understand your spending triggers (typically you’ll have a physical sensation like a quickened heartbeat or wet armpits, and irritation is normal when you’re being triggered). As you go through your no-buy challenge, try to recognize your triggers, and very consciously put them in their proverbial place — the not-today box.

Do something smart with the money you’re saving

This whole no-buy challenge has to be for something — a goal … a “why’” — or it just won’t stick. Some TikTokkers talk extensively about how they are crushing their debt, or simply using their savings to keep up with the rising costs of living. Others are saving for something big like down payments or trips. 

Maybe your reason for doing this is to show your kids you have what it takes to turn your finances around and create a better life for your family.

Anchor on your reasons; trust me, it makes saying no to spending a lot easier when there’s a bigger goal.

I also coach my students to e-transfer money into their high-interest savings account every day while they are doing their no-buy challenge, or if they have credit card debt, to put that money on the most expensive balance. That way they’ll have something to show for their efforts.

Reflect. Reset. Repeat

Don’t be surprised if your no-buy challenge inspires you to declutter your home, sell unwanted items online through your local swap and save site, start budgeting using a new template, talk more openly with friends and family about your money goals, use up your therapy benefits and more. If your spouse is doing it with you, you’ll probably find yourselves enjoying more intimacy (that’s right, being aligned on finances is a big turn on).

Reflect on how things went during your challenge, what lessons you learned that you might want to stick with, and plan your next. 

A bit of flexibility in your no-buy challenge is OK, too. Give yourself a break if you go off-track, but ensure you step right back into your program ... maybe you’ll be the next finfluencer!

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star