No-Buy Month: the 28-day spending challenge
Could you buy nothing during February? Reporter Brent Jones has already survived five days without spending a dime outside of a few areas. He'll be telling us all month about his experiences. --- lfk.
My inner being is one of a cheapskate, although my bank account has not reflected that in the past few years.
I've spent freely -- not out of control -- but certainly with little regard when it comes to food, beverages and other forms of entertainment. I'm giving those luxuries up this month, pledging a No-Buy Month vow at the behest of a good friend of mine who is publicly undertaking the same endeavor.
The rules are simple enough. Obviously I'll spend money to pay my bills (rent, electric, cable, etc) and to buy food from the grocery store, but I won't go out to eat and I'll avoid buying drinks during happy hours (or I'll depend on some generous soul to purchase one for me if I go out).
Not shopping for clothes or shoes will be easy since I don't do that much anyway. And I'm not cutting out my $20 bi-monthly haircut, which should fall under the category of personal grooming.
I began this on Sunday, the first day of the month ...
I splurged and spent $10 on a pie and cookies for a Super Bowl potluck I previously agreed to attend, but have only spent $2.50 since (on sodas from the machine here at work).
I purchased $140 worth of groceries to start the week and expect that will last me much of this experiment. I tend to eat out for dinner anywhere from four to seven times a week, and I mostly buy my lunch daily as well. But I can cook.
Still, this won't be easy. I'm already craving Indian buffet, but hopefully I can hold myself accountable through this forum.
Like I said to start, I'm thrifty at heart, so I've got a shot at making it. I just have to return to my college roots, when I could stretch a $1 for days, and made or hustled for every morsel of food I ate. And I hope I'll be rewarded with some extra cash to blow through come March.
Personally, I want to hear more about how Brent's going to change his habits to work brown-bagging into his bachelor life. Feel free to post your own questions and tips for him below. --- lfk.
UPDATE: Don't miss the next installments in this series:
5. Day 12: Resolve6. Day 16: Accounting
Comments
Clearly Brent is single with no kids. Eating out four to seven times a week? I remember those days. Why not spend the $20 from a biweekly haircut and buy some clippers?
Overall, it is an interesting concept, but millions of people already live this way either because they have to or they recognize the waste.
Danielle, you're right --- not everyone has this luxury, so his experience might not line up with everyone else's. I'd wager, however, it's better -- and healthier --- for him to revive the eating@home habits before you are forced to by economic conditions.
And if he cuts his own hair, should he invest in a second mirror? --- lfk.
Posted by: Danielle | February 5, 2009 9:38 AM
Is Feb. no-buy month because it is the shortest month? I read the Frugalista post, but I'm still wondering what is the point exactly?
Yes. February also fits into one square this year --- starting on Sunday, ending on Saturday. As Liz Pulliam Weston explained, a month-long shopping fast could help you determine what your true necessities are and where you're blowing the most cash. --- lfk.
Posted by: aeb | February 5, 2009 10:39 AM
It really fascinates me how many people have no concept of distinguishing between a "need" and a "want". It lifts such a burden off of ones shoulder to rid yourself of materialism. Fortunately I have always been fiscally prudent and only buy things that are necessary and useful.
Notable, where do you draw your lines? I've discovered we all make choices and for some people, things that are necessary --- i.e. cell phone, cable television, music --- are very optional for others. --- lfk.
Posted by: NotableM | February 5, 2009 11:59 AM
In reality, the only things that everyone needs are:
1. food
2. shelter
3. clothing
4. healthcare
Individuals need to live below their means, not above.
Posted by: Michelle Brown | February 5, 2009 1:12 PM
I also like Indian buffets, but ready-to-eat Indian food, which is available at Trader Joe's and Indian markets (I go to Patel's on Rte 40, few blocks west of Beltway), is pretty good too. There are also Indian cooking channels on YouTube.
Jelena, I can vouch for Brent's cooking skills but I'm guessing he didn't buy a lot of turmeric or coriander in that $140 shopping trip. :] Definitely something to try in the future, though!
And readers, as we've told you before, Patel's and other ethnic grocery stores are a great source of cheap spices for all kinds of cuisine, not just Indian. --- lfk.
Posted by: Jelena | February 5, 2009 2:15 PM
He should be able to do this with ease. I am a regular shopper, I just enjoy finding good bargains and I spend far too much. I gave it up for 40 days of Lent a few years ago. It was difficult, especially since my daughter's birthdays all came during those 40 days. When I was tempted to spend, I put that money aside. A tidy little sum was saved too. Breaking the spending habit was good for me. Of course I gradually got back into my old habits but not to back to the same level. I still think twice before I spend. Everyone should try it sometime.
Alan, I agree. A shopping "fast" can be good for the finances as well as the soul. -- lfk
Posted by: Alan V. | February 5, 2009 6:28 PM
I can't fathom how someone who is 'thrifty at heart' eats out four to seven times a week. What a huge waste of money.
And he's already in for $2.50 at the vending machine??! Not much willpower there if you ask me.
Posted by: WildBillFan | February 5, 2009 8:48 PM