January can be a tough month financially for many of us. A combination of building up towards what usually is an expensive month in December and a long wait until the following pay day, it is often the time where people cut back and re-check their finances.
While many people may follow these frugal and thrifty hacks as the norm, low-buy and no-buy hacks have become a trend on the social media platform TikTok. Many users have shared how they are changing their spending habits in order to save or pay off debt, and some are fairly easy to adopt into your every day lives.
TikTok user @Miawestrap completed a no-buy year in 2024. By the end of December, she revealed that she had managed to save £7,700. For money-saving tips, sign up to our Money newsletter here
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Here are some of the low-buy and no-buy hacks that could help you change your financial situation this year.
1. Create a list of essentials and non-essentials
This is particularly aimed at those adopting a no-buy year. People who attempt this challenge often reflect on what they spend their money on and categorise them into essentials and non-essentials. Typically, a no-buy year means you can only purchase essentials, and non-essentials are out of bounds.
Example of essentials:
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Food
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Household bills like rent/mortgage, council tax, energy bills, insurance
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Fuel/transport costs
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Replacement items
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Personal hygeine products
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Children’s clothes
Non-essentials:
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Clothing and household accessories/furniture
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Luxury products like skin and haircare
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Gifts
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Eating out
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Socialising/cinema trips etc
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Bills for streaming/music subscriptions
The key with this is to really look at what is essential to you. Socialising at the pub could be a non-essential for one person, but may be an essential for another. If something like eating out or going to a pub/the cinema is important to you, try and set yourself a budget to stick to as an alternative.
2. Budget and stick to it
The rules above may be a bit too strict for many people to follow, so one way some people cut back on spending without totally banning non-essentials is by creating different pots, or a numerical target, for their spending instead.
One rule could be to only purchase five items of clothing in a year. You could also set yourself a budget of £50 a month for socialising and or eating out.
3. ‘Hit the pan’
This isn’t a new concept and could already be something that you already do without even thinking. The phrase ‘hit the pan’ quite literally means using something until you’ve hit the bottom – particularly when it comes to cosmetics.
Many of us may be in the habit of replacing a product when it is on offer or on sale, instead of waiting until the existing product is all used up. You may think you are saving money by purchasing something on discount, but instead you are just accumulating more than you need. By following the rule of only buying a replacement product for any cosmetics, even down to basics like shower gel and tooth paste, you are only purchasing what you need, and may find you save money in the long run.
This can even be applied to things like books. We all have books sat on our shelves we haven’t read yet – don’t buy a new one until you have gotten through those. And then, join the library instead of making a new purchase.
4. Wait 30 days
See something you like? Don’t buy it there and then, wait 30 days, and if you still want it, then make the purchase. So much of our spending is done on an impulse, by giving yourself time to think about whether it is something you really want and need, you are more likely to make a considered purchase that you also won’t be fed up of straight away. Too often we purchase items, especially clothing, on impulse, and within a month or two, that clothing is at the back of your wardrobe and forgotten about.
The wait 30 days rule also allows you to consider the next tip, which is find an alternative second-hand.
5. Second-hand first
Second-hand shopping has boomed in recent years thanks to platforms like eBay and Vinted. One really easy spending habit to adopt would be to shop second-hand first. This not only will save you money but it is also better for the environment.
See something you like in an online store? Check if it is for sale on Vinted first.
6. Don’t make unplanned purchases just because of discounts and sales
The simple fact of it is you aren’t saving money by purchasing something at a discounted price if it wasn’t something you needed in the first place. You can trick yourself into thinking you are saving in the long run by buying a kitchen-gadget that has been reduced to replace yours that is working just fine but could break in the next year or so, but the truth is, you are spending money that doesn’t need to be spent.
7. Don’t use buy-now and pay-later
Buy-now and pay-later schemes have become wildly popular in the last few years, and while it may seem attractive to spread the costs over a couple of months, in reality you are just delaying spending money that you may not have.
If you don’t have the budget to make a purchase there and then, the harsh reality of it is then you simply can’t afford it. Of course exceptions need to be made for essentials that need replacing, but even then these purchases need to be considered responsibly.
8. Create a list of things you want/need
In order to avoid impulse purchasing and accumulating more stuff than you need, try creating a list of things that you want and or need – but make sure the wants are very importantly considered.
For example, if you are a keen second-hand/charity shopper, it can be easy to fall into a trap of picking things up for the sake of it just because it is cheap. But those small purchases can quickly add up and so will the stuff.
Try creating a list of things you would like to find over the year and try sticking to it.
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