As inflation continues to weigh on Canadians' budgets, some may have entered the new year taking on a self-imposed 'no-buy challenge.'
As inflation continues to weigh on Canadians' budgets, some may have entered the new year taking on a self-imposed"no-buy challenge."
Charity Oisamoje, a money expert and founder of personal finance blog The Finance Key, did a month-long no-buy in 2019. At the time, she said she was buying too much stuff out of impulse, especially clothing, beauty products and things that were on sale.Afterward, Oisamoje said she felt like her brain had gone through a reset of sorts.
Moorhouse cautions against setting rules that are too strict, or a challenge that's too long — though no-buy years are popular, they might be too extreme for some. If you’ve got a specific area that’s a problem when it comes to spending, such as beauty products or clothing, you can do a no-buy for that category only, suggested Moorhouse. First, look at what you’re spending on a monthly or annual basis in that category, then make clear rules that still allow for breathing room.
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