People Are Saving Money With The ‘No-Buy Pledge’ Trend
Another day, another trend. The “no-buy pledge” is on the rise and it’s encouraging people to do better with budgeting and money management.
The Associated Press reported that the trend, which started several years ago as a blogged-about experiment in budgeting and mindful spending, has since become popular on social media. There’s a Reddit group where people share their experiences with more than 50,000 members. But the challenge gained popularity on TikTok, where some videos of users looking to hold themselves accountable got thousands of views.
How does the no-buy pledge work?
For the challenge, people pledge to stop buying non-essential items, whether unneeded shoes, additional beauty products or other impulse buys for a set amount of time, usually 12 months.
A TikToker who goes by @miawestrap posted a video saying she had “been living paycheck to paycheck” for as long as she could remember, and she wanted to sort out her finances in the new year.
In the video, the TikToker showed a screenshot of her notes app, which listed her self-imposed spending limitations. She said she would be canceling all of her unused subscriptions, including Audible and Disney, would get a library card instead of purchasing new books, and banned herself from buying clothes, Pepsi Max, and tattoos.
Another user who goes by @anisaanorve, wrote in her caption that 2024 was the year of “intentional purchases,” and said she planned to do away with buying items like candles, notebooks, and workout sets.
“I feel like sometimes we can over-consume without thinking, especially living in a capitalistic society,” she said in her video.
Why are people hopping on this trend?
According to a money study from Wells Fargo, Two-thirds (67%) of Americans say they’ve cut back on spending, and almost half (45%) say they’ve put some life plans on hold. A third (35%) have dipped into their savings or investments. And almost two-thirds (62%) say that even though they can pay their bills, they have little left over for “extras.”
They also found that More than half of Americans (58%) report being able to live within their means and not worry about making ends meet, while fewer than half (40%) feel they are in good or great financial shape, and one in four (23%) say they are in poor shape. Almost half (44%) report having more debt than they feel comfortable with, and one in three (31%) report spending more than they can afford each month.
So, taking on the no-buy pledge can take away some financial challenges. But only if you stick with it.
