She Strengthens

Rethinking Resolutions: Small Steps to Financial Freedom

As the clock strikes midnight on January 1st, many of us make grand promises to ourselves, only to abandon them by February. “I’ll lose weight,” “I’ll exercise daily,” or “I’ll save money” are common resolutions, but they’re often too vague and unrealistic. Instead of setting ourselves up for failure, what if we focused on making small, achievable changes that add up to significant improvements over time?

The Experiment: No-Buy January

I decided to challenge myself to a “No-Buy January,” where I wouldn’t purchase any new clothes or makeup for the entire month. As a millennial with a decent disposable income, I knew it wouldn’t be easy, but I wanted to see what I could learn from the experience.

Lesson 1: Sustainability is Key

Let’s face it: I failed. I caved in and bought a few items on sale, and before I knew it, I’d spent $90 on things I didn’t really need. The moral of the story is that it’s okay to treat yourself occasionally, but it’s essential to set boundaries and prioritize needs over wants.

Lesson 2: Impulse Control is Crucial

I’ve always struggled with impulse control, but No-Buy January taught me the importance of taking a step back and assessing whether I really need something. By waiting 24 hours before making a purchase, I realized that most of the time, the desire passes, and I can avoid unnecessary spending.

Lesson 3: “I Have Nothing to Wear” is a Myth

When I forced myself to dig deeper into my closet, I discovered that I had plenty of options beyond my usual go-to outfits. It was liberating to break free from the “I have nothing to wear” mentality and explore new combinations of clothes I already owned.

Lesson 4: Shopping is a Coping Mechanism

For many of us, shopping is a way to deal with emotions, whether it’s boredom, stress, or happiness. No-Buy January showed me that there are healthier ways to cope, and that I don’t need to turn to shopping as a default reaction.

Lesson 5: Surpluses are Nice

By not spending money on unnecessary items, I found myself with a surplus of funds, which was a welcome change from living paycheck-to-paycheck. It was reassuring to know that I had a safety net and didn’t have to worry about running out of money.

Lesson 6: Little Things Add Up

It’s easy to get caught up in small purchases, but they can quickly add up to significant expenses. No-Buy January taught me to be mindful of my spending habits and make conscious decisions about where my money goes.

Lesson 7: Financial Freedom is Within Reach

One of the most significant takeaways from this experiment was the realization that I don’t have to live paycheck-to-paycheck. By making smart financial decisions and building a cushion, I can achieve financial freedom within a year.

Lesson 8: Emergency Funds are Essential

When my bed frame broke, I was able to replace it without worrying about the expense. Having an emergency fund in place gave me peace of mind and allowed me to tackle unexpected expenses with confidence.

Lesson 9: Prioritizing What Matters

Finally, No-Buy January taught me to prioritize what truly matters. Instead of spending money on fleeting wants, I can focus on saving for meaningful experiences, like traveling to see loved ones. It’s all about perspective and making conscious choices about how I allocate my resources.

In the end, while I may not have succeeded in my No-Buy January challenge, I gained valuable insights into my spending habits and financial priorities. By making small changes and being more mindful of my purchases, I can work towards achieving financial freedom and living a more intentional life.