As inflation continues to weigh on CanadiansB次元官网网址� budgets, some may have entered the new year taking on a self-imposed B次元官网网址渘o-buy challenge.B次元官网网址�

A no-buy challenge, made increasingly popular by social media influencers, is often done over the span of a month or even a year and involves only buying goods the participant deems essential in the hopes of saving money and improving their spending habits.

And much like a crash diet or a six-week workout program, personal finance experts say those taking on such a financial challenge wonB次元官网网址檛 necessarily see long-term benefits. But that doesnB次元官网网址檛 mean it wonB次元官网网址檛 help.

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.

She said she needed a big change so she told herself she could only buy the essentials for a month.

Afterward, Oisamoje said she felt like her brain had gone through a reset of sorts. She had realized that she had been going into stores just to look around and emerging with unplanned purchases, and learned to curb that habit while also feeling more resistant to impulse buys.

B次元官网网址淭hat helped shift my mindset,B次元官网网址� she said.

A spending challenge like a no-buy can be a good thing, but only if you set realistic rules and also investigate why you need a no-buy in the first place, said Jessica Moorhouse, financial educator and host of the More Money podcast.

If you donB次元官网网址檛 face the root of the problem then once the challenge ends youB次元官网网址檒l probably just fall back into old habits, she said.

B次元官网网址淏ecause once that shopping ban, the challenge is over, then what? You still have to face, well, why was I shopping a lot? Why was I spending?B次元官网网址�

Moorhouse cautions against setting rules that are too strict, or a challenge thatB次元官网网址檚 too long B次元官网网址� though no-buy years are popular, they might be too extreme for some.

Taken too seriously, a spending challenge could cause stress and weigh on your mental health if you donB次元官网网址檛 make room for things that make you happy, she said.

B次元官网网址淵ouB次元官网网址檙e really just surviving for a year.B次元官网网址�

While there are many people who may benefit from a no-buy challenge, the same spending rules wonB次元官网网址檛 work for everyone, Oisamoje said.

B次元官网网址淲hat works for one person might not work for the other person,B次元官网网址� she said.

Some people may opt for a B次元官网网址渓ow-buyB次元官网网址� instead, meaning their non-essential budget is significantly restricted, she said.

WhatB次元官网网址檚 important is that you look inward and be honest with yourself about what kind of challenge will actually work for you, Oisamoje said.

If youB次元官网网址檝e got a specific area thatB次元官网网址檚 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 youB次元官网网址檙e spending on a monthly or annual basis in that category, then make clear rules that still allow for breathing room.

An extreme spending challenge can be like a crash diet, said Moorhouse: done wrong, youB次元官网网址檒l either break the rules, or fall back into old habits when itB次元官网网址檚 over, or both.

ItB次元官网网址檚 a good idea to journal during the challenge, said Moorhouse, so you can work through what youB次元官网网址檙e feeling and figure out what to do when the challenge is over.

It might be easier to commit to a short and extreme challenge than a long-term change, but itB次元官网网址檚 long-term change that will make the biggest difference, she said.

Rosa Saba, The Canadian Press

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