October 5th 2024.
Mia Westrap, like many of us, has been guilty of treating herself to unnecessary items, from expensive coffee to impulse buys. However, as a PhD student earning £2,100 a month post-tax, she realized that her random purchases were quickly adding up and leaving her with little to no money at the end of each month. Feeling frustrated and tired of always dipping into her overdraft, Mia decided to embark on a 'no buy year' challenge.
In an interview with The Agency, Mia explained that her no buy year meant only spending money on essential things such as rent, food, and transportation. This meant cutting down on splurges like books, clothes, and nights out. With her rent and bills totaling around £1,200, Mia was determined to save what was left and build up an emergency fund. She even sold her car, which was costing her £200 a month, to save money on transportation.
At the beginning of her no-spend year in January, Mia had no savings and set herself a goal of banking £4,000 in 12 months. She admits that she was initially worried about experiencing FOMO (fear of missing out), especially during the busy summer months when her weekends would typically be filled with bottomless brunches. But to her surprise, she found that she didn't have to turn down many plans as she was happy to join her friends without spending any money. Instead of participating in rounds of drinks at the pub, Mia would opt for water or bring her own coffee in a flask. Her friends were understanding and would sometimes treat her to a soft drink, but she never expected it and encouraged them to save their own money.
Mia managed to keep herself busy with free activities like long walks, picnics, and girls' nights in, where everyone would bring a bottle of wine. She said, "A lot of what I'm 'turning down' are things I wouldn't have been able to afford in the first place before the no buy year, so my life hasn't changed much." The only time she broke her rules was in January when she had surgery and needed new clothes. Apart from that, it was smooth sailing.
Mia documented her journey on TikTok, where she now has almost 30,000 followers who hold her accountable. She says that the majority of people have been supportive, and her friends are probably relieved that she's no longer recommending expensive brunch options. Mia's biggest adjustment was getting used to wearing the same four or five outfits on rotation and feeling confident in them. She said, "It's surprised me how nobody in my life or online has pointed this out, which definitely reflects how toxic my mindset towards outfit repeating and wanting to buy the latest trends was."
By September, Mia had already saved £5,500, and she even began investing. Now, she has increased her target to £7,000 to continue building her emergency fund and give herself peace of mind. Mia admits that one motivation to keep going is her TikTok account, where she regularly updates her followers. She says, "I think that's down to the fact we're all living in the same cost of living crisis."
As the holiday season approaches, Mia plans to relax her rules and buy gifts for her loved ones. She used to blow her student loan on expensive Christmas presents, but this year she plans to be more mindful and ask people what they want. Mia wouldn't recommend a no-spend year for everyone, especially those with dependents. She says, "You can't budget your way out of poverty." However, she believes that it's a good way to practice restraint for people like her who were "rinsing their money dry" on frivolous things.
Although Mia doesn't plan to continue her no-buy year into 2025, she intends to live frugally and make purchases in moderation. When asked what she'll buy first, she said, "A better hoover and a mattress." Mia's top tips for those thinking of doing a no buy year are to face their bank balance, share their goals with friends and family, and carry a big backpack everywhere. She also suggests finding people to hold you accountable and not surrounding yourself with people who will encourage you to spend money. In the end, Mia's no buy year has not only helped her save money but also changed her mindset towards spending and taught her the value of living within her means.
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