I never thought of myself as a shopping addict. But if I’m honest, I’m pulled into sales gimmicks easier than I’d like to admit.
It’s hard to resist those “Free Gift With Purchase” items. There’s always a promo code you can use. Coupons make things less expensive. I’m basically saving myself money, right?
It was time to take charge of my spending; after reading about the benefits of a shopping ban, I decided to try one of my own. A no-spend month seemed easy enough — but it was a lot harder than I thought.
8 shopping ban tips to get you started
A shopping ban can be a great experiment — even if, like me, you don’t think you have a spending problem. But diving in without knowing what you’re getting into could set you up for failure.
The point of a shopping ban is to save money, but also to track your spending and notice patterns so you can learn from them. If you’re thinking about trying one yourself, here are some shopping ban dos and don’ts to help set you up for success.
1. Make a list of approved items
It’s easy to forget the difference between needs and wants — and that can get you into trouble.
Your first step is to create a list of approved items you’re allowed to purchase during your shopping ban. Here’s what mine looked like:
- Bills and utilities
- Toiletries and cleaning supplies (that I’m absolutely out of)
- Anything bought with a soon-to-expire gift card that I already have
- Items needed for an upcoming trip (not clothes or bags, but real necessities)
- Work expenses (only if I’m reimbursed in full)
I was pretty general in my list. If I were to do it over again, I would be more specific (and add more rules).
For example, I could have included “sunscreen” on the list instead of “items needed for an upcoming trip.” That way, I wouldn’t put myself in a position where I try to justify a purchase I shouldn’t be making.
Keep your needs in mind and don’t deprive yourself of the basics, such as bills, food, toiletries, cleaning supplies, and clothes you must replace. (If you have holes in your socks, don’t go without — buy some new socks!)
2. Set realistic goals
Some people successfully complete year-long shopping bans, but you don’t want to burn out right at the start. Start with a month-long ban. After you successfully complete one and feel motivated enough to do another, you can move on to a 90-day ban, 120-day ban, and so on.
The month you decide to do it matters, too. I missed out on Record Store Day in April because I failed to realize it was during my shopping ban.
Don’t pick a month where it will be too difficult for you to abstain — if you have a vacation planned or out-of-town guests visiting, for example, it may be harder to meet your goals. Set yourself up for success by carefully choosing your no-spend month.
3. Tell your friends and family
Let everyone know that you’re doing a shopping ban. Tell your mom, your spouse, your sister, your best friends, your kids, your neighbor, your co-workers — everyone you interact with regularly.
This is helpful for a couple of reasons:
- You’ll be held accountable. This will ensure you’re sticking to the ban and not giving up.
- Your friends and family will know not to invite you on shopping sprees while you’re doing the ban.
Who knows? Maybe someone will even want to take part in the ban with you. The buddy system works wonders when it comes to accountability.
4. Watch out for triggers
Quitting shopping is similar to quitting smoking. Your shopping habit may be an addiction, so pay attention to what triggers you to shop.
One of the triggers I discovered during my spending freeze was that bored shopping is a problem for me. I was working at a cafe one day that happened to be right next to a Target and TJ Maxx. I wanted so badly to “just go look around” — but, luckily, I didn’t. An innocent trip to simply browse could have easily resulted in me blowing $200.
Avoid putting yourself in a position to be triggered. Whether that means staying away from your favorite mall or avoiding Amazon altogether, a simple change in routine can help you fight the urge to needlessly shop.
5. Unsubscribe from store emails
You probably receive tons of emails sent to you daily from your favorite stores. It’s great to know when those stores have special sales or when that item on your wishlist is finally 50 percent off — but it’s also dangerous.
Even social media can be detrimental. Don’t let Instagram pull you in with their ads or with what your friends or celebrities have. If you’re trying to save money — or, in this case, not spend any at all — these reminders will only sabotage your efforts.
Unsubscribe from all of those emails before you begin your shopping ban. You’ll be glad you did.
6. Find a new hobby
I soon noticed shopping was a vice of mine: I shopped when I was bored, I shopped as a social activity with friends, and sometimes I even shopped online at two in the morning after a couple glasses of wine.
Instead of shopping, pick a new habit. When I did my shopping ban in April, I started walking a lot more. Maybe you decide to take a cooking class or take up knitting. Perhaps you take your kids to the park or plan a Netflix night with your friends.
Ditching your old habit for a healthier one will help you successfully survive a shopping ban.
7. Don’t go into a spending frenzy once it’s over
I cannot stress this enough: Don’t let all your hard work go to waste. After your shopping ban is over, don’t immediately buy everything in sight to make up for lost time. You’ll ruin the point of the whole exercise.
Think of it this way: If you lost a bunch of weight, you might want to reward yourself by adding certain foods back into your diet. But if you’re not strategic about it, the next thing you know, you’re sitting in your car in the Whole Foods parking lot, eating an entire cheesecake.
Same goes for spending money. Once your spending freeze is over, it’s OK to make some purchases now and then, but don’t go overboard.
8. Put what you would have spent in savings
I saved about $600 just by doing a shopping ban for 30 days. That surprised — and embarrassed — me. Little things add up.
During your spending freeze, every time you have the urge to spend money or see something you wish you could buy, write it down. Document what it is, how much it would cost you, and why you have the urge to buy it. Then, put the money you would have spent into a separate savings account.
This way, you’ll have something to show for all your effort. After resisting the urge to buy everything you want, it will feel amazing to have that extra money in the bank — proof that you worked your butt off and overcame temptation.
A successful shopping ban
By sticking to your budget and saving more money than you spend, you can ignore the tricks retailers use to try and make you spend more.
Although I might never go a whole year without spending, what matters most is what I got out of my first shopping ban. I realized the key to spending less wasn’t promo codes or the deals — it was shopping less and saving more.
Sure, it’s easier said than done. But I think everyone should try a shopping ban once, just to learn more about their spending habits. I saved $600 in a month — and you can, too. Just think about what that could mean for your savings account.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|