I want reduce expenses without stopping consuming all at once? That’s precisely why a “low cost” year is all the rage — and it can have a positive impact not only on your finances, but also on your mental health.
A modified version of the popular previous one “No purchase” commitmentsthe low-cost version attracts a wider audience who find the flexible approach more accessible and manageable.
Money is not just about numbers — it’s movingDr. Clifton Berwise, a clinical psychologist and lead of clinical strategy for digital content at workforce wellness platform Modern Health, told CBS News.
“It has to do with our sense of security, our goals and even our identity,” he said, adding that spending habits can impact mental health in several ways.
“Overconsumption and mental health are deeply linked, often creating a cycle in which some of our emotions can drive spending, and those spending can impact our well-being,” he said. “Feelings like sadness, shame, or even excitement can lead to impulsive spending and overconsumption – those small purchases that seem harmless in the moment but can lead to financial stress and emotional strain in the long term. Over time, this can fuel guilt, anxiety and a feeling of loss of control.”
These challenges allow people to regain some control over their finances by spending consciously or focusing on saving.
A TikTok userwhose post garnered nearly 200,000 views, shared her “rules” for shopping low, including limiting coffee runs to twice a week, not using takeout apps, and not buying of fancy kitchen gadgets.
In an article With over 700,000 views, another TikTok user said she plans to unsubscribe from all paid apps and cut back on her streaming platforms, but still allows spending on family activities like going to the zoo or at the museum.
“(This stuff) is cluttering my brain, cluttering my life and I need it to go away, and I need to save better,” she said.
Another user with over 800,000 views focused on specific items and services she wouldn’t buy or trade in for free alternatives, including visits to the hair salon (embracing her natural color and trimming it at home ), new mugs (using what she already has), and books (using the library instead).
“Taking control of your finances can absolutely help you feel more in control of your life overall, and that feeling of control is extremely important for mental well-being,” Berwise said. “A lot of financial stress comes from focusing on things we can’t control, like rising prices or taxes. But when we focus on what’s within our control, like intentional budgeting and creating realistic financial plans, it can empower us. “.
Cheap shopping challenges can also be an opportunity to connect to other things that spark joy beyond spending.
For example, having a board game night with friends at home or reading a book you’ve had on your shelf forever. Or, instead of strolling through a store, connect with nature through walks outside.
How to Start a Cheap Shopping Challenge
Set a realistic goal
Although many on social media aim for a year of low purchases, Berwise suggests starting with a monthly goal.
“Since it’s a challenge, it should have a beginning and an end, and I would recommend no more than a month when you first try it,” he said. “Give yourself time to evaluate your performance and what you could do differently,” he said. And if everything goes well, you can start again.
Focus on moving forward
“It’s not about perfection, it’s about progress. If you make a mistake, it’s okay. Treat yourself with compassion and refocus. Small, intentional steps can make a big difference in your well-being. be financial and emotional,” Berwise said.
Track your progress
Embracing the challenge can have its own mental health benefits.
“Completing these challenges triggers the release of brain chemicals like dopamine and serotonin that signal happiness and calm and reduce feelings of stress,” he said.