Am I Giving Up? Did I Quit?

2022 is quickly coming to an end. Also coming to an end is my low buy year… or did I give up and quit early? Yes and no.

I had two main reasons for doing a low buy year: 1. To grow my savings account, and 2. To create more healthy habits, mainly with food. My results were not what I expected.

Despite having unplanned necessary expenses, namely car repairs and vet bills, I still remain under budget this year, so the low buy has definitely helped in that respect. Add to that high inflation and the resulting increase in prices, and my savings haven't really increased, more like flatlined.

As the year progressed I realized that creating rules to implement healthier eating habits isn’t necessarily enough. It worked for the first five months this year until I went off track, then I started to get back on track but wasn’t able to maintain it for very long. I believe part of that was being too restrictive with my spending, which caused me to eventually rebel, and the other part speaks to how hard it can be to kick the sugar habit.

I’m generally frugal by nature, and I’ve lived the past several years significantly below my income, which is how I was able to retire early. After doing my low buy for most of this year, listening to experiences of fellow early retirees, and taking time to reflect, I realize it’s okay to spend money now that I’m retired, because that was the point in being super frugal for so many years. Even though we’re going through a down market with high inflation, I saved more than I needed to buffer times like this.

For many years leading up to retirement, I had naturally found my “enough” point, the balance between satisfying my needs plus some wants while maintaining a frugal and minimalist lifestyle. I’m still glad I did a low buy experiment because I learned more about myself, and it helped me to understand what I truly value and enjoy when it comes to discretionary spending.

So what happens now?

The things that worked really well for me I’m going to continue going forward; some I’m going to continue in a modified way; and others I will let go. Here are my revised guidelines:

Use up what you have: I generally do this anyway, so not sure I even need this on my list. Because of inflation I did stock up on some consumables this year when I found a good price, though I made sure not to purchase more than I could use in a reasonable amount of time.

Streamline errands/driving trips: This is another habit I generally do. I will continue this whenever possible, partially to save money, partially to save time, and also because I don’t really like to drive.

Groceries - Only healthy necessities/basics that fit Paleo diet: This one I’m modifying. I’m not going to be so strict on convenience foods, though I do want the food I buy to be healthy for me.

Eating out only when traveling or meeting family/friends; eat Paleo as much as possible: This one I’m letting go, though I do want to continue to focus on eating foods that are good for my body and avoid ones that don’t agree with me.

Hobbies - Purchase materials only when current projects are completed, materials on hand are used up, and ready to start a new project with a clear idea what's needed: This one is both continuing and being let go, since I’ve decided my crochet hobby isn’t bringing me the satisfaction it once did. This is not to say I’ll never crochet or do other fiber projects ever again, but for now it’s not where I want to spend my time or money. My other hobbies and interests are free, such as walking, reading, writing, and learning new things via blogs and YouTube.

Clothing - Necessary replacements only: This one I’m modifying, though I was pleasantly surprised by how freeing it was to not shop for clothes. I’ll continue to replace any necessary items while allowing some buffer in my budget for an occasional unplanned purchase.

Toiletries - Necessary replacements only: This I will mostly continue, though I'll give myself a bit of flexibility if I come across a product that I believe might be helpful or if I find a good sale price for one of my staples. I continue to find that the simplest toiletries work the best, especially with skincare. I have very sensitive skin and rosacea, which makes trying new products dicey. Something I started doing a few months ago is washing my face with apple cider vinegar, which is something I already had at home and it works great.

A new habit I established this year was to track every penny I spend or earn. I did this loosely in previous years by rounding my expenses up or down to see if I was maintaining my budget on a monthly basis. In addition to tracking my spending to the penny, I’ve created my 2023 budget to reflect a yearly spend rather than a monthly spend, since this is more realistic for categories where spending fluctuates throughout the year. When tracking income, I’m including any spendable money I receive, which includes gift cards I’ve earned as rewards or been gifted, cash back credit card rewards, random coins I find in the parking lot, etc.

All of the goals and habits outlined above I will continue to do for the foreseeable future, not just the remainder of this year. If I find at any time that one of these habits no longer serves me, I’m free to modify, change, or eliminate it. The point is to feel free, not unnecessarily constrained.

I could’ve forced myself to finish the year under the original low buy guidelines I put in place, and I considered doing so. But when is “just because” a good enough reason to do something? I knew why some things were working and others weren’t, and I made a conscious decision to make the necessary changes now instead of waiting.

This year has been a useful experience in discovering what helps me feel happy and free and what hinders it. I also learned how handling money in retirement is different than in the accumulation phase, and it takes some getting used to when for years the focus has been on saving. It’s okay to spend money if it fits your values and priorities and you can afford it. Doing a low buy has taught me new things I may not have learned otherwise, and I’d recommend it to those interested in a personal challenge and opportunity for growth.