Buying only the basics was easier -- and way more fun -- than I ever thought it could be. Jeffrey Hazelwood/CNET
No-buy challenges have been around for a while but they're getting a new burst of energy this summer. Social media users are inviting newbies and veterans alike to curb overconsumption and save money with "no-buy July."
Also called "low-buy July," the challenge doesn't mean spending no money at all. After all, you can't avoid paying for essentials like housing, food and utilities. But you can be more mindful about how you budget for them. You can also be more calculated about which nonessential purchases you prioritize each month.
Financial challenges, similar to New Year's resolutions, are meant to be a kind of reset, a motivational way to meet goals and rein in bad habits. They're a great way to re-evaluate your spending, especially as we could all stand to save a buck with today's ridiculously high prices.
When I tried a 30-day no-buy challenge recently, it did way more than help me trim my budget. It transformed my whole relationship with money.
Read more: I Spent Years Failing at Budgets. Then I Found the Tips That Actually Work
Spending more mindfully: My no-buy rules
The first thing to know is that no-buy challenges are customizable and highly personal. Some folks focus on finding low-cost ways of living or adopting free hobbies. Others emphasize cutting back on spending temptations or detoxing from online shopping.
For my no-buy month, I followed some of the basic do's and don'ts of others on social media, differentiating between "necessities" and "extras." I also added a few of my own spending allowances (depriving myself entirely seemed counterproductive).
Here are the rules I followed for my month of mindful spending.
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