Today on The Craft Room Podcast, let's talk about something that most crafters will probably consider at some point in their lives … a no spend year. Sometimes it's a month, a quarter, six months … but most commonly I see people setting this goal for a whole year. It might sound drastic, even unthinkable to some, but in this economy, especially with the rising prices of craft supplies, there are plenty of people doing a no-spend year. I'm not trying to talk anyone into such a dramatic situation, and, of course, there are some alternatives, so let's talk about the difference between a no spend, low spend and mindful spend year, the reasons you might consider them, and how you can succeed at such a challenge.
If you've never heard of a no-spend year, the goal is to spend zero dollars on non-essential items for a full calendar year. On TikTok I see a lot of people doing this specifically for fashion, beauty products or home decor, but as this is a crafting podcast, we are talking about spending zero dollars on craft supplies. There are a lot of reasons why someone might go no-spend, usually falling into one of two categories … voluntary or involuntary.
For involuntary, it's usually due to a lack of finances, but I have known people forced to stop their retail therapy due to a lack of space, downsizing or moving house, travel or loss of employment.
For voluntary, again, there could be any number of reasons … including a change in lifestyle, lack of time, change of craft preference, injury or illness, change in family dynamics, personal challenge or even a dare.
Whatever your reason, if you are considering a no-spend year, there are some things you can do to set yourself up for success.
1. Create your roadmap
2.Assess your craft stash
3. Set the Rules
4. Remove Temptation
5. Have a support person
6. Gamify it
7. Look for freebies
So, what if you're not doing a no-spend year, but I've piqued your interest with low-spend or mindful spending. Let's talk about those.
Low spend and mindful spend are different, financially speaking, but often go hand-in-hand.
Let's talk Low spend
Usually the goal here is to spend less than you have been spending, and it might be voluntary (to redirect money to something else) or involuntary (like retirement). In order to spend less, you kind of need to know what you have been spending, and from my experience of owning an online craft store for 11 years, a lot of people are … hesitant … to add up their receipts. They just don't want to know, but knowledge is power. So even if it's difficult, I do recommend you at least get a ballpark figure from your Paypal or bank statements.
Then you have some decisions to make. Are you going to set a firm budget for the year or per month? Or are you aiming to generally spend less than you usually would? Are you going to buy essentials only? Just like with a no-spend year, knowing why you're doing this, and what success is going to look like for you will be helpful.
Mindful Spending
Mindful spending is less about budgeting and saving money, and more about taking time to consider the purchase. Essentially, it's a pause. When you take a little time to truly consider what you are buying, and how it fits into your existing collection, as well as your current crafting habits, you are exercising mindful spending.
Doing a full audit of your craft supplies before starting will help. If you have it in you to catalogue your supplies, even better. Each time you're adding to cart, you can refer to your catalog, or check your stash, and see if you already have something that will do the same job.
Sometimes the way we shop for craft supplies changes with our financial situation, our phase of life, or general interest in a particular craft. Sometimes it's unexpected and we have to react on the fly. Sometimes we can spot patterns, and adjust accordingly. Sometimes it's an epiphany, a life changing event or new information. Whatever your situation, if you find yourself staring down the barrel of a no-spend period of time, I hope that these tips help you achieve success, whatever that looks like for you.
Happy crafting, and I will see you next time.
LINKS
Episode 44 Blog Post (with transcript)
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