Ep 198: What happens when we stop shopping?

This week’s episode is all about shopping bans and the no-spend trend. This month our social media feeds have been flooded with one thing: people swearing off shopping. Like, really swearing it off. 

We see everything from no-spend months, to shopping bans, and even boycotts. And we get it. After the consumerist frenzy of the holidays, that pull towards simplicity or a “less is more” approach almost feels…. revolutionary.

We've been covering this topic for years, and this "new" trend is like seeing an old friend get a new haircut and a different outfit. It looks like it’s changed, but it's got the same good bones.  In this episode, we explain why cutting off all spending has become so popular, the hidden psychology behind it, and whether it's a genuine path to financial health or just another form of deprivation disguised as wellness.

Takeaways:

• Shopping bans aren't a one-size-fits-all solution. They can be helpful for some, but can also backfire if not approached thoughtfully.
• "Abstinence-only" approaches can lead to deprivation. It’s important to address the root cause of our spending.
• We have a consumption problem. The story about the clothing donations after the California fires highlights the scale of this problem.
• It’s about being intentional, not restrictive. We share a “glass of water effect” metaphor to help you reframe your relationship with spending
• Listen to the full episode for our 3-step approach to cutting back on spending. We give you the keys to reevaluating your habits this year (shout out to “listen to end” gang! #iykyk)

If you're tempted to swear off all shopping, or even if you're just curious about what's driving this trend, tune in
 
Links: 

• Episode 95: No spend challenges 
• Episode 189: Underconsumption isn’t a trend, it’s a lifestyle
• LA donation centers are overwhelmed by all the clothing donations

Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes

If you would like to learn more about investing, check out our newest class, Making Money Grow