What if we told you you couldn't buy anything except the absolute essentials... for an entire year? No clothes, no make-up, no take-outs, no books. Nothing, unless it's vital for your survival. Would you be able to do it? It's called the "No-Buy Year" challenge, and you might be surprised to hear that lots of people are doing it in 2025.
One of them is influencer Elysia Berman. As a content creator who is passionate about luxury fashion, and has an extensive collection of shoes and makeup, she's no stranger to spending big bucks on looking her best. But Berman has put the brakes on buying anything apart from the necessities, and has managed to cut thousands from her budget. She recently went viral on TikTok for sharing the strict rules she's following when it comes to buying or not buying things this year. Bored Panda spoke to Berman to learn a bit more about what inspired her to take part in the challenge. We also reached out to WalletHub's financial writer and analyst Chip Lupo for his expert advice on saving money.
Elysia Berman once considered herself a "shopaholic," constantly filling her closets with luxury fashion items
Today, she's paid off almost $50,000 in debt and has overcome her shopping addiction, thanks to the "No-Buy Year" challenge
Image credits: unsplash (not the actual photo)
Image credits: pexels (not the actual photo)
Elysia Berman struggled to wean off the "high of shopping" and had to find other hobbies to get her hit of dopamine
Image credits: unsplash (not the actual photo)
Elysia Berman has a combined social media following of around 200,000 people. As a New York-based fashion and style influencer, it goes without saying that her wardrobe is filled with luxury clothing, stylish shoes, and the latest accessories. The creative director for Bobbi Brown has also made no secret of her "ridiculous makeup purchasing habits" and her obsession with collecting tabi boots.
Many people were surprised when Berman announced in 2024 that she would no longer be buying anything but the essentials. She's among many taking part in a trend known as "No-Buy Year." As the name suggests, participants commit to not buying "stuff" - unless they really, really need it. You're allowed to use your money on things like essential groceries, rent, gas, and electricity. But clothing, makeup, entertainment, decor items, etc. are a no-go zone.
Berman managed to pay off $33,000 in 2024 while taking part in the challenge. She updated her followers with a TikTok video earlier this year, saying she'd be continuing her "No-Buy Year" challenge in 2025. But this year, she planned to double down and get even more strict. The content creator outlined her new "No-Buy" rules in the video, which you'll find a little further down.
Bored Panda caught up with her to find out how things are going, and what inspired her to go to such extreme measures to tighten her spending. "I was spiraling with bad spending habits and compulsive shopping, and dealing with major credit card debt," she revealed.
The self-confessed former shopaholic told us that the hardest part has been "weaning off of the high of shopping and recovering from that need for immediate hits of dopamine."
She speaks about shopping as a real addiction, and says she had to replace it with other hobbies, and find new sources of dopamine. "At first I literally experienced withdrawal," said Berman. "Now I don’t even crave shopping."
Her efforts seem to have paid off because she tells us that while she didn't necessarily "save" money, she has managed to pay off thousands in debt. "I am $3000 away from paying off almost $50,000 worth of debt!!!" she beamed.
Berman also said that what began as a challenge has now become a lifestyle. "I will NEVER shop the way I used to ever again," she told Bored Panda. "Intentionality and mindfulness are essential in my approach to shopping now."
We asked Berman what advice she has for anyone who wants to take part in the challenge, but is struggling... "Accept that failure is part of the process," she replied. "If you’re attempting a no-buy, total abstinence is not the goal. The goal is a more moderate approach to shopping overall, so recognizing the difference between impulsive and intentional purchases is essential!"
"It could be exactly what people need": a finance expert backs the 'No-Buy Year' challenge
Image credits: unsplash (not the actual photo)
We were curious to know what the experts think of the the “No-Buy Year” challenge, so we reached out to WalletHub's finance writer and analyst, Chip Lupo. He says while it might sound extreme, the challenge could be a powerful tool for resetting consumer spending habits, "especially at a time when 46% of Americans don’t have a debt payoff plan and more than 1 in 3 say their debt stems from nice-to-have purchases."
Lupo adds that with the average household carrying over $10,000 in credit card debt and average credit card interest rates hovering around 23%, cutting nonessential spending can lead to major savings. "WalletHub data shows 1 in 4 people expect to have more credit card debt by the end of 2025, so a more disciplined approach, whether it’s a full 'No-Buy Year' or just more mindful spending, could be exactly what people need to regain control of their finances."
Taking part in the challenge isn't just about not spending. It's also important to make the right choices about what you do with the money you save. "To maximize the money you’ve saved, make sure you’re holding it in a high-yield savings account," advises Lupo.
The expert explained that high-yield accounts offer more interest on your savings than a traditional savings or checking account. "Consider options such as online-only savings accounts, which offer 5 times higher returns than branch-based accounts and 3.2 times more than regular checking accounts," he suggested.
Credit unions are also a good choice, says Lupo, because they have substantially higher interest rates than national and regional banks, and fewer fees than comparable checking accounts from smaller banks. "CDs, which have seen increased yields in the past year, particularly among 3-month and 6-month accounts, are a sound option too," the expert added.
You can watch the full video here:
"No Buy can be a slippery slope": people shared their own experiences of taking part in the challenge
