The “Buy Nothing” trend began back in 2013 in Washington state, when the founders of the project experimented with hyperlocal communities. The idea is that neighbors and other members within your local community can exchange items or give them away to reduce waste. In return, people who need items can simply get them from people who don’t need them anymore.
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The project has grown into a social movement on a global scale that now encourages the exchange of goods and services without the inclusion of currency. So, you effectively “buy nothing.” As inflation has risen and the economy has become less and less predictable, an increasing number of people are figuring out ways to save money by buying nothing. Below is how you can save over $3,000 a year with the “Buy Nothing” trend.
Also here other other clever ways to save money.
Clothing and Accessories
Cost for New
Clothing and all the fun accessories that go with it can be a significant expense in an American household. According to a BusinessDasher report, the average American family spends $1,700 every year.
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Potential Savings
With the “Buy Nothing” trend, you can find amazing quality, like-new gear and even brand-name clothing. And you’ll pay nothing. While you’ll likely want to buy your undergarments brand new and add a few new pieces to your wardrobe, you can end up saving $1,000 a year on most of your clothing.
Kids’ Toys and Baby Gear
Cost for New
It will come as no surprise to any parent reading this that babies cost a lot of money. In fact, BabyCenter found that parents tend to spend a minimum of $1,500 in baby gear just in the first year. Of course, kids don’t get cheaper after that. You’ll upgrade your stroller, buy a new car seat and high chair and age-appropriate toys. This goes on for years.
Potential Savings
The good news is that so many families go through this cycle of having to upgrade that many of them are willing to give away the items they no longer need. You can find virtually any kids’ toy or play equipment you want, likely within your small community. This means a savings of at least $1,000 for that first year.
Furniture and Household Items
Cost for New
Just like with baby and kid items, furniture pieces are some of the easiest things to find in your “Buy Nothing” community. People are always changing the decor and setup of their homes. This means they’ll want to ditch last year’s kitchen table for a different style or get rid of the loveseat for a sleeper sofa. According to Statista, on average, people in the U.S. spend about $600 on furniture each year. But they don’t have to.
Potential Savings
You can find excellent quality furniture pieces for free on Facebook Marketplace or other community sites. Even if you don’t like the color of a kitchen table or end tables, you can repurpose them with a little sandpaper and furniture stain and they’ll be like new, in the stain of your choice. You could save between $300 and $600 a year.
Electronics and Appliances
Cost for New
Adults spend upwards of $1,200 per year on consumer electronics, according to Y Combinator. That’s televisions, smartphones, smart watches, laptops and more. It’s probably one of the biggest purchases you’ll make in a year, on average. Then, next year, you’ll want to upgrade again.
Potential Savings
The good news is that if you can stand to wait a bit for the newest model, until the next newest model comes out, you can probably get that slightly older version for free. It’s the nature of the U.S. economy that people want the next biggest and best version of an electronic device. You can “cash” in on that desire rather than playing into it and save at least $1,000 a year.
Books, Games and Entertainment
Cost for New
There are still many among us who love to own books, games, puzzles and other fun items to entertain ourselves. Many homes still have libraries, with 25% of Americans owning 100 or more books. Add to that the number of board games, puzzles and other forms of physical entertainment, like cards and you’ve got at least $200 to $300 per year.
Potential Savings
At the same time, many people like to buy books and get rid of them immediately after. The same goes for puzzles and board games. Once they’re done, they don’t want to have to store them. That’s where you can benefit from the “Buy Nothing” trend. You truly never have to pay for books and games again if you’re willing to try out what the people in your community are giving away for free.
Tools and Seasonal Gear
Cost for New
Tools can be tricky because they’re usually expensive. The same goes for camping, grilling and other seasonal activities. And you don’t want to break the bank for an activity you’ll only do seasonally. According to Retail Dive, the average American spends $875 on seasonal holiday gear alone. Domestic power tools can range from $25 to $100 and that’s for the small stuff. Bigger tools can creep into the hundreds and even thousands of dollars.
Potential Savings
Now, if you can find camping gear, a drill, a bike rack, even a new bike or roller skates, in your “Buy Nothing” community, you can save hundreds and, yes, thousands of dollars each year.
In the end, you could save $3,000 each year following the “Buy Nothing” trend and your savings can easily go much higher than that. Keep your eyes open, keep your options open and be ready to snatch up the items you’re waiting on when they come up. You’ll be helping the earth, participating in community and showing your kids how to live a more minimalist life.
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This article originally appeared on GOBankingRates.com: How the ‘Buy Nothing’ Trend Can Save You Over $3K a Year
