SPY +0.40%
BND +0.03%
QQQ +0.13%
DIA +0.72%
VNQ +0.22%
GLD -0.89%
BTC +2.47%
AAPL +1.73%
GOOGL +4.47%
NVDA -2.89%
MSFT +2.39%
META +3.18%
AMZN +0.69%
TSLA -1.01%
UBER +0.04%
GS -2.89%
BAC -4.65%
JPM -0.92%
BRK.A +1.38%
COST +1.68%
XOM +0.10%
BABA +0.66%
WMT +3.18%
SPCX +0.32%
DIS +2.54%
F -0.22%
Live a richer life.
  • Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Home
Life
Lifestyle
screengrab of TikToker Mia Westrap @miawestrap / TikTok

‘I’m spending upwards of $1,000/year on Pepsi Max’: This Ph.D. student went viral for making 2024 a 'no-buy year' — said she's done with living paycheck to paycheck. Will it work for you?

Advertisement

Mia Westrap hoped TikTok would keep her accountable for her own money resolution. The 25-year-old PhD student’s video about her decision to make 2024 a “no-buy year” has received more than a million views.

Money advice that fits your real life.

By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.

“I have been living paycheck to paycheck for as long as I can remember,” the Londoner said. “After writing out a detailed budget, I figured out that it’s just literally out of pure laziness.”

What is a 'no-buy' year?

Westrap explained that a no-buy year involves purchasing only the absolute necessities, rather than impulsively buying things without thinking it through.

One of the biggest reasons Westrap realized that she needed a no-buy year? Pepsi Max.

“I’m spending upwards of a grand a year on Pepsi Max,” she said. “That’s like the big no-no of 2024, is, I’m not going to be buying 500-milliliter bottles of Pepsi Max every day.”

Westrap is chronicling her no-buy year on TikTok so that she doesn’t break her promise to herself and indulge in Pepsi Max and other superfluous items.

So, should you follow along – and emulate her?

Must Read

Why a no-buy year can save your finances

Westrap, like many young people, has student loan debts and no emergency savings.

Advertisement

She said in a follow-up video that she started the no-buy year not only to stop recklessly buying Pepsi Max, but also to start building up a three-month emergency fund and pay back her overdraft fees and student loans.

“That’s why I’m doing a no-buy year,” she said. “So that I’m not constantly weighed down by the fact that I’m one missed payday from being homeless at any time.”

She may be British, but many Americans share the same financial concerns.

Homelessness continues to rise in the U.S. – especially amongst the boomer population. Even if you aren’t unhoused, many Americans don’t have an extra $400 saved up in case of an emergency.

Personal finance celebrity Suze Orman would probably love seeing more Americans adopt a no-buy year. She has emphasized the importance of eschewing indulgences – like store-bought coffees – for younger generations so that they can start saving and taking advantage of long-term compound interest.

Advertisement

“I wouldn’t buy a cup of coffee anywhere, ever — and I can afford it — because I would not insult myself by wasting money that way,” Orman told CNBC "Make It."

She addedm, “You are peeing $1 million down the drain as you are drinking that coffee.”

Cutting out indulgences isn’t easy, but it’s worth it for your long-term financial health.

How to get started on a 'no-buy' year

If a no-buy year sounds like something you need to consider, Westrap provided a good playbook for getting started.

The first thing Westrap did when she realized that she was ending every month with a “big fat zero” in her bank account was to break down exactly where she spends her money.

Advertisement

This isn’t a Westrap invention, but it’s still an important cornerstone of getting into good financial shape.

Westrap noticed her pattern of spending too much on Pepsi Max, as well as books she didn’t read and subscription services she didn’t use. Right away, she canceled her Paramount+ and Disney+ subscriptions, which immediantely cutt down her expenses.

She then created three lists to figure out different avenues where she can (and cannot) spend: a green list (essentials, like rent and toilet paper), a yellow list (conditional buys, if she has extra money, such as a moisturizer she ran out of out) and a red list (absolute no-no's: Pepsi Max, piercings, etc.).

If you want to make 2024 your no-buy year (and it's never too late to start!), you can mirror Westrap’s practice. Figure out what your versions of green, yellows and reds categories look like. Once you do that, you can roughly sketch out your budget for each month and see how much you have left over to save, invest or pay off any debts.

Be like Westrap: “2024 is going to be the year that I get my s–t together in terms of my finances.”

You May Also Like

Share this:
Sabina Wex Reporter

Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.

more from Sabina Wex
A couple plays pickleball in a residential neighborhood.

Real Estate • Sep 19

‘They instantly ruled it out’: Noise from pickleball courts caused a Massachusetts woman’s home to drop in resale value. Could it happen to you too?

senior friends enjoying conversation and breakfast together

Retirement • Sep 10

‘We’re not dead yet’: Baby boomers are bringing their hard-earned dollars to this fast-growing city in the U.S. Here’s why the wealthiest generation remains a group of consumers ‘who matter’

Explore the latest

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither investment, tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, enter into any loan, mortgage or insurance agreements or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.