Underconsumption core: How to stop spending money
One key to underconsumption core is to stop spending money. Here’s how.
Advertisement
One key to underconsumption core is to stop spending money. Here’s how.
There are plenty of ways to spend smarter and save money, like the 50-30-20 rule, automating savings, opening a tax-free savings account (TFSA) and maximizing loyalty rewards programs. But a not-so-new concept among eco-warriors is now taking TikTok by storm: #underconsumptioncore. The idea is simple and it rejects the excessive product consumption that’s dominated social media for years. You only buy what you need—nothing superfluous—and use it until it’s completely gone or no longer functional (more on that last part in a bit).
Gen Zs and young millennials are jumping on the trend for a number of reasons. They are denouncing the influencer culture of must-buy products on their social feeds, which can be problematic for many reasons. Plus, it’s better for the planet, and it saves you money, too. More mindful, more demure, you might say.
Known as “underconsumption core,” the budgeting strategy is just “recession core” rebranded. Even if it is a movement to spend less in a difficult economy—and the planet gets a boost too—who cares what it’s called. It’s about being a more conscious consumer with many benefits, one of which happens to be the state of your bank account.
You don’t have to struggle financially to be a more conscious consumer—it’s just smart spending. Let’s look at some strategies for building your conscious spending plan.
Provide a 30-day notice before withdrawing your cash and earn 4.25% (or 4% when you provide 10-day notice).
Lock in your deposit and earn a guaranteed interest rate of 4%.
$0 commission on all online stock transactions. No minimum deposit needed.
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
For context, 100 billion garments are produced globally every year, and 92 million tonnes are winding up in landfills. That’s a truckload of clothing being dumped into landfill sites every second. In Canada alone, ever year we toss a billion pounds (500 million kilograms) of fashion and home goods items.
How did we get here? Overconsumption—the norm in developed nations like Canada and the U.S.—is the unfortunate result of a complex mix of factors. Mass media and social media play significant roles in fuelling the buy-more culture and our desires to keep up with trends. This cycle is easy to fall into and even harder to break out from, thanks to our brain’s built-in endorphin reward system that releases dopamine every time we consume something shiny and new.
Sure, economies may benefit, but the environmental and psychological fallout is enough to make us re-evaluate our spending habits and pursue a more conscious spending plan.
Gen Z represents $450 billion in spending power, with 74% preferring to shop on their phone and 58% shopping based on what they see on social media. Why? It’s got convenience and where they spend a reported four hours a day.
So it’s good that young people pushing trends like underconsumption core and spreading the word to follow a more conscious spending plan.
How much do Canadians spend on clothing? Canadian households spend an estimated $2,300 a year—about $190 a month on clothing, according to Statistics Canada. That’s roughly $64 a month per person, when you consider the average Canadian household is three people.
Take a quick scroll through #underconsumptioncore on TikTok and you’ll see the antithesis to the product-pushing content that influencers have been pumping out on the platform since day one (not unlike the de-influencing movement).
Underconsumption core social posts and videos showcase young people in Canada and abroad buying and living on much less—such as a fistful of beauty products, a single banged-up Stanley cup or demonstrating the power of using something until the very last, even going as far as cutting open a tube and scraping the insides of skin care containers to ensure no waste.
The message is a good one: We need a lot less than we’ve been led to believe—and once we start putting that mindset into practice—the amount of money we can save and put towards where it’s really needed—paying down debt, building savings, putting money away for a home and retirement, to name a few—the better off we’ll be financially.
The amount you can save when embracing a more minimalist lifestyle will vary depending on how far you’re willing to go. Aja Barber, author of Consumed: The Need for Collective Change: Colonialism, Climate Change, and Consumerism (Balance, October 2021), used to spend a lot on fast fashion.
“I remember spending over $1,000 at just H&M one year—and that wasn’t the only place I was buying clothes from either. At my peak, I was shopping once a week. I stopped buying fast fashion altogether six years ago, but I started to wind down probably over 10 years ago. I expect to save thousands. Not just because I don’t shop as frequently, but because I also resell my clothing now. I couldn’t resell a lot of my fast fashion,” she explains.
The best way to thwart old spending habits is to be inspired by new ones. Here are six tactics to becoming a more conscious consumer—and saving money.
Ditch fast fashion and opt for well-made, durable items that should last for years. Investing in quality pieces is more expensive upfront, but it’s an investment in your wardrobe and the planet. Instead of buying five cheap pairs of jeans, consider investing in one high-quality pair to last you for years. Quality items also have better re-sale value, as Barber stated, if you decide to part with it down the road.
“Spend money on one or two nice things per season rather than buying 10 or 20 things you’re only going to wear a couple of times, realistically,” Barber says. “I track what I purchase on a spreadsheet. I don’t buy impulsively. If I really want something, I sleep on it. And I don’t subscribe to loads of [retailer emails] that tempt to buy things.” Actually, you could even create an email account that is only for these types of emails, so you check it only when you need something.
Barber’s top tips for distinguishing quality: Always look at the clothing tag and avoid synthetic fibres (like nylon or polyester), a common material in fast-fashion. For example, “If a sweater isn’t wool or cotton, I usually won’t buy it,” she says. If it’s made of a blended material, make sure it’s no more than 30% of it is synthetic, “It’ll never look the same again after you launder it.”
Not only does this habit help boost your local economy, but it also reduces the environmental impact of transportation and production. When you shop locally, you’re supporting businesses likely to have higher ethical standards and sustainable practices. “This is important because local businesses make your area nicer, create jobs, and strengthen your community,” says Barber.
Secondhand shopping can be a fun and rewarding experience. Explore thrift stores, consignment shops, and online marketplaces for unique and affordable finds—you’ll be surprised at what gems you can find, and often, many items are new.
“I buy 70% of my wardrobe secondhand, with many pieces being under $50, which means that when I want a big-ticket item, I don’t wince as much. I can spend a couple hundred on one or two items a year because I never spend more than $30 on a pair of jeans, which I only buy second-hand. It’s better for the planet and your wallet and you end up with much better stuff,” Barber says.
Limit your social media scrolling to excessive advertising and consumer culture by curating the accounts you follow. Unfollow those accounts on social that constantly promote the latest trends and massive product hauls. Focus on content that inspires you and aligns with your new spending values, like underconsumption core and conscious spending.
Take the time to research the environmental and social impacts of the products you buy. Look for brands prioritizing sustainability, ethical labour practices and fair trade. By making informed choices, you can vote with your dollars and support companies that are making a positive difference.
Another TikTok trend for forming better spending habits is gamification. It is the concept of applying a game-like approach to non-game contexts like better habits and personal finance. It involves adding elements of fun, competition, and rewards to make better habits, like spending less and saving money.
One way to gamify your conscious consumer lifestyle is to get that dopamine hit by adding items to online wishlists—whether it’s one you make yourself, a wish list app (there are many) or via online retailers like Amazon or your favourite apparel sites.
Building wishlists instead of adding items directly to a shopping cart is a clever way to curtail impulse buying and save money in the long run. It’s just one example of gamifying conscious spending that helps you be more mindful before pulling the trigger on items you don’t need.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email