The Economics of: Buying Nothing New June 2016
We have reached the halfway point of the Sasquatch family's buy nothing 2016. Time is just flying by and it seems like nothing has changed. I think the only thing I am missing is buying new clothes. Not that I love buying new clothes or clothing in general but when I need something, I miss researching what I want then going to the store and getting exactly that. I enjoy buying really high-quality clothes that will last forever. I have found that thrift store clothing is cheap disposable clothing that I have no interest in.
On to the numbers:
In June we saved $253.76 which is less than our monthly average of over $500. It's fun to see our bought items and you can see exactly what season we are in with the fans and shorts you can tell it's SUMMER TIME! This year we have saved $3,194.17 for the first 6 months, which averages out to $532.36 a month.
Buy Nothing New 2016
Now that we are halfway through this challenge we can look at some more interesting numbers. Like what's the premium people pay to buy new? Since January we could have spent $3,620.89 on new goods. However, we only spent $462.72 on used goods. That's a saving of $3,194.17 or 88%! That's just unreal, people pay a premium of 88% to buy new stuff!
I also wanted to see just how much this is saving us monthly. As you saw above our average monthly savings is $532.36. See the graph below when I extrapolate that savings rate out over 40 years at 5% return.
Buy Nothing New Savings
That's right, buying nothing new would save us over $800,000. Do what you will with that information!
** UPDATE** Since these have started to get repetitive, I'll be doing these updates every Quarter. So the last 2 will be published in October and January 2017.