It's tough out here.
There is a constant supply of more stuff to buy.
The stuff looks good, feels good, and gives that temporary high of having a new thing.
On top of these variables, most people around us are constantly obtaining new stuff. And people are competing against each other to have the best stuff.
Yet, they all have something in common: they’re in debt.
If you want to be financially successful, do the opposite of the masses.
How many purchases do you wish you would have said "no" to? If you were to go through all of your stuff, what percentage of it would fall under the “do not use” or “didn’t know I even had this” categories?
For some, over 50% of their stuff would fall under these categories.
Some of us get lucky and take things back before the return date expires.
But The average person ends up collecting (not returning) an endless supply of stuff that is not needed, cluttering up their life, decreasing their net worth, and keeping them in financially disadvantageous circumstances.
Four Strategies For Purchasing
1. Question BEFORE You Buy
The best time to review a purchase happens at a critical period right before the purchase.
Because there are some purchases you can't take back.
For purchases (large and small) that can't be returned, thoroughly review and think through the purchase before you execute.
You will save yourself tens of thousands over your lifetime and build your net worth faster.
2. Question AFTER You Buy
Much of the stuff we buy, thankfully, can be returned.
If you hastily purchase without thinking it through, guess what?
You get a second chance and can take it back.
Take it back sooner than later before you reach that return expiration date.
Put money back into your pockets for pointless or unintentional buys.
An even better tactic is to cancel the order before you receive it.
3. Review Your Budget
The budget tells you everything you need to know.
If you need more budget to obtain something without going into the negative, walk away from the purchase.
If you have room left in your budget but need to catch up on your investment goals, walk away from the purchase.
If you still have room left in your budget, but the purchase is unintentional and not a strong desire, walk away from the purchase.
Be careful not to confuse strong desire with genuine desire.
Sometimes, we see something and think we have a strong desire for it, but if we don't buy it, we will forget about it within minutes, hours, or days; these are not strong desires.
These are weak desires. And weak desires will dampen your financial progress.
4. Practice Walking Away From Intentional Purchases
Do you have a strong desire for an intentional purchase?
Practice walking away from it, and see if you continue thinking about the item days or weeks from now.
If the desire still stands strong, you're under budget and on track with your investing, go for it.
But you might be surprised by how many 'intentional" buys you forget about that you walk away from.
Learn to walk away from purchases with ease. Your bank accounts and pockets will be forever grateful to you.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
Firstly, thank you for this insightful article on learning to walk away from unnecessary purchases. I appreciate you highlighting how being more mindful when shopping allows us to avoid buyer's remorse. For instance, taking time to consider if an item aligns with your needs and values before purchasing can prevent wasted spending.
Looking at this from another angle, walking away from sales develops self-control and focus. By pausing to reflect on wants versus needs, we can prioritize spending on meaningful things that enrich our lives, like experiences with loved ones. I've started asking myself "how will this add value to my life" when tempted by clever marketing.
I hope this conversation on mindful spending continues. I welcome others reading this to share your tips and strategies. There are many ways to thoughtfully manage our money and consumption habits. Continued dialogue gives us new perspectives on how to spend wisely and live abundantly. Thank you for spurring an important discussion on resisting impulse purchases and buying only what brings joy. I look forward to hearing more insights on this relevant topic.