Intelligent consumption is predicated on asking the salient questions before shelling out your money to buy an item.
The primary motive of merchants / advertisers is to convince you of the indispensability of their products. Yours, as an informed consumer, is to make informed decisions by sifting the wheat from the chaff of what they are bombarding you with.
Before fishing out your purse, ask yourself.. does the purchase really meet a need (as district from a want) or it is it motivated by egocentricity (to impress people around you / keep up with the Jones)?
Whenever You See Something You Would Like To Buy, Make Yourself Wait A Period Of Time Before Going Ahead.The More Major The Item Is, The Longer The Waiting Period Should Be, Before Deciding.
Do you really need this product or service? Is this item worth the time spent on earning the money it will cost to acquire it? Is this the best value for the money about to be expended? Could you invest this money instead?
Do you go shopping when sad, angry, bored or perhaps euphoric? If so, leave your bank card(s) at home and keep a minimum amount of money on you. Under the influence of strong emotion, there is the risk of making “on the spur of the moment” purchases that you may regret later.
The Kind Of People You Mingle With Is Something To Carefully Watch. If You Are In Constant Company Of People (Online/Physical) Whose Predominant Thoughts Are About Conspicuous Consumption Of The Latest Guzmos, You May Want To Be Very Wary
Decide what products and services you will buy after careful research. What level of quality do you rrquire? Shy buy a 5.7-litre SUV if you never go off road, and you are a bachelor? Just because you can afford it?
A higher price is not necessarily synonymous with better quality. Find out more about the product by asking questions of your loved ones or go online to Google, before taking a decision.
Don’t Leave A Wad Of Cash In Your Side Locker. Restricting Easy Access To Your Money Is A Great Way To Not Spend Money Impulsively. This Is Why Ecommerce Sites Can Be So Dangerous To Financial Well-being. It Is Too Easy To Click. Watch It!
Don’t Perpetually Browse These Ecommerce Sites As You Would Always See Something To Tempt You Into Clicking And Ordering.
How much can you afford to spend?Could you wait until the desired item is sold? Delayed gratification has its benefits.
Discount Sales Are Gimmicks To Tempt You Into Thinking That “A Good Deal Is A Necessary Deal”. If I Don’t Need A New Smartphone, Buying Another At Half Price (Unless I Want To Resell For Profit) Doesn’t Make The Move A Wise One!
Is it necessary to buy a high-end brand, if a less recognized brand could / would do just as well? Remember, the bigger brands have better_oiled advertising machinery crafted to part you from your money.. not that they necessarily have better products. That Xiaomi smartphone can very easily be better than phone from Samsung!
When you window_shop and want to buy a particular item, write it on a list and leave it for a few weeks. When you consult a little later, ask yourself if you still need this item. If the answer is affirmative and you have the money to buy it, go ahead. Otherwise, make a new list!. Repeat.
Aways shopping with a list is a surefire way of avoiding burying something on the spur of the moment, which you may later regret.
Why would anyone want to avoid impulse spending? Depending on your current financial status, how you handle money makes a great difference in how quickly you attain financial freedom. Little drops of water really do make a mighty ocean.
Every sum you refrain from needlessly wasting forms a part of the building block for your financial future.
Money you spend is gone, but money you invest has the potential to become magnified.
Thus, unless you have already attained financial nirvana, where your passive income is already enough to take care of your living / other expenses, it is wise to always expend as much thought / caution in spending as we did in earning those sums in the first place…