Need or Want? How to Stop Impulse Buys in Their Tracks

Okay, let’s dive into the age-old question: Should I buy this, or is it just a shiny object distracting me from my financial goals? Will it really make me happy? Will it improve my life?

We’ve all been there, staring at something we really, really want, trying to justify why it needs to come home with us. But before you swipe that card, let’s break down how to tell the difference between a genuine need and a fleeting want.

The Need vs. Want Dilemma: It’s a Universal Struggle

First off, let’s acknowledge that this isn’t always a black-and-white situation. Sometimes, our wants masquerade as needs, and vice versa. Marketing experts are masters at playing on our emotions, making us believe that this one thing will solve all our problems and bring us untold happiness. Sound familiar?

But…It Looks so Good!

Think about it. Do you need the latest smartphone with the fancy camera, or would the perfectly functional one you already have do the trick? Do you need those designer shoes, or do you just want them because they’re trendy?

Pause and Think

The key is to develop a bit of self-awareness and a system for evaluating your purchase decisions. This isn’t about depriving yourself of joy, but about making informed choices that align with your values and financial well-being. Let’s get into the nitty-gritty.

Defining Needs and Wants: A Clear Distinction

Let’s get clear on what we’re talking about.

• Needs: These are the essentials for survival and well-being. Think food, shelter, clothing, basic transportation to get to work, and healthcare. Needs are things you must have to function in your daily life. If you don’t have them, your health, safety, or ability to earn a living could be at risk.
• Wants: These are things that would be nice to have but aren’t essential for survival or basic functioning. They enhance your lifestyle, provide entertainment, or make things more convenient, but you can absolutely live without them. Examples include that gourmet coffee, a luxury car, the newest gaming console, or a designer handbag.

See the difference? Now, let’s complicate things a bit.

The Gray Areas: When Wants Start Looking Like Needs

Here’s where it gets tricky. Sometimes, wants can evolve into needs depending on your circumstances and values.

• Example: A reliable car. Is it a need or a want? If you live in a city with excellent public transportation, a car might be a want. But if you live in a rural area and need a car to get to work, it becomes a need.
• Another Example: A high-speed internet connection. Years ago, it was a luxury. Now, if you work remotely, it’s pretty much a necessity.

So, how do you navigate these gray areas? By asking yourself some tough questions.

The Questioning Process: Your Guide to Smart Spending

Before you buy anything, run it through this gauntlet of questions:

Does It Solve a Problem?

What problem does this solve? Is it solving a genuine problem in your life, or is it creating one (like debt)? If you can’t articulate the problem it solves, it’s likely a want.

Is It The Best Choice for the Price?

Is there a cheaper alternative? Could you achieve the same outcome with a less expensive option? Maybe you don’t need the top-of-the-line gadget when a more basic model will do.

Will It Truly Be Useful?

How often will I use it? Will this item gather dust in a closet, or will it be a regular part of your life? The more use you’ll get out of it, the more justifiable the purchase.

Or Can I Borrow/Rent It?

Can I borrow it, rent it, or buy it used? Sometimes, you don’t need to own something outright. Borrowing, renting, or buying used can save you a ton of money.

Can I Truly Afford it?

How will this impact my financial goals? Will this purchase set you back on your savings goals, debt repayment plan, or retirement contributions? If so, is it worth it?

Why Do I Think I Want It?

Am I buying this for the right reasons? Are you trying to impress someone, fill an emotional void, or keep up with the Joneses? Be honest with yourself. Purchases driven by emotions are often regretted later.

A Trick That Works!

If I wait 30 days, will I still want it? This is a classic trick. Put the item on a 30-day “cooling off” period. If you still genuinely want it after a month, it might be worth considering. You’ll often find the initial impulse fades.

Do I Even Have Room To Store It?

Do I have the space for it? Consumables aside, where will you keep it? Do you have the storage or display space for the item? Are you willing to pay for storage?

Practical Tips for Mindful Spending

Okay, you’ve asked yourself the tough questions. Now, let’s look at some practical strategies to help you make smarter spending decisions:

• Create a Budget: This is the foundation of mindful spending. Track your income and expenses to see where your money is going. A budget helps you prioritize your needs and allocate funds for your wants in a controlled way.
• The 50/30/20 Rule: A simple budgeting guideline: 50% of your income goes to needs, 30% to wants, and 20% to savings and debt repayment. Adjust the percentages to fit your specific situation.
• Embrace Minimalism (If it appeals): Minimalism isn’t about deprivation; it’s about focusing on what truly adds value to your life and eliminating the rest. Less clutter, less spending, more freedom.
• Unsubscribe from Marketing Emails: Reduce temptation by unsubscribing from promotional emails that constantly bombard you with deals and offers.
• Avoid Impulse Purchases: Don’t shop when you’re stressed, bored, or emotional. These are prime times for impulse buys you’ll later regret.
• Pay with Cash (or Debit): Using cash or debit cards can make you more aware of how much you’re spending compared to swiping a credit card.
• Find Free or Low-Cost Entertainment: Explore free activities in your community, like parks, libraries, and community events.
• Delay Gratification: Practice waiting for things you want. This helps you appreciate them more and avoid impulsive purchases.

It’s About Balance, Not Deprivation

Remember, this isn’t about denying yourself all pleasure and living a life of austerity. It’s about finding a balance between enjoying life and making responsible financial decisions.

It’s perfectly okay to indulge in your wants from time to time, as long as you’re doing it consciously and within your budget. The goal is to be intentional about your spending, rather than letting your desires control you.

Buy With Clear Intentions

Ultimately, the decision of whether to buy something comes down to your individual circumstances, values, and financial goals. By asking yourself the right questions and

implementing some practical strategies, you can make informed choices that lead to a happier, more fulfilling life. Happy spending (mindfully)!

9 Of The Most Regretted Purchases People Still Regularly Make

Many people regret trying to keep up with the latest trends, whether it’s buying expensive fashion items, fancy gadgets, or luxury cars; the initial excitement often fades quickly, leaving behind feelings of disappointment. It’s essential to focus on what truly brings long-term satisfaction rather than chasing fleeting trends. Let’s take a look at a few trends and costly items that are best avoided.

READ: 9 Of The Most Regretted Purchases People Still Regularly Make

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