“A penny saved is a penny earned“
Been there, done that
Many of us have been through this. You want to buy a new product and so you go online researching, comparing, reading reviews, or even discussing with your ‘subject matter expert’ contacts.
You finally find something that satisfies your specific needs but there is another version of the product with extra features, better specs and of course a bloated price tag! Deep in thought, you say to yourself, “I may have a need for this extra feature” or “I need the higher specs for …” or “I can’t let the world see me with anything but the latest/greatest/most expensive”. You finally convince yourself that the more expensive version is the one that meets your needs, and you purchase it instead of the cheaper one.
Several weeks go by and you realize that you’re not making use of the extra features or specs that were a key part of your buying process. The cheaper product would have served you just fine and saved you money that could have been put towards your financial goals.
Too many choices
We live in a world where there are too many choices for anything that we want to buy. The good thing about choices is you can pick something that’s tailored to your requirements but along with that comes the decision-making process which at times can be frustrating.
When I’m running out of things at home, sometimes I get a bit adventurous and decide to try out a different product than I normally use. I go to the supermarket at the toothpaste or the shampoo isle and go nuts with comparing and selecting. Buying consumer electronics gets even more crazy – just way too many choices out there! 😊
Sounds familiar?
I must buy the top-of-the-line cell phone because:
“The third telephoto lens will help me capture distant objects. The normal lens just won’t cut it.”
“I need more RAM for faster processing and keeping multiple apps open at the same time.”
“I need more storage so that I don’t have to delete any downloaded content. “
“The bigger screen size and resolution will help me watch content with amazing detail.”
“People need to know that I’m able to afford the most expensive phone that money can buy.”
Don’t get me wrong! There are people who would have a legitimate need for the more expensive features, but if you don’t need those then you can save yourself hundreds of bucks by sticking with the cheaper product that satisfies your true needs.
Focus on your true needs!
A slightly different and more insane version of what I just described is to buy something that you don’t even need! A few years ago, I bought a tablet and then realized that I have no real use for it. The mind can trick you into believing that you need to buy something that you don’t really need. You might give yourself some self-convincing fake reasons in order to justify the buy.
A little discipline, self-control, and ‘a disregard for what the world thinks about you’ can help keep you in check and assist you with making smarter and cheaper purchases.
Buy only what you absolutely need! Nothing more, nothing less. Don’t throw that hard earned money on self-created unnecessary wants.
I used to do this a lot. Buy the most expensive stuff to show off but not anymore. I got wiser as the yrs went by.
At times, I have been a victim of the same mentality – ‘The more expensive the better’ but what’s the point in throwing extra money on that extra functionality that you’ll never use?
For a long time I stuck with this thought that the more expensive the better but that’s not true. Save your money guys.
There’s a saying: “If you buy things you do not need, soon you will have to sell things you need.”
Very true. Better to not keep a lot of money in accounts that are easily accessible. That way you won’t be tempted to buy unnecessary stuff.
I need a third lens on my iphone…
Well, if u use the third telephoto lens then well and good otherwise its money gone down the drain.
Last year I bought an expensive smart watch cause I saw a few people wearing one. I’m not using many of the features. I just use it to check the time. Also, I hate the fact that I have to charge it every few days. Should have just stuck to the old mechanical watch and saved the money.
Greetings! Very helpful advice on this article! It is the little changes that make the biggest changes. Thanks a lot for sharing!