Three key tips on consumerism

Consumerism is one of the biggest threats to your financial stability. Check out these three tips that will help you start spending your money wisely and avoid any future complications. 

1. WAIT 10 DAYS BEFORE PURCHASING SOMETHING VERY EXPENSIVE

The point is to avoid impulse spending. If you still think it’s a good idea after 10 days, then buy it. Sometimes it is inevitable to be tempted to buy things that we find eye-catching, that we feel we need, or perhaps that we have always had the desire to have. And it's completely valid, life doesn't need to be just about working or saving and nothing else. But it's not wrong to take the time to assess whether it's really worth making that purchase? Considering we're talking about a high amount.

If, after 10 days you no longer think it's a good idea, maybe it was just an impulse of the moment and that's it. Imagine if you had done it in the moment, and how many times this could happen to you! So this tip serves you with an expense sieve. If you really have the desire to save, to invest in order to have more income, to reach a certain amount of money saved at a certain time, it is necessary to consider these types of methods as necessary.

You may think it's too strict to restrict you from making any innocent purchases, but stop and think, how much could you be saving by not making not just one, but several of these purchases that go through your mind at least every three months?

2. EVALUATE PURCHASES BY COST PER USE

There are things that you may find attractive to buy, or that you find so eye-catching that you think it would be great to have. But are you really going to make use of it? Or it would be an unnecessary purchase? The most advisable thing is that you make purchases after having thought carefully about what you really need, and what is it you don't have. This way you avoid buying things you already have and save yourself some money.

For example, it may seem more financially responsible to buy a trendy $5 shirt than a basic $30 shirt, but only if you ignore the quality factor! When deciding if the latest tech toy, kitchen gadget, or apparel item is worth it, factor in how many times you’ll use it or wear it. For that matter, you can even consider cost per hour for experiences.

You must also keep in mind when it comes to clothing, that you should always try on the pieces before making the purchase. It is important that you see how it fits and how it looks so you can be sure that you will use it after you have it in your closet.

3. BE AWARE OF YOUR OWN CONSUMERISM

Consumerism is the idea that increasing consumption of goods and services purchased in the market is always a desirable goal and that a person's wellbeing and happiness depends fundamentally on obtaining consumer goods and material possessions. Consumerism will always be a positive phenomenon from the point of view of economic growth.

At any given moment, companies are fighting for your attention to make you think you need something that you don’t. It’s the modern world we live in. Be aware that advertisements and commercials are there to persuade you to think you need something so you buy it. Notice this and stop yourself from believing it.

Removing ourselves from the culture of consumption that surrounds us allows wonderful habits to emerge in our lives: contentment, gratitude, freedom from comparison, and the opportunity to pursue greater significance. Of course, to exist is to consume. But we were designed to accomplish things far greater.

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