We’ve all been there, buying things we don’t need. We know we have to stop spending, yet we can’t seem to help it.
There are just so many reasons why we give in to impulse spending, and buy things we don’t need.
But don’t beat yourself up about it.
The good news is we’re not entirely to blame. There have been many studies on why we buy things, and retailers have been using this knowledge to their advantage.
Source: Sandra and Harry Choron, Money-Everything you Never Knew about your favorite thing to find, save, spend and covet.
When we know why we can’t help spending on things we don’t need, it will strengthen our resolve to stop this unhealthy habit. It’s the vital step that all of us need to take.
When we understand why we spend unnecessarily, we’ll be able to:
-Make wise buying decisions – to buy what we really need most of the time.
-Control our spending habits. I have been using the 30-day rule successfully to spend less, on buying what I need.
-Increase our savings
–Pay off debt and stay out of debt because we have more money left over
-Truly master our finances
Stop Spending Money Despite The Power of Adverts
Did you know that billions of dollars have been spent on understanding how we buyers behave and think? Don’t underestimate the power of advertising.
Our psychological behavior has been studied for many years and our lifestyle, dreams, and our perceptions have been taken apart and scrutinized in every detail.
To get us to spend more, retailers have been making full use of this information to their best advantage.
Retailers know that we tend to spend emotionally and we’ll justify our purchases logically after we’ve bought the items.
We like to think that we’re logical beings who make wise decisions. But in most cases, that is far from the truth.
Be honest with yourself, do you really need that gorgeous top?
Let’s be honest. When you’ve decided to buy it, you’ll justify to yourself that it’ll go perfectly with that slinky pair of pants you’ve just bought the day before. But you’ve already got at least 4 other tops hanging in your closet that’ll go just as well with it.
We’re fighting a psychological war here.
No wonder it’s hard to remain rational when we buy. BUT now that we know why we buy, we can decide to resist our urge to buy.
Stop Spending Money Despite Shopping Pleasure
Did you know that shopping these days is no longer a ‘I buy what I want to buy and then head for home’ kind of thing?
Shopping nowadays is designed to be a pleasurable experience, very similar to watching a movie.
We go shopping in malls to enjoy the company of friends, to enjoy doing something together -in this case shopping and to amuse ourselves.
Retailers have discovered that most folks make purchases during the 3rd hour of shopping.
It’s unsurprising then that malls are so huge with hundreds of shops, and smaller malls are always expanding.
Malls are carefully designed to keep us shoppers there longer, with attractive surroundings, soothing music and mouth-watering aromas of enticing food.
When our surroundings are pleasant, it’s makes perfect sense for us to linger for longer periods. And to part with our hard-earned money.
BUT now that we know why we buy, we can outwit the malls and their tricks.
Stop Spending Money Despite Too Many Choices
There are simply too many choices.
Want to buy shampoo? The range is amazing. What about something as small as a lip balm?
How many times have you been blown away by the huge variety of practically everything on offer?
We’re encouraged to try out different brands to see what we love or prefer most. After all, it’ll just cost not many more dollars for another one of a different brand or type.
BUT now that we know why we buy, we can choose to stick to value buys that we need.
Stop Spending Money Despite the Media spamming us!
Advertising today has moved away from traditional TV ads. They’ve followed us to YouTube and everywhere online.
No matter where you turn, ads are everywhere.
Do you realize that many YouTube videos now ‘force’ us to watch 2 consecutive ads, one after another. As for me, I’d rather skip the channel completely.
BUT now that we know why we buy, we can choose to ignore the ads, as we are well aware that ads just want to get our money.
Stop Spending Money Despite Knowing the Success Lifestyle
Another reason is that we’re exposed to what is considered the successful lifestyles of the rich.
Sadly, most of us get influenced by these affluent images of those who have ‘made it’. We also want to look like we have made it too, to make ourselves feel better. Or to leave a positive impression on others.
BUT now that we know why we buy, we can define our own success differently – Our money success comes from saving well, and from not having to buy stuff to try and impress others.
Stop Spending Money Despite Trying to Make a Good Impression
Most of us tend to judge others by how they look. This is the way of the world. How we treat others is often based on their appearance.
That’s the sad truth.
Designer clothes and iPhones are status symbols. And getting respect often boils down to looking good on the outside.
That’s another reason why we go for expensive designer labels and other pricey status symbols.
BUT now that we know why we buy, we can stop buying stuff to try and impress others.
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Stop Spending Money Despite the Emotional Blackmail
The greatest pressure we face comes from those we love most – our family members, especially our parents and relatives.
We feel obliged to make them happy by giving in to their wishes and expectations, even if they involve huge expenses on our part that we might be unable to afford.
But can I tell you this? Doing so will make your wallet VERY depleted and unhappy.
Years ago, Mr MMT’s parents were ashamed that his dressing didn’t conform to what they considered ‘successful’ on one occasion. So he chose not to walk beside them in public, so as not to bring shame upon them.
BUT now that we know why we buy, we can assert ourselves and buy only what is worth buying to us.
Stop Spending Money Despite Wanting to Show “I Can Afford It!”
The worst part is ‘nothing is truly unaffordable’ these days.
Want an Apple iPhone or a humongous screen Internet TV? Easy. Just put it on credit or better still, pay in small monthly installments.
See? It’s so easy for people to buy anything you want.
So what are the ways retailers make it easy for you to spend more and go deeper into debt?
-credit cards, including store credit cards with “rewards”
-high credit card limits
-easy installment plans
-deferred interest credit card. This means you don’t have to pay interest on your credit card during the promotional period. But if you don’t pay off the full balance by the due date, you’ll have pay all the interest rate that has added up since the first day.
BUT now that we know how easy credit is influencing us to overspend, we can stop adding to our consumer debt, and take action to pay off debt as fast as possible.
Armed with your new-found knowledge, you’ll be better equipped to handle your urge to splurge.
I know you can create a better financial future for yourself.
Make the start today to spend much less than you earn, and to slash consumer debt.
Resolve to improve your money situation now. You CAN do it. I know you CAN. So make your start today!
Changing your spending habits can be scary, but you don’t have to go through this alone. Let these inspirational quotes supply you with inner strength and empower you to make that change today.
Thanks for sharing this!
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