Have you ever found yourself in a mall buying things you don't plan for. Perhaps, maybe while you were going to the mall, you intends to buy only few things that you need but on getting to the malls, you started buying various things that you don't even need.
On getting home, you began to question yourself on why you bought the extra things that you don't need. You begin to feel if you were charmed at the mall. It often looks as if you were not in your right sense of mind while buying.
However, the truth of the matter is that you were actually on your right state of mind. Have you ever feel this way and often wonder why impulse buying happens.
In this article. I will be sharing valuable information on how to identify needs and wants before buying. Also, information on why we buy things that we don't need will also be provided right here on this article.
Let's go!
The Difference Between Needs & Wants
Needs are those things we can't actually do without. They are things that are very necessary for our survival. They are also important for our day to day living. Examples of Needs are food, clothing's, Healthcare, shelter and so on.
On the other hand, Wants are things that helps us to be comfortable. Wants are things that helps us to enjoy life. Examples are smartwatch, designer shoes, latest computers e.t.c.
Having known the difference better between needs & Wants, the reasons People buy things that they don't need is because they allow their emotions to get hold of them. Most people buy things based on how those things will make them feel.
They prioritize their emotions over logics. According to research, it has been proven over time that our emotions, environments and habits have a great influence on how we buy things.
It is important we know the difference between wants and needs before buying things next time. This will help us to minimize impulse buying.
4 Reasons Why We Buy Things We Don't Need
1.We buy based On Emotions: This is the major reason why we buy things that we don't need. We often feel if we get those things, it makes our life easier and comfortable.
The major reason why this happen is because we don't know the difference between Needs and Wants.
If we really know the real difference between Needs & Wants, it will help us a lot to minimize impulse buying to the nearest minimum.
I could remember a time in my life where I am suffering greatly from impulse buying. Back then, I always interchange my Needs for my Wants. I always think my Wants and my Needs.
For example, I could remember when I wanted to get a new android phone when I still have a functioning one just because I feel the new one will have better camera.
Can you imagine? I was always having sleepless nights as a result of this. I felt I must get the new androids back then at all cost. It was doing me as if my life depends on it.
I didn't know that I only need the new phone because the new phone will make me more comfortable. I failed to realize that it was just a want. Nobody told me i don't need the phone for my survival and so, it shouldn't be what I am spending on.
2. Social Comparison: This is another reason why people buy things. They buy things because they felt if they get that thing, they will be better than their neighbors.
I have seen situations where people buy things just to show that they have arrived. This is because they are comparing themselves to others.
I could remember back then when a friend of mine used all his hard earned money to get Iphone and the major reason he did that was to compare himself with other iphone users. He got a new iPhone despite that he didn't need it.
He just wanted to show he has arrived.
3. Fear of Missing Out: This is another reason why most people buy things they don't need. They often have fear of Missing out especially when there is a flash sales somewhere.
They feel if they don't buy at that particular time, then they will miss out on important things. One thing they failed to note is that those who are selling the flashsales is using that strategy to sell their stuffs out.
Sometimes, brand owners use terms like "Only 3 left in stock" and "Sale ends tonight". Most times, the reason why they do this is just to trigger the act of urgency in the buyers.
Subconsciously, what will be running on the mind of the buyers is that "If I miss this opportunity, I might not be able to get this product at this price". Some buyers even go as far as borrowing to get those things.
The strategy works everytime for the Brand owners.
4. The Illusion of Saving Money: Another factor that leads to impulse buying is the act of thinking you will save money most especially when there is a flashsales.
This has happened to me before some years ago. I got an android phone I do not need because there was a flashsales with a discount.
So, I thought if I don't get this product now, I might not be able to get it again. All the money I have been saving for the past two years was used to buy that phone.
As buyers, before you buy anything or place yourself under the illusion that you are saving money most especially when there is a flashsales. All you need to do is to ask if you really need this thing or you want it.
Also, have it in the back of your mind that you are not missing out on anything especially when you don't need the product. You only need to know that if you buy the product, you only wasted the money you ought to use for another needs of yours.
5. Failure to differentiate between Needs & Wants: Nowadays, it is very easy to think our Needs is the same thing as Wants. But the truth is that they are two different things.
We have a lot of things in our list that we want to buy and we often feel we need these things. Meanwhile, we only want them maybe because of one reason or the other.
We could need them for comfort or maybe for prestige or maybe to satisfy our immediate wants. Sometimes, these wants comes in as small purchases and they often feel harmless.
When we are buying them, we won't even know that they are harmful until we start seeing how much we have wasted and how irrelevant those things are.
It is then we begin to question why we bought them in the first place.
Ways To Avoid Buying Things We Don't Need
1. Don't rush to buy Non essential things: Sometimes, the things we don't need always come to us as if they are very important and we often feel if we don't get them at that time, we might miss out. The truth is that we won't Miss out on anything and the best thing is to wait for 24 hours before buying anything. When we wait for 24 hours sometimes, it would have killed the drive and desire to buy them. So, no matter the urge, always wait for 24 hours or even more before buying things that are not essential.
2. Create a monthly budget and stick to it: See, let me tell you. No matter the amount you earn per month, it will never be okay for you. New things you don't plan for will keep coming up. If you are not careful, you will find yourself being in debt. Always ensure you stick to your monthly budget.
3. Whenever you go to a market, make a shopping list and stick with it: Never buy anything you didn't plan for except if things are cheaper but always ensure you don't spend more than you budget for market. This is one way you manage your finance.
4. Avoid shopping when you are stressed, emotionally down or bored: When your mental health is not intact, always ensure you avoid shopping because you could mess up your finance so badly as a result of that.
5. Always ask yourself, what is my purpose of buying this. Is it really useful and needed at this time? All these questions help you a lot.
Conclusion
When you buy things, there is nothing bad in that. Initially, money is meant to help make life easier and faster.
However, when we don't buy things with intentionality, we will surely mess up our finance.
Next time, before buying anything, ensure you assess yourself and ask yourself if you really need the thing or you just want it.
When you are able to answer that question, it will save
you from a lot of stress and mess. Thank you for reading!