Have you ever found yourself in a mall buying things you didn't plan on buying? Perhaps, maybe while you were going to the mall, you intended to buy only a few things that you needed, but on getting to the mall, you started buying various things that you don't even need. On getting home, you began to question yourself about why you bought the extra things that you don't need. You begin to feel as if you were charmed at the mall. It often looks as if you were not in your right state of mind while buying.
However, the truth of the matter is that you were actually in your right state of mind. Have you ever felt this way and often wondered 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 be provided right here in this article.
{tocify} $title={Table of Contents}
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, Healthcare, shelter,r and so on. On the other hand, Wants are things that hhelps to be comfortable. Wants are things that help us to enjoy life. Examples are a smart watch, designer shoes, latest computers, etc.
Having known the difference between needs & Wants, the reasons People buy things that they don't need are 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 logic. 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 that if we get those things, it makes our life easier and more comfortable. The major reason why this happens is that 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 when I was suffering greatly from impulse buying. Back then, I always interchanged my Needs for my Wants. I always thought of my Wants and my Needs.
For example, I could remember when I wanted to get a new Android phone when I still had a functioning one just because I felt the new one would have a 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 costs. It was like if my life depended on it.
I didn't know that I only needed the new phone because the new phone would 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 hishard-earnedd money to get an iPhone, and the major reason he did that was to compare himself with other iPhone users. He got a new iPhone despite the fact that he didn't need it. He just wanted to show he had arrived.
3. Fear of Missing Out: This is another reason why most people buy things they don't need. They often have a fear of missing out, especially when there is a flash sale somewhere. They feel that if they don't buy at that particular time, then they will miss out on important things. One thing they fail to note is that those who are selling in flash sales are using that strategy to sell their stuff 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 through the minds 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 every time 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,y most especially when there are flash sales. This happened to me some years ago. I got an Android phone I do not need because there was a flash sale 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 flash sale. All you need to do is ask if you really need this thing or if 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 need of yours.
5. Failure to differentiate between Needs & Wants: Nowadays, it is very easy to think our Needs are the same thing as Wants. But the truth is that they are two different things. We have a lot of things on 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 come 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 that 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 that 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 enough for you. New things you don't plan for will keep coming up. If you are not careful, you will find yourself 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,r but always ensure you don't spend more than you budget for the market. This is one way you manage your finances
4. Avoid shopping when you are stressed, emotionally down,n or bored: When your mental health is not intact, always ensure you avoid shopping because you could mess up your finances 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 finances. Next time, before buying anything, ensure you assess yourself and ask yourself if you really need the thing or if you just want it. When ycan to answer that question, it will save you from a lot of stress and mess. Thank you for reading!
Comments