Hitting Pause Continuously Purchasing Wants

We’ve all been there – that insatiable “need” to buy that new iPhone, that new collection from your favorite fast fashion brand, or other trends we see in social media that are not really “needs” to begin with. The urge to splurge on that trendy new gadget or the latest fashion craze is a constant battle, especially in today’s time where we’re constantly bombarded with enticing options.

But in the current volatile economic climate, with inflation on the rise and the future uncertain, it’s crucial to re-evaluate our spending habits and prioritize saving over fleeting desires. Sometimes, hitting pause on “wants” might be the wiser financial decision.

A Careful Distinction Between Needs and Wants

Before succumbing to that shiny “buy now” button, take a moment to honestly assess your needs versus wants. Have you carefully considered whether this item is truly essential or simply a fleeting desire? Examine your purchasing habits. Are you falling into the trap of conflating wants with needs?

Perhaps a quick phone call to a friend or simply sleeping on it for a couple of days will clear up your mind if it’s really something you need, or just something that you want.

By taking a step back and critically evaluating your motivations, you can avoid impulse purchases and make informed decisions about your spending.

The Power of Saving

In today’s unpredictable times, building a robust financial safety net is paramount. Unexpected expenses, from car repairs to medical emergencies, can derail even the most well-intentioned budgets. Having a rainy-day fund provides peace of mind and allows you to be ready for financial challenges without resorting to debt or jeopardizing your long-term goals.

There’s a counter-argument to be made, especially with technology: by the time you save enough, there might be a newer version of the item you desire. However, this highlights the nature of “wants.” Technology is constantly evolving, and the chase for the latest and greatest can be a never-ending cycle.

In contrast, saving offers long-term benefits. Whether it’s building an emergency fund, saving for a down payment on a house, or investing for your future, the power of compound interest allows your money to work for you over time, creating a more secure financial future.

While indulging in occasional treats can be part of a healthy lifestyle, prioritizing saving over wants is crucial in volatile times. By distinguishing between needs and wants, and appreciating the importance of building a financial safety net, you can make informed spending decisions that support your long-term financial well-being.

If that coveted item truly holds value for you, prioritize saving for it – but remember to maintain your commitment to saving even as you pursue your wants. Building a secure financial future requires discipline and a shift in perspective – focus on needs, prioritize saving, and enjoy the peace of mind that comes with financial stability.

Maybe you can still buy that want, as we all deserve it especially if we’re working really hard. Just don’t splurge too much and avoid that never-ending chase with the latest and the greatest. Contentment is key. (GFB)