Peoples of Pearler — Tim
“I waste my money on unnecessary stuff all the time. And every time, I would feel guilty for something that I had the power to stop in the first place. When I read each bank statement, I would just shake my head in disbelief. That third pair of jeans, that last round of drinks — I didn’t need any of that.
These days, when I get the impulsive need to buy something, or I think I need something, I usually try to think up as many possible reasons to stop me. But it usually takes a week before I finally agree with the reasoning I so hurriedly brought up to save me from another dreaded bank statement” — Tim
Apple’s Steve Jobs obsessed over it, Amazon’s Jeff Bezos’ world revolved around it, every service company structures their entire business upon it— ‘the consumer experience’. It’s no secret that businesses wheeling in the big sums, centralise on making the experience of handing over a credit-card an easy and effort-free exchange.
Think about it — the warm soft lighting in the fitting room of the department store, the ‘click and collect’ feature, and the aspiring lifestyles that advertisers claim could be yours…IF you purchase this product. Everything is geared towards you, the customer. They want nothing more than to get your neurotransmitters firing like crazy upon entry, to which it forces you to buy something in order to keep that high, because nobody likes plummeting below baseline levels before habituation. Or in other words, it provoke your impulses, stimulates your senses, and temporarily restrains your logical and consequential thinking.
As we all know though, this elevated state or ‘retail therapy’ as it is commonly described, is a whole lot more expensive than a calming walk around the park. Impulsive purchasing behaviour often results in guilt, which in turn is a common cause of money insecurities. So, if you want to stop wasting your money on things you do not need, start to embed a new rule in your life just like Tim has. Resist the urge to purchase on impulse.
When you feel like you need or want something — reach a compromise with your inner dark-side and wait a few days before doing something rash. Maybe write it down on your ‘wish list’ so at least you get some satisfaction that the thing you want may be coming. The worst-case scenario is that you’re just gonna’ have to wait a little longer. Often, however, you’ll probably find that the urge subsides — and that you will no longer see the value in it that you first did.
Life is full of ups and downs — that’s a given, but that doesn’t have to include your bank account balance and/or investment balances. Ride out the high and only purchase things that give you consistent joy or utility.
Disclaimer: At pearler, we pride ourselves on the quality of the financial advice we give, however, this advice has not been tailored for you. You may have unique financial goals, circumstances or needs which make this advice inappropriate, and it is important that you know whether you do. If you’re unsure we urge you to speak to someone you trust who is competent with money and understands your individual needs, whether they be a trusted friend or professional.
