Thursday, July 25, 2024

Avoid These Bad “Reasons” To Spend Money 

If you are debating whether or not to buy something, you likely will go through a mental debate with yourself about the pros and cons of the purchase. While this is normal and you should weigh these factors carefully, this also sometimes can manifest into excuses to spend money that you know at heart you should not.

While there may be legitimate reasons that you should spend the money on occasion, there are some rationalizations you may reach that will almost always result in a bad decision. Here are a few of these bad reasons to spend money.  

Saying It’s A Special Occasion  

While there are obviously legitimate special occasions in life where you should spend extra money, telling yourself that some situation is an “exception” typically is just an excuse to buy something out of emotion. This type of mindset lies at the heart of impulse purchases. Make sure that you save this reason for occasions that are going to occur independently of our purchase. Do not create an occasion just to fit your purpose.   

Idea That It Will Save You In the Long Run  

A common thing we will say to ourselves is that impulse purchases will actually save us money down the road. The sad reality of this is that while there are scenarios that this is true, it is far more common for products to lure consumers into buying things they don’t actually need with this kind of mindset. Make sure that you carefully calculate the usage a product will actually get in your day-to-day life, and whether that cost is worth it to you.   

Telling Yourself Something is Cheap  

If you have to tell yourself that something is cheap when you were never even certain you were going to buy it, you typically are not making a sound financial decision. Many people are attracted to low prices only to not even use or need the item, simply out of the false illusion that they are getting a steal on a product. In the end, telling yourself something is cheap is admitting that you don’t really even need it in the first place.