Want Vs Need – The Subtle Art of Not Being A Sucker.

My phone is slowly dying. Two and a half years old, 6 months out of warranty and with a battery that drains as fast as my first drink on a Friday. The home button doesn’t work and either I’m going deaf, or the volume button is also limping quietly to the crematorium. Visiting the phone store is probably my 5th worst thing to do, tucked neatly between buying bras and getting dental work, but needs must and all that.

So, there I am, teeth clenched and ready for battle, because phone shops are pretty much guaranteed to cost money and make me look dumb. The sales guys either talk to me in a language I don’t understand – ‘have you tried disabling the background app refresh?’ What?! Or they speak to me like I am a very small child, with a moderate to severe learning disability – which when it comes to tech is not an entirely incorrect analogy. Then whilst I am standing there looking stupid, they bamboozle me with the plans – the whole bonus data, sim only, call-tastic, international roaming bullsh*t, that is their stock-in-trade. And of course, if your device, like mine, is unwell there is a strong to super macho chance it’s either your fault (water damage) or out of warranty (financial damage).

And then, they naturally tried to lock me in to a brand new, 24-month relationship with an iphone8. Which basically does the same thing as my iphone6 but is two whole numbers higher. And he nearly had me – after all who doesn’t want the latest, greatest, most whizz bang, suri-friendly tech available to date?

But, then I did the math. The upgrade would cost me $1000 more over 24 months. For a phone that really is not that different to the one I already have.

Everyday someone is going to try and sell you something you don’t need. Or urge you to buy the better version of what you already have. Unless you seriously want to be poor forever, work out if you really NEED it, or do you just, at this moment in time, WANT it. Make no mistake – you need to keep your wits about you, because life is basically one giant billboard saying, ‘Buy Me!’ Subconsciously seducing us towards the shiny and new. Promising us all kinds of crap, like this car will make you look successful or that watch will give you some class.

Don’t be a sucker. Keep hold of your cash and BE successful, instead of just looking like you are. And, if you find yourself wavering, you might want to try one of these tricks:

• Use the HALT method. Don’t part ways with your money when you are Hungry, Angry, Lonely or Tired. Your body is telling you to eat, breathe, phone a friend or rest. Spending $300 at ASOS, because you had ‘a bad day’ is only going to make you feel better for about 15 minutes. A slice of pizza will do the same, leaving you with around $295 to play with.
• Try the Stranger Test. This works great for impulse purposes and helps you frame the financial significance of your purchase. When you are about to buy something, imagine a stranger offering you the cash value of the item instead. Which would you choose? Which is of greater value to you? It’s amazing how $300 in CASH can seem much more appealing than two lamps and a couple of throw cushions that you don’t even need.
• Get Rid of Your Crap: There is nothing like a good declutter to remind you of the long forgotten, useless, unflattering, still not worn, misguided, because it was on sale, when I lose 3 kilos crap, that you already have.
• Pay For it in Cash: We are so busy with all that tap-and-go, that we can forget how much we are unconsciously spending. Handing over your hard-earned cash can be a useful reminder of the real value (or not!) of what you are buying. Is another black top really worth the three hours you might have had to work to pay for it? Paying in cash also means you don’t end up paying on credit. Because only suckers buy sh*t they can’t afford and pay extra for the privilege (and this comes with love, from a sucker from way back, who has learnt from the error of her monthly minimum ways).
• Take the Minimalists Advice: These guys are in the business of less is more – so, let’s look at some of their recommended, pre-purchase questions:

Who am I buying this for? ‘Is that new thing for you? Or are you buying it to project an image?’ Don’t forget – you are not your logo. ‘The brands themselves aren’t the problem: we all need some stuff, so we rely on brands to create the things we need. The problem arises when we feel external pressure to acquire, as if new trinkets are a shortcut to a more complete life.’

Does this Add Value? Keep asking yourself the question, ‘Does this thing add value to my life? In other words: does it serve a purpose or bring me joy?’ This is a useful question to apply not just to the things you buy, but also to the people you choose to spend time with.

Can I afford this? If you are ‘living paycheck to paycheck’, with an income that dictates your lifestyle, or have any kind of debt (student, credit, bank), then you probably can’t.

What’s the actual cost? The ‘true cost of a thing goes well beyond the price on the pricetag.’ Don’t forget to factor in the cost of maintaining the thing, cleaning the thing, charging the thing, taking care of the thing, insuring the thing etc.

The weird thing is, you can train your brain to stop spending and can rewire it to give you the same dopamine high each time you save, instead of each time you spend. Even people who suck at saving, can save $10,000 with this one simple trick and you can fast track your savings with this small tweak. Because, when it comes to suckers, there may be one born every minute, but it doesn’t have to be you.

This Get Richer post is brought to you by someone who remembers what it was like, to have too much month at the end of my money.

Photo Credit: Paul Townsend: https://www.flickr.com/photos/brizzlebornandbred/8482322048