Why do we buy what we buy? Do you really need a new car this year? Or the latest version of the newest tablet? Did you get the video game system that everyone else seems to have? Why? What truly motivates a consumer to buy? When is the last time you picked something up you wanted to buy, stopped, and asked yourself… Why am I buying this? This is a really important question. Unless you have unlimited money, you need to think about this question and consider your answer. Are you making that purchase based on your priorities? Or, somebody else’s?
Most sales and marketing programs are designed to create desires and needs even where none existed previously, regardless of a consumer’s financial priorities. Advertisers strive to influence a consumer’s spending priorities and are absolutely relentless in trying to convince consumers to spend their money.
In an average day consumers see, hear, and absorb over six hundred sales messages. We have been subjected to this almost every day of our lives. If just one in a thousand advertising messages motivates a consumer to buy, then that consumer has been influenced over two hundred times in the last year alone.
Worst of all is the underlying message so often embedded in advertising: Consumers need whatever it is they’re selling to be successful, attractive, and happy. Everyone should start analyzing the commercial messages they receive. Once you recognize the marketing techniques, you can better distinguish your buying priorities without their influence. You don’t have to be a financial expert or read lots of money books to know that you have to carefully choose how to spend your money.
I am not saying that you should never make any purchases, but your decision should be based on what you truly want to spend your hard earned money on, not on an advertising technique. One way to do that is to create and maintain a personal shopping priority list and consider it a warning signal whenever you find yourself being swayed to purchase something that isn’t on your list. If it’s a big purchase, sleep on the decision, if you still want to buy it when you wake up, and it involves a significant amount of money, look at your priority list and overall budget, and decide what you’re willing to trade to get it. If you like the trade, then fine, goes buy it. If not, then don’t.
It’s time to resist the influence of advertising, control your money, and make purchases based on your priorities. It’s your money, be your own financial expert. See to it that you, and only you, decide how you spend it.
If you would like more saving tips or to learn more about making smart spending choices, check out my personal finance and investment advice book: Money Smart or. Also check out the Money IQ Quiz and Opportunity Analysis.