Know What’s Your Need and Save Money

I have been thinking about buying a 18 pieces branded crockery set for many years. It costs me SGD 200 if I were to buy it. I have thought about it intermittently for almost a few years. For me to pay a few hundreds of dollars for a nice crockery set is way to much although I can afford now. However, I have issue with my views on ‘wants’ and ‘needs’. Although I am well able to afford to pay for an expensive crockery set, but I couldn’t convince myself to purchase it since it is not a need. I was tempted to buy it when it was offered at 20 per cent discount. However, I was not convinced. But if there is a 50% discount, I will consider. Why? Very simple, my logic tells me that it is value for money  and I wanted my family to dine with nice crockery and feel good. Besides, I have enough storage space to keep them when not in use. I am able to determine what is worth buying, whether it is a want and or it is a treat. I have no qualms buying what I need and indulge on a good meal with family and friends occasionally; or spend time bonding with my kids once a year on overseas trip. However, I will ignore my wants if it is not value for money. I have many wants, unfortunately I can’t bring myself to satisfy all of them regardless of my affordability.

A ‘want’ is not a need, and you can still live happily without having your ‘want’ satisfied. My desire for a Rolex watch is a ‘want’, but a ten dollar China-made watch is all I need to tell me the time. Of course everyone of us deserve to reward and pampered ourselves with some luxury stuff for working hard. You may reward yourself with something that is less expensive. Instead of buying a Rolex watch, I may consider Tag Heuer which is another good brand. You don’t need to display your wealth or status with branded watches/bag/wallet, diamond and ruby. Buy what you can afford without going into debts. Some people indulge in luxury goods and purchase them on credit. Their addictions on branded stuff cause them to incur debts that haunted them for years.

Before I buy an item, I will go through these questions:
1. Do I really need to buy this item?
2. Can I wait for the next Great Singapore Sale or the yearly store  special offer and get a 30 percent or more discount?
3. How often do I use it?
4. Is there enough storage space to store it when not in use?
5. How many people would benefit from this purchase?
6. Is there any appreciation or depreciation in value? If yes, is it worth it?
7. Is it going to save time when I use it (home appliances and household things)?

I will proceed to purchase the item after I have convinced myself. When I was younger, I used to desire for branded handbag even though I don’t have the spare cash. I would save up to buy it. Ironically, I don’t have desire for any branded handbag now even though I have the means to buy them. Perhaps I have grown wiser and learnt the value of money; understand the importance of investing in goods that appreciate in value in the long-term.

The bible said in Proverbs 8:11 “For wisdom is better than rubies, And all the things one may desire cannot be compared with her.” It is better to be wise when managing your hard earned money. Remember that your monthly income is the result of your sweat and toil at your work place. Treasure every single cent you have and multiply it with wise investment, while you exercise careful  consideration before you make any purchase.

 

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