Realising your insatiability is the first step towards curbing your insatiability. And the 18th century philosopher, Denis Diderot, he found this out the hard way. Diderot, having suffered financial droughts for a period, finally came by some good money. And what does he do? He commits the seemingly innocent act of purchasing a new red robe. He couldn’t be happier.
But as soon as Diderot brought this robe home, he knew he had a problem on his hand: everything in his home looked old and worn-out compared to this gallant robe of his.
His couches, his rugs, his kitchen, even the mirrors looked out of place in comparison to this new robe! Consequently, Diderot found himself in a spiral.
He bought new rugs, new sculptures to beautify the space, new kitchen table, new mirrors, etc. And before he knew it, he was back to zero. All because he purchased that new scarlet robe.
This is in no way a cautionary tale against the purchasing of that new kaftan or handbag that you presently have in mind. More so, it is a lesson in the human tendency towards insatiability. We are, at our very core, insatiable creatures. This fact is inescapable. The sooner we realise it and learn to curb it the better. The question then is: how do we curb this visceral need?
Firstly, it helps if you reduce the ‘seeing’.
Like most aspects of the human dynamic, abstinence is the best tool. To reduce the temptations, take careful steps to reduce your exposure. In this highly digitalised age, this can be an even harder fate to achieve. We are bombarded with advertisements, product offerings wherever we turn—from our phones, our laptops via the internet, social media; in old media platforms such as newspapers, television, radio, billboards, etc.
Not only has this digital era made these advertisements more ubiquitous, but also, they have helped make the act of purchasing easier. All you need is to tap on a product or contact number, and voila… those new shoes are delivered right at your doorsteps. Temptations have become more widespread. You will have to find ingenious, radical means of avoiding them.
Measures can range from periodically unfollowing or unsubscribing from certain pages on social media, to avoiding certain aisles or shops when shopping in your favourite malls, stores, or markets. If you entered that mall solely for cleaning materials, desist from entering the frozen foods section; and definitely avoid the jewellery shops. Even our informal marketplaces such as Makola, Madina, Kejetia markets, etc., are all strategically laid out. Don’t go to the second-hand clothing lanes if you went to the market solely for food items.
Exit certain spaces
Sometimes these temptations do not come in the form of sales platforms—physical or virtual—as discussed above, but rather from social groups within which we find ourselves. One survey conducted in America for instance, found that the main reasons why people overspend is due to social pressures—that attempt to keep up with the Joneses (whoever they may be).
Sometimes, your ‘Joneses’ may be that circle of friends, that church group, that sports club, or old students’ association, etc. If such groups are giving you more ‘liabilities’ than ‘assets’, if they are giving you more unnecessary ‘expenditures’ than ‘positive returns’, it may just be time to exit those spaces—temporarily or permanently, depending on your set monetary targets.
Indeed, a mad person is someone who does the same thing over and over again, expecting different results. Lifestyle changes are crucial in your financial journey.
Time the spend
Set your ‘big buying’ periods. Big buying is what we like to call those significant expenditures on your list. Set particular months within a year as your big buying periods. And if you have kids, you can let the buying periods coincide with those notorious children buying seasons—such as when school is about to reopen.
Everything from new clothing, certain groceries like cleaning items, routine car checks, etc., can be strategically timed during the course of the year. This drastically reduces the risk of large intermittent spending that go on to culminate in irregular high expenditures.
With the Black Friday consumer culture becoming increasingly common in Ghana, you can also target such sales seasons for certain needed purchases.
Always a to-do list
Very physically and surgically, always keep track of your finances. Learn to, at all times, separate your ‘needs’ from your ‘wants’. Put pen to paper, and track your spending as against your incomes periodically—according to the timing of your income flows.
Sometimes, it helps to employ the free service of ‘extra eyes’—like a spouse. Married couples can, very lovingly, help each other stay on track on set expenditure goals. Also, when shopping, you can leave your card and some money at home, and only take close to exactly as you intend to spend.
No idle money
The devil finds work for idle hands—so does he, for idle money. Hence, make it a point to keep your otherwise idle income busy at all times. Financial tools such as investments—be it in financial securities, in properties, in business ideas, etc., can be valuable means of turning those otherwise idle funds into more money.
Constantly undertake research so as to keep up to date on modern and emerging financial and investment trends. Even better, employ the services of a noted financial advisor or agency. And this is where the Letshego name rings strong. What we offer you at Letshego is an unflinching listening year. Our world-class financial experts are forever at your beck and call to answer all your pressing financial questions, offer expert advice, and products and services that meet your particular financial needs.
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