Is "Getting Your Money's Worth" Really Getting Your Money's Worth?
A few weeks ago, a terrific opportunity came up. Friends of mine asked if I knew anyone who might be interested in purchasing their "vacation club membership." The perks included membership to a club along with thousands of vacation points. It was perfect for what Doug and I wanted and had been looking for, but was it a good deal? We began asking around. Other friends we knew had a similar deal and paid a lot more. We researched online and discovered we were indeed getting a good deal. I wired my friends the cash, and we began enjoying our membership within the week.
As a hypnotist, I spend a great deal of time evaluating language. Advertisers and marketers do, and they use their skills to get you to part with your hard-earned money. They play on your emotions, your intellect, and your insecurities...and before you know it, you're caught up in one of the following:
The Bulk Buy Bonanza
While it makes sense to buy in bulk when you have a large family or need supplies for your business, purchasing perishable goods in bulk is hardly worth it for a single person. Is it worth saving $2 on 6 items that take up space in your home? How much of your home is dedicated to storage? I love it when I forget I have the surplus and buy more (not!). Short-term savings may not be worth it in the long run. I wait until I'm out of the item before re-ordering, and keep my surplus to 30 days of use or less.
The Seductive Sale
Sales are the siren song for the spendthrift sailor. That 25% off tag has an incredible lure for some. Still, it's important to remember a sale only saves you money if it's something you were going to buy anyway, not an impulse purchase fueled by the thrill of the deal. Leaving that particular item for someone else to buy is perfectly okay!
The DIY Dilemma
Ah, the allure of the do-it-yourself project. I had a condo that needed a simple renovation. I got a quote from a general contractor who could do the work for $12k. We could do it for a lot less. We started out strong until we both got busy with other projects. A year later, we completed the condo at a much higher cost than the $12k quotes. Sigh. Lesson learned.
The Gadget Trap
Tech companies love to dazzle us with the latest gadgets that promise to streamline our lives. Temu and Amazon also bombard us with gimmicks and "time-saving" devices. While gadgets are cool and fun, how often will you use them? Will they be one-and-done gadgets? Are they built to last? Are you getting it just for bragging rights? How much space will it take up in your home?
The Subscription Seduction
Subscriptions are the financial equivalent of a small hole in a boat; they seem insignificant until you're suddenly sinking in unwatched streaming services, unread magazines, and boxes of artisanal snacks. Sure, that $9.99 a month sounded great until you forgot about all your other subscriptions. It all adds up!
The True Value Test
So, how do you navigate this minefield of monetary mayhem? Apply the True Value Test:
Need vs. Want: Do you need or want it because it's on sale?
Usage: Will you use it enough to justify the cost? Consider adding the use of the item or subscription to your schedule.
Quality: Is it built to last, or will it break faster than your New Year's resolution?
Joy Factor: Will it genuinely improve your life, or is it just another thing to eventually sell?
Wait 48 Hours: Once you identify what you want to purchase, wait 24-48 hours before buying it. If you still need or want it after that, then buy it. If you forget about it - you just saved yourself money!
Getting your money's worth isn't about snagging deals or stockpiling bargains. It's about making wise choices that align with your lifestyle and budget. You can always make more money, but it's usually much easier to "not spend."
