• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result

Why We Buy Things We Actually Don’t Need

Nairametrics by Nairametrics
August 24, 2014
in Uncategorized
Why We Buy Things We Actually Don’t Need
Share on FacebookShare on TwitterShare on Linkedin

Electronics market

As a gadget lover I have found myself owning some of the latest tech gadgets in the last five years. I remember journeying all the way to china town in Boston just to get my hands on the very first Ipad a month after it went on sales, only to find out months later that a newer model was going to be released. This was back in 2010 and just four years later there are over four newer versions of the same Ipad rendering my 4 year old gadget obsolete.

Many of us at one time in our life have found ourselves in situations where we own things we actually do not need and probably cannot dispose of. It is even worse if these are things that cost us even more money to maintain regardless of whether we use them or not. It could be cars, clothes, gadgets, wearable’s etc. Just how one can minimize the habit of buying things we actually do not need and prioritizing the need to buy what we absolutely need. First the causes;

RelatedStories

Investing

Why the average Nigerian should consider investing rather than financial trading

March 17, 2024
family members, financial demands

Handling financial demands from extended family members

February 26, 2024

Sell Pressure

I found out that most of the things I own that I actually do not need were bought out of some seller’s pressure rather than an actual need. I once bought a pair of slippers I never wore because a friend just started the business of selling slippers and insisted I be his first customer. I bought the slippers reluctantly took it home and never wore it. When faced with such a situation is probably better to take the more difficult route of nicely declining and asking the seller to come up with a better product.

Lust

This is another major excuse for buying things we absolutely do not need. For example, you buy a pair of shoes you see and absolutely love even though you have a similar pair just that it is a different color. Or you buy a new car just because the newer model has a better shaped headlight even though the engine, chassis and interior are the same with the cheaper older version. These are all related to lust rather than a need. If you are able to conquer that lust before making a buy decision there is every likelihood that you will make the right decision most of the time.

Peer pressure

Just last week a friend walked into a bar smelling absolutely irresistible. We asked what perfume he was wearing and he mentioned it was a $250 exclusive designer’s perfume. Everyone immediately put it on their wish list. That is an example of buying things under peer pressure. Had he not walked in, we probably would not have thought of buying the perfume.

Vogue

Buying things that are in vogue is a very common reason for buying things we actually do not need. You want to own the very latest mobile phones, handbags, shoes etc. even though those same things get out of fashion soon after they arrive. Whilst it is good to look in tune with the times there are a lot of stuff out there that are absolutely unnecessary to own.

Loose Cash

Having too much money at your disposal is a very easy way of splurging on things that are absolute unnecessary. Just because you have some loose cash at your disposal anything that comes you way becomes a thing of necessity only for you to realise later that you actually don’t need them. That is why it is often better to put any loose cash to work as quickly as you can rather than have it lie idly in your bank account or in your hand. Money they say, has a spirit of its own.

How can I then avoid the pressures above and make sure I buy what I absolutely need? I often try to do the following

Alternatives

The first thing I try to do is determine what alternatives I have. Are there similar items that can satisfy my absolute need? If yes then buying the item has to be lust or some of the other pressures I listed above.

Durability

I also want to know how durable whatever it is I am buying is. How long is it likely to last and does it look like something that will soon get obsolete? Or, Will the product continue to serve my purpose even if there are newer versions? You have to be very convinced on a products durability before you make a buy decision.

Maintenance

I also strike a balance between having a product taking care of my need and me taking care of the product. Some products have a high maintenance need so much that you wonder who is taking care of who. Whatever I buy must be inexpensive and/or affordable to maintain.

Funds

I have to be sure I have the money to pay for the item. If I don’t then I save up for it. Don’t buy what you can’t afford.

Bargain

A good bargain on a product can also trigger an immediate need where there probably wasn’t one. You may not have a need to own a car at the moment only for you to get an offer for half the selling price of that car. This type of offer can ultimately influence your need. A good deal is always welcomed.

 

Tags: Family FinancePersonal FinanceYour Money
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Investing
Financial Literacy

Why the average Nigerian should consider investing rather than financial trading

March 17, 2024
family members, financial demands
Financial Literacy

Handling financial demands from extended family members

February 26, 2024
Personal finance
Financial Literacy

A Guide for Nigerians on Managing Personal Finances in Turbulent Times

August 29, 2023
How inflation affect your personal finance
Economy

How inflation affect your personal finance

August 13, 2023
Personal finance
Financial Literacy

Personal finance tips for the month of August

July 31, 2023
Insurance, Personal finance
Financial Literacy

Why you should consider insurance in your personal finance

July 21, 2023
Next Post

Stocks To Watch This Week (August 25-29, 2014)

Comments 1

  1. Ogus says:
    August 24, 2014 at 8:46 pm

    i actually pride myself from holding out on buying stuff ! loll Phones especially ! just when u want to get a S3 , they launch S4 and now S5 and before u know it S6 loll !

    crazy

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • How poor connectivity is locking rural Nigerians out of mobile money boom 
  • Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran
  • Lagos State ambulance service responds to over 44,000 emergencies, hits 97.5% response rate in 4 years  

Follow us on social media:

Recent News

List of 18 mobile money operators in Nigeria insured by NDIC

How poor connectivity is locking rural Nigerians out of mobile money boom 

June 13, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran

June 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics