All tagged spending
In Behavioral Economics, there is a term called the Pain of Paying in which we feel pain when we have to pay for something. Today, the Pain of Paying is harder to achieve because of new payment options that don’t allow us to experience a loss. How can we use this concept to curtail spending?
Here’s the kicker when it comes to the waste we produce: this is also money.
We may not realize it right away, but each item we buy not only costs us money, but costs us time. We have to start thinking about the consequences of our consumption. It is actually our consumption that is depleting our natural resources. There is an excess demand for extra stuff. This results in more being made and manufactured. The outcome is not only waste byproducts, but also wasted materials. The lifestyle of product is so short nowadays that it essentially goes from the store to our hands to the trash in a matter of days or even minutes.
Is being basic costing you money?
There's been a term floating around for a few years now called "basic." Urban Dictionary defines it as someone who "engages in typical, unoriginal behaviors, modes of dress, speech, and likes." Is there anything wrong with liking the things that are being mass marketed to us? Absolutely not, BUT, sometimes we have to start doing the unconventional to be able to get off of the same hamster wheel that everyone is on. Being average in the world of Financial Independence sometimes carries a price.
