How to avoid being broke while still feeling rich as you shop away this year?
- Jun 30, 2020
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We’ve all been there before – casually shopping online or at a high-street fashion store, your attention hijacked by a plethora of enticing options and soon enough, the impulse has left you with a shiny new necklace or a cute bag that speaks your style. It’s common consumer behaviour for many millennials, having settled into full-time jobs, realising that presentability and self-identity are important aspects of navigating this modern world.
With a new need and some savings in hand, it’s easy to fall into the trap of wanting more variety and more options. As a regular consumer with a weakness for accessories, here is my perspective and how I changed my mindset about the way I spend: At a point in time, I found myself spending almost $250 a week on fashion jewellery as it had the lure of being able to experiment with different styles. It felt more affordable than fine jewellery, keeping in mind that prudence is a virtue to behold. After all, it didn’t matter to me what materials they were made of – “as long as I looked good wearing them,” I thought.
Soon enough, that shiny new necklace is not so new anymore. The chain had tarnished significantly, the simulant gems lost some sparkle due to the scratches on its surface and that lobster clasp feels a little funny when you hook it on. Far from being the only casualty in my collection, I gradually began donating or disposing more pieces that have lost their original appeal. In logical conclusion, all the money spent on multiple pieces of fashion jewellery that have lived its lifespan could have equated to a good piece of fine jewellery in solid gold.
I soon realised that with jewellery, you mostly get what you pay for. This is one category of consumer goods that transcends time. I paid a lot for a high-quality designer bag that, like all others, starts to lose its value with time and wear. Even a good piece of clothing in premium materials will wear out and depreciate with each wash. *Sigh…* You wouldn’t want to know how much os my savings have been spent on these over the last 2 years.
At the end of the day, it all comes down to knowing what products will remain as assets with value in the long run. When the lifespan of an item you bought runs out, that’s money you’re never getting back – just like how the designer bag I invested in few years ago now feels old and out of fashion.
When it comes to gold and fine jewellery, I’ve learnt that the value of its raw materials will always be there and it will never run out of time and never depreciate. Furthermore, the gold and gemstones in fine jewellery can be recycled and redesigned if I ever feel like giving them a makeover. How cool is that! This means I will never be stuck with just one style.
Navigating the consumer world as a millennial has taught me, above all, to choose quality over quantity because as the age old saying goes, “time is money.” Realising this was the turning point for me to reconsider the way I spend and save.
Instead of buying more, buy better.
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