Recently, during an interview with CNN, Jeff Bezos recommended Americans “consider putting off buying big ticket items they’ve been eyeing.”
The Founder of Amazon recommended “American households delay big-ticket purchases such as new TVs, refrigerators, and cars, given the risk that economic conditions worsen.”
I didn’t hear him mention refraining from Amazon’s Prime Day deals or Black Friday offers, but I personally recommend adding those items to your “do not buy list” as well.
Personal finance experts (and even retail billionaires apparently) are encouraging us to buy less. However, at the exact same time, retailers are working overtime to pressure us to buy.
This year, more than any other in recent memory, Black Friday, Christmas sales, and Year-End deals are going to be everywhere offering deep discounts. In many places, the push has already begun.
This is for several reasons:
- Retail inventories are high.
- Consumers purchased lots of durable goods during the pandemic.
- Companies are looking to have cash on-hand for a looming recession.
When the wise thing to do is delay purchases, companies and marketers are going to be working harder to compel you to spend. This crescendo will reach a fever pitch over the next two months.
So how do we keep from falling into their trap?
Here are seven helpful steps:
1. Realize the promises of consumerism are always short-lived.
Every upcoming advertisement during the holiday season will promise you the same thing: a better life.
They will work to convince you that their latest product will make you more attractive, will bring you more friends, will create a more beautiful holiday season, or will bring happiness that you can’t find anywhere else.
Those promises are false. See through them. Fulfillment and a better life are not on-sale at a department store.
2. Consider the benefits of owning less.
Owning fewer possessions results in countless life-giving benefits: more time for those we love the most, more money for meaningful pursuits, more energy for things that matter.
Owning fewer possessions results in less stress, more peace, and more intentionality.
Minimalism frees us to pursue our greatest passions—however we choose to define them.
To overcome the pressures of consumerism about to exert themselves upon us, recognize how owning less has improved your life (or can improve your life). When you do, you’ll be less inclined to buy more.
3. Know that money on-hand will be more helpful to ride out a recession than a purchase at the mall.
According to some surveys, 70% of Americans live paycheck to paycheck.
As with any economic statistic, there are countless variables that contribute to it. But the fact that 62% of consumers earning between $50,000 and $100,000 live paycheck-to-paycheck and 54% of consumers who make between $100,000 and $150,000 annually live paycheck to paycheck should help us see that this reality is not entirely a product of low wages.
We are a culture addicted to buying things we don’t need.
But as a recession looms and talks of downsizing increase, your safest bet for riding out a recession is savings. The experts recommend dual-income families save at least 3 months’ worth expenses and single earners put aside 6 months or more.
70% of you will want to get started right away.
4. Set a budget for this holiday season (and stick to it).
It’s likely you are going to give some gifts this holiday season. We will as well.
But set a holiday budget and stick to it. Traditionally, 70% of us overspend our holiday budget. This is the year to stick to it.
5. Turn off marketing messages.
The more ads we see, the more likely we are to buy.
So turn them off whenever and wherever possible.
For example, begin unsubscribing from retail email lists now. It only takes about 2-3 weeks of clicking unsubscribe on every single marketing email that you receive to change your inbox (and life) forever.
Get started today.
6. Don’t fall into a scarcity mindset.
There is a temptation to fall into a scarcity mindset around the holidays, especially when sales are prevalent.
“This is my chance to buy this thing at a super-discounted price! I can’t pass that up.”
Remember, if you didn’t need an item before it went on sale, you don’t need it now.
7. Look for people you can help.
Inflation and a recession will impact lots of people negatively. In fact, our local food bank here in Phoenix is serving more families in need today than any point in their history.
Our money is only as valuable as what we choose to spend it on.
To overcome the pressures of consumerism this holiday season, look for the people you can help. Your financial gifts may be needed more today than ever before.
Every holiday season is marked with excess consumerism. This year, the pressure to buy will be greater than ever. Likewise, the need to overcome that pressure is also more important than ever.
Look Up says
My parents had 8 children in 8 years and lived the minimalist lifestyle from the get-go..they taught me well and a frugal mentality has served me exceedingly well. While all my friends burdened themselves with expensive homes, cars, and latest gadgets, we bought an inexpensive fixer upper, used cars, furniture from the Salvation Army and survived on one income. MY children have done the same and are happy, loving people who give time, money and energy to everyone. Thanks for putting into words what life should be more of! Because the world in general is always WRONG.
Emma - Barradale Farm says
We are certainly looking at a serious recession looming ahead of us. It seems the gap between the rich and the poor, and the working poor is broadening right before our eyes with the rate of inflation.
Learning how to find contentment in living simply is certainly a blessing to our family, the last few years have been very tough financially. But there has still been a lot of joy and thankfulness amidst the nights worrying how to make ends meet for our family of 6.
Anca says
HI Joshua ,
i`ve been following you for years and i`m convinced about the benefits of owing less and minimize my impact Earth resources ;
can you please write/explain more about educating the kids about using less resources and owning less : they are the future but with Amazon , tik tok etc . and the extreme consumerist society it is so hard to manage their expectations ;
Rachel says
Great idea for him to write on further!
Wendy says
A valuable and timely message. Thank you!
JULIET MARY WOOD says
First thanks for the laugh about Jeff Bezos, I dread this Black Friday stuff not because I am tempted – with your help I have this worked out – but because of the extra emails pouring into my inbox and consuming my time deleting them. Also it is so disturbing to see all this consumerist advertising when so many people are struggling to pay for the basic necessities of life and now we are talking First World as well as Third World. I wonder what countries are in the Second world if there is one!
It would give me hope to hear there has been an increase in the amount of people who do not believe in Consumer Christmas, you often quote statistics can we have some good cheer on this front please?