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.
Kathy says
Thanks for this INSPIRATION. I HAVE BEEN WATCHING HOW I SPEND .
EVERYTHING IS SO MUCH MORE EXPENSIVE. GROCERIES,GAS ETC
IT JUST ISN’T ENJOYABLE ANY MORE TO CHRISTMAS SHOP LIKE I USE TO BEING ON A FIXED INCOME JUST MAKES THESE CRAZY PRICES EVEN WORSE
I DO MAKE SURE I GIVE GIFTS THAT ARE NEEDED n NOT FOR THE SAKE OF GIVING A GIFT
THANKS AGAIN FOR OPENING PEOPLES EYES. IM SURE TO FOLLOW THROUGH WITH THIS INSPIRATION
SINCERELY, K
Kodey WhiteWolf says
This “buying craze” is getting worse every year. Yes when I was a kid it was great getting lots of gifts, but, as I became an adult I realize all the wasted money I spent ) especially in toys) especially at 73 in limited income. I don’t see how parents do it now. I feel for them
BuLL says
“Our money is only as valuable as what we choose to spend it on.”
Straight to the heart of the matter. Thank you for the gentle reminder that life is bigger than the stuff we buy.
Briana says
Stopped buying things ! All year … however dental issues come up and are very expensive! Trying to not charge anything then I get hit with $5-10k on 2 -3 teeth. Our heating oil is three the roof ! From $350delivery to $1500! In Maine. Ouch … what are we supposed to do? We are all in the same boat — I’m a minimalist.. selling most everything.. except a small home I bought in 2021 to avoid the high rents! Now what ? Sell the house? Rent ?
DR ROSALIND G. says
Another factor to consider is that hoarding is becoming a significant problem with the growth of the consumer society in parts of the world. Other than food in times of hunger and gold by the very few rich people, clinical hoarding of everyday goods was not a problem before consumerism.
The amount of clutter that many people struggle with (in the UK) is a significant problem, both for the world’s resources and mental health.
D.O.I. I’m an online psychotherapist and hypnotherapist (& retired doctor) based in the UK.
Sonia Daly says
Thank you Joshua just what we need to hear and understand. God bless you as you try to be a voice in the madness of consumerism
DD says
My dad is a hoarder. I didn’t realize how bad it was until I had to clear out my childhood home so it could be sold. The realtor told me that it’s very common in older people. He saw it a lot selling houses. I brought the aftermath to my apartment and I’m very overwhelmed. At least my dad is in a nice place where he cannot purchase anything.
Gwen says
Thank you; a very timely reminder.
Helene Sorkin says
So correct. So true. Thank you as always for your timely reminders. It’s so easy to get caught up in the adverts. The fairy tale we can make in our minds. I’m sure the food bank here in Tucson could also use the holiday gifting.
I have a disabled friend who has disablement social security of $850 a month. Her rent will go up $175 a month in January. It leaves her $100 a month for food and utilities. What used to be call food stamps is $125 a month. I know another person in the same boat; a senior blind in one eye, hard to walk. They both rely on the food bank and totally of course cook at home. The social security increase
Gives one of them an extra$82–the other $41. So yes. It is truly great to give to local food banks. Definitely your $$ is very well spent.
Katie Berry says
Fantastic article, Joshua. We’ve all grown desensitized to the “buy more” message ands it’s promises of false hope. God did not put us here to collect toys or amass a closet full of the latest fashions.
Anna says
Wow, what a statement Katie!
“God did not put us here to collect toys or amass a closet full of the latest fashions”
I don’t do much of either (thankfully) but I just wanted to say thank you for this. Very meaningful, sort of puts everything in perspective, doesn’t it?
Joan Dalton says
Joshua, you always say just what we need to hear and practice. I am traveling to see a friend over Thanksgiving and she suggested we go shopping on Friday. My response: I am coming to spend time with you. There is nothing I need to buy.
Briana says
Stopped buying things ! All year … however dental issues come up and are very expensive! Trying to not charge anything then I get hit with $5-10k on 2 -3 teeth. Our heating oil is three the roof ! From $350delivery to $1500! In Maine. Ouch … what are we supposed to do? We are all in the same boat — I’m a minimalist.. selling most everything.. except a small home I bought in 2021 to avoid the high rents! Now what ? Sell the house? Rent ?
Lookup says
Move south where it’s warmer.
Judy says
It’s unbelievable how expensive everything has gotten. It’s overwhelming. I have no desire to “shop till I drop”! Praying for this country—- praying for the world. Asking God to intervene for better days ahead.