Life Kit Podcast: "Should I Buy That Thing? A Framework to Help You Decide"

Release Date: December 19, 2024
Host: Marielle Segarra
Description: In this episode of Life Kit, host Marielle Segarra navigates the overwhelming world of consumerism by introducing a comprehensive framework to help listeners make informed purchasing decisions. With insights from mental health and financial therapy expert Asia Evans and Consumer Reports' Deputy Editor Brian Vines, the episode equips listeners with practical strategies to discern needs from wants, manage emotions in shopping, and ensure purchases align with their lifestyles and financial goals.

1. Distinguishing Needs from Wants

Marielle opens the discussion by highlighting the constant barrage of sales pitches and urgent purchase prompts consumers face daily. To tackle this, she introduces the foundational question: "Do I need this or do I just want it?"

Asia Evans, a licensed mental health counselor and financial therapist, elaborates on this distinction:

[04:13] Asia Evans: "If you needed to live like, then that is a need."

She clarifies that needs encompass basic essentials such as food, shelter, transportation, healthcare, clothing, and shoes. However, the line between needs and wants can sometimes blur. For instance, owning multiple similar items may shift a necessity into a want.

[04:16] Asia Evans: "It's kind of like, yes, I know I have five black sweaters, but it doesn't have buttons on it and I want one with buttons. That is a want."

Marielle emphasizes the importance of recognizing this difference to prioritize spending, especially when funds are limited.

2. Understanding Emotional Triggers in Purchasing

Takeaway 2: Pause and Check In With Yourself Before Buying

Marielle discusses how emotions significantly influence purchasing behaviors. Whether feeling upset, celebrating, hungry, angry, lonely, or tired, these emotional states can drive impulsive shopping.

[06:22] Asia Evans: "Am I upset right now? Am I trying to celebrate? ... The acronym holt is pretty popular for people to just kind of take a state of your emotional well being when you find yourself going into shopping behaviors."

Marielle shares her personal experiences of wanting to buy items not out of necessity but for the satisfaction of acquiring something new, likening it to a dopamine rush:

[07:04] Asia Evans: "That's that also familiar dopamine rush of like searching something out right? Of hunting for it, if you will. That anticipation is very exciting to our brains."

She warns against using shopping as a form of retail therapy, as it can undermine financial goals and overall life satisfaction.

3. Aligning Purchases with Your Lifestyle

Takeaway 3: Does This Item Fit With My Lifestyle?

Brian Vines, Deputy Editor of Special Projects at Consumer Reports, shares his deliberations over purchasing a handheld vacuum cleaner. Despite acknowledging that a new vacuum would make cleaning easier, he chooses to forgo it due to practical considerations like expense and storage space.

[08:52] Brian Vines: "I cannot have a single purpose vacuum cleaner in my world. ... it is a dialogue that goes on in my brain because I know that things could be easier, but I'm not willing to take on the real price of that ease."

Brian advises assessing whether an item truly fits into one's lifestyle and the willingness to manage its upkeep and associated costs.

4. Research Before You Purchase

Takeaway 4: Shop Around and Do Your Research

Marielle underscores the importance of thorough research before making a purchase. She advises against impulsively buying based on flashy reviews or sponsored content.

[11:34] Brian Vines: "The first thing you're gonna want to do is not log on to an unboxing video or go to some kind of goofy experiential review of someone who got paid to do one."

Instead, she recommends relying on reputable sources like Consumer Reports, Wirecutter, Good Housekeeping, and TechRadar for unbiased reviews. Additionally, consulting friends and family for recommendations can provide valuable insights.

Brian adds:

[12:37] Brian Vines: "Call your rich aunt who buys all of the things that you're interested in having and see if she actually likes it. Call the person you know who is the most cost conscious and ask them the questions."

Marielle also advises considering the quality and durability of products, understanding retailer return and warranty policies, and ensuring that the chosen item meets long-term needs.

5. Set and Adhere to a Budget

Takeaway 5: Figure Out How Much You're Willing to Spend

Determining a clear budget is crucial. Marielle shares her contemplation over purchasing a black velvet blazer, weighing options between high-end and secondhand prices.

[14:03] Marielle Segarra: "Is that blazer going to cost you $250 because you went to a sample sale for a brand that usually sells them for $2,500 or you going to get that same blazer for $60."

Brian emphasizes the importance of considering the item's condition, potential repair costs, and longevity when deciding how much to spend.

[14:42] Brian Vines: "What you should factor in is... how long do I think it'll last? Could I repair it? What might that cost?"

He also points out that higher prices do not always equate to better quality, urging consumers to evaluate performance and reliability over brand prestige.

[15:17] Marielle Segarra: "When you're shopping, also see if you can negotiate down the price. ... Brian says, also, look at the price matching policies that retailers offer."

Marielle advises negotiating prices where possible and being aware of price-matching policies to maximize savings.

6. Know When to Walk Away

Takeaway 6: Sometimes Walking Away Is the Best Decision

Brian recounts an experience of refusing to overpay for donuts, illustrating the importance of knowing when to forgo a purchase.

[17:02] Brian Vines: "I walked away. I was not going to take a muffin or half a pie or a slice of tiramisu when I wanted one donut."

Marielle reinforces this by highlighting that walking away not only saves money and space but also benefits the environment.

[18:01] Marielle Segarra: "Seriously, you can save a lot of money and closet space this way, and it's way better for the environment."

Recap of the Framework

1. Do I Need This or Just Want It?
   Distinguish between necessities and desires to prioritize spending.

2. Consider Your Emotions
   Recognize emotional triggers that may lead to impulsive purchases.

3. Does This Fit My Lifestyle?
   Ensure that the item aligns with your daily routines and long-term habits.

4. Shop Around and Research
   Utilize reputable sources and seek personal recommendations before purchasing.

5. Set a Budget
   Determine how much you're willing to spend, considering the item's quality and durability.

6. Know When to Walk Away
   Avoid unnecessary purchases by walking away when an item doesn't meet your needs or budget.

Final Thoughts

Marielle Segarra's episode equips listeners with a practical framework to navigate consumer decisions thoughtfully. By implementing these strategies, individuals can make purchases that enhance their lives without compromising their financial well-being or personal values.

For more insightful episodes, explore Life Kit’s guides on budgeting, grocery savings, and financial self-care routines at NPR Life Kit. Share your thoughts or suggest topics by emailing lifekit@npr.org.

Produced by: Margaret Serino
Visuals Editor: Beck Harlan
Digital Editor: Malika Garib
Supervising Editor: Megan Keane
Executive Producer: Beth Donovan
Production Team: Andy Tagle, Claire Marie Schneider, Sylvie Douglas
Engineering Support: David Greenberg