Experience vs Stuff

Your attitude towards the ‘experiences v stuff’ debate often changes with age. As a youngster, having the latest cutting-edge piece of tech, or in my day, a Chopper bicycle, can temporarily make you the cool kid amongst your friends, but today’s must-have technology or other consumables is outdated so quickly that the enjoyment is often fleeting.

As you mature, normally having amassed far too much ‘stuff’ along the way, the time you spend with those nearest and dearest to you creating life-long memories is a far more valuable currency.

Somewhat controversially, for the purposes of this article, I’m going to include money in the ‘stuff’ category. It is a possession after all. Yes, it is the means to enable you to do some of the life-enriching things with your family and friends, but if you’re diligent with your financial planning, there comes a point when you will hopefully have amassed enough of it, and striving to have more or stockpiling what you have is to the detriment of the ‘experiences’ side of the equation.

Very few people get to their final day on the planet with the regret of not having amassed enough money. Conversely, many wish they had spent more time doing memorable things with those they love.

In a world of digital marketing, it’s worth remembering that your smartphone is really smart! It responds to your every move and delivers highly personalised adverts to you every minute of every day. Isn’t it mysterious how your social media feeds will suddenly include an advert for that thing you were just talking to someone about? Next day delivery and stored bank card details make it extremely easy to yield to temptation and click the ‘buy now’ button on your phone.

How do we break the cycle of constantly wanting more possessions? Here are some strategies that might help you.

First, consider a cooling-off period. Rather than buying on impulse, wait for a month to see if your yearning for the product is still as strong.

Setting, and sticking to, a budget for your spending on shiny new things is the next step. If you have realised that you already have enough things, but can’t resist something new and improved, only allow further purchases if you first get rid of another item.

But by far the most simple and enjoyable way to end the habit of constant consumption is to redirect your spending away from the instant but generally short-lived gratification of buying more ‘stuff’, by finding common interests with your family and friends and spending your money creating life-long memories together instead.

At Carbon, our financial planners take the time to coach and guide our clients on how to live rich and fulfilled lives. To speak to us, simply get in touch via enquiries@carbonfinancial.co.uk