A Gallup poll released Jan. 6 showed that Americans’ daily spending has rebounded to an average of $96, the highest since the financial crisis in September 2008. That’s not counting normal household bills or big purchases.
By coincidence, I’ve been thinking about how to get the maximum enjoyment out of the dollars I spend. One of my 2014 resolutions is to practice conscious consumption. This means taking the time to buy only the things that will make my life better, and to make better choices: quality items produced ethically, sustainably, with attention to the lives of workers and the health of the planet.
There are plenty of expensive luxury items marketed as “eco-conscious” or “fair trade,” but conscious consumption doesn’t have to mean spending a lot. To join me, here are some ways to save money while getting more pleasure out of what you spend and feeling better about the things you buy.
• Buy less. In the new year I’ll be following the mantra, “Reduce, reuse, recycle.” The easiest way to feel better about what you buy is to slow down. Take the time to research purchases and compare prices. Use an online tool such as Pinterest, or a physical scrapbook to save ideas for occasions like a wedding, holiday decorations or school outfits for the kids. A bonus: Research shows that anticipating purchases is part of the pleasure, so if you put it off longer, you’ll get more out of it.
• Buy local. When I can, I’m going to try to stick to merchants in my neighborhood. This keeps money and jobs in my city. It forges relationships with shopkeepers that may lead to discounts or better return policies. And by limiting my choices in this way, it saves time and releases me from what Swarthmore psychologist Barry Schwartz calls the “paradox of choice,” the endless searching for that perfect item.
• Share or trade. This applies especially to things that wear out fast, such as kids’ clothes and toys. We use a subscription service called Spark Box that sends us a new set of developmentally appropriate toys every eight weeks, and we send back the ones that came before. Our daughter gets the excitement of new toys and we get extra space in our apartment. Trading toys with friends can have the same effect.
• Buy with cash. I resolve to use cash for my weekly coffee habit, and to use the “envelope method” to allocate money for discretionary purchases such as lunch and makeup.
• Buy to last. Most of the “fast fashion” brands at the mall or discount stores make clothes in poor countries under dubious circumstances. Not only are they bad for your conscience, they’ll stretch, pill or lose stitches very quickly. In 2014, I’ll try to remember that one pair of $95 jeans that lasts 10 years is worth more than five pairs of $20 jeans that sag, fade and wear out.
• Buy used. For durable goods such as furniture and housewares, buying used at antique shows, flea markets and thrift stores is not just a way to save money but a good indicator of quality. But shop these outlets with specific goals in mind; otherwise they can become habit-forming and you’ll be carting home white elephants. Used kids’ clothes make sense for a different reason; I can’t always stomach buying pricey designer duds that will be outgrown in a year, but second-hand is much easier to handle. The websites eBay and Etsy are both good resources for kids’ vintage.
• Choose experiences over things. Research is clear: a nice dinner out with friends will improve your life more than a new blender. If you privilege experiences over stuff, you’ll end up getting more happiness out of the money you spend.
Contact Anya Kamenetz at diyubook@gmail.com.
