Why I returned my Apple Watch
Credit: Unsplash (Luke Chesser)
Last year, my husband surprised me with a gift I have been dying for: an Apple Watch. I have been eyeing one of those for quite some time, but I am too thrifty to spend $300 dollars - or more - on a watch, even if it is worth it.
Yeah… about time! Finally, I got what I wanted, but not what I really needed. So, after about 20 minutes of admiring my lovely gift, I decided to pack it up and return it. It may seem rude of me, but I told my husband I wanted to do something better with the money. Rather than an Apple Watch, I wanted Apple stock instead.
As time went by, it proved to be an excellent exchange. I got into a bull market (a slang term for when the markets are on a positive trend) and multiplied that value by 3 in a few months. Since then, I have been thinking about how that watch would look now... outdated, with a cracked screen, or making me reliant on it. Probably all of them.
I don't blame you for upgrading your devices every year. You should do whatever makes you happy, but make sure it's really what you want. I am saying this because I have recently been consuming things that I do not need or wish for... they just came up to me (such as that Apple Watch) and I have become trapped in social media's seller strategy.
According to some reports, women are responsible for about 75% of all consumption worldwide... so the majority of all publicity is also geared toward us. To make us look better, cooler, hotter, smarter, and, eventually, poorer.
As an example, if you set aside $300 a month for 35 years at a yield of 10% per year, you will get more than $1 million after that time. I know, 35 years may seem like a long time, but that money can act as a "security roof" when you retire. What will your financial situation look like in 35 years if you keep your current financial habits?
With that said, you – and me – should not wait until January to start a new way of handling money. In the holiday season (and don't forget Black Friday is just around the corner), we are more likely to fall into those traps: consuming for no reason, being broke for longer than we expected.
The holiday shopping season might be a good time to get something not only to spoil yourself today, but to treat yourself in the future as well.
I have some tips to encourage you to take care right now for the future you:
Ensure you check the prices ahead of time if you need or want to buy something, so you can avoid those kinds of "super Black Friday deals" that actually cost double what you would pay a few weeks before.
Stick to a budget when shopping for the holidays. This will help you avoid overspending on marketing tactics.
Pay in cash, avoid using credit cards. That piece of plastic is the reason many of us are in debt. Those funds are not yours, they're a loan. Place a note on your credit card labeled "loan card." This will make you more cautious about using it.
Coming back to my "consumer drama", returning that watch wasn't easy in the end, and believe me when I say that I would love to keep it. But making this decision has given me more than profits. Since then, I have more confidence to say no to things I want today and build things I need tomorrow.
Financial independence is not really about how much we make, but how much we preserve. In finance, and in life, let's keep returning the watches we don't need.
