March 2, 2024

Healthy Home Money Mindset

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Are you sure you want to buy that?

I spent time doing one of my favourite things on the weekend.. furniture shopping!

I spent time doing one of my favourite things on the weekend.. furniture shopping! (without kids lol) I'm not a big shopper as I subscribe more to a minimalist approach when I can, but I do love to go out with a plan in mind and look for the perfect piece. I won't settle until the *right* one comes along. Ask my friends and family and they'll tell you that I'll live with blank, bare walls and spaces until I find what I'm looking for!⁠

"Is this a good deal?"

So when I found what I was looking for, my mind went immediately into discount mode! "Is this a good deal?" "Can I find something similar for a better price somewhere else?" And then it struck me: If this is the exact furniture piece you've been waiting for, then what are you waiting for? What would make this an easy purchase and what is holding you back?⁠

Psychological Processes at Play

The truth is, there are psychological processes at play acting as barriers to making that perfect purchase: The Loss Aversion effect and the Endowment Effect (to name a few).⁠

The Endowment Effect & Loss Aversion

When people want a deal, the endowment effect kicks in. They feel attached to the item, even before buying. The fear of paying more than they think it's worth triggers loss aversion, pushing them to negotiate or hunt for discounts to match their perceived value. It's all about balancing emotions and perceived worth in decision-making.⁠

Your 5 Tangible Tips

5 tangible tips for shifting your money mindset around creating a beautiful, healthy home. We encourage you to incorporate these strategies into your financial mindset, which will ultimately promote a gradual shift toward wise investments in fewer, higher-quality items. ⁠ ⁠⁠