What does it mean to develop power over purchase?___

What does it mean to develop power over purchase?___

a. You are powerless in the face of an impulse purchase.

b. You can make decisions very quickly when it comes to purchasing items.

c. You are able to slow down and think through your motives before buying something.

d. You have power to purchase whatever you want, and you do so.

Answer: c. You are able to slow down and think through your motives before buying something.

Purchasing power therefore is the means of having the means to impose a reign on one’s impulsive tendencies and make rational decisions regarding one’s expenditure. This skill involves leaving the temptation of spending money now and pausing for a while to analyse the reasons for the spending, and one’s capability to spend.

For example, picture this; you are on the Internet and you come across a billboard ad for the newest model of a particular smartphone. Instead of immediately clicking “buy,” someone with power over purchase would pause and ask themselves questions like: Is it necessary to get a new phone? Where does this leave the planning of my budget? Is this the false need that has been created due to marketing techniques that place products in people’s minds as something necessary in their lives? These steps help in arriving at a more rational decision-making process due to the reflection.

An example could be while grocery shopping. A person with developed power over purchase might make a list in advance and adhere to it instead of buying something on a whim at the counter. They may also go another level deeper and talk about price, look at the nutritional value, and even contemplate how these items would translate into the meals of the week they are preparing for.

It is the capacity to think through motives and does not suggest the avoidance of buying products or using the service and going for the most economical one. Instead, it concerns understanding, and choosing the right options for the peculiarities of the factors involved, thus being fully aligned with core values and the objectives associated with financial management. Hence, it allows people to spend money on those commodities that will be useful to them in the long run and not be swayed by momentary urges or the tricks of advertising.