I suppose this is one of the more common sense things not to do where people buy things not so much because they need it, but rather it feels like the right thing to do since so many others have it. It’s kind of frustrating too to see people do that where they have done a decent job in accumulating a decent pool of funds only to then see them use it all on something large that they didn’t really need.
A real example I have personally seen was a person who had a fairly simple lifestyle as he wasn’t exactly the type that travelled a lot and spent say hundreds of dollars going out drinking every weekend. On top of that, his work life revolved around using public transit which is definitely more convenient then trying to find parking around the core of the Downtown area. As a result, he had savings within a five figure range. When people asked what he was planning to do with it, he said to buy a car. This was kind of strange considering he doesn’t really need it. But, he mentioned that it would make things more convenient for those times that he does need to commute to places where public transit isn’t an ideal thing to use. On top of that, he thought that it was a normal thing to have at his age when you look at other people as well.
Eventually, he ended up buying the car which pretty much used all of his saved funds. As expected, he rarely used it either and spent more time talking about how he had one it seemed as oppose to actually driving it. Not only that, but he didn’t really think about things such as the car insurance which he has to pay for on top of that regardless if he used it or not. In the end, it ended up being an extreme money drainer for him.
That example may be on a more large scale, but the gist of the story is pretty common for other things as well such as someone buying a laptop mainly because they see so many other people who own one. Really think if you need something before spending your hard earned dollars on it as it won’t necessarily have the same benefits for you compared to others.