Do you know about the endowment effect? I just heard this term from a blogger/ YouTuber (?) named Gabe. So the endowment effect is happening when we put higher value to the things that we already own than to the things that we don’t own.

I like this idea, because I usually have the reverse version of this endowment effect. I don’t put enough value to the things I already own, and I put a high value to those things I don’t own.  So I keep wanting to buy things, which is why I end up having a massive debt at the current time.

Just last week I’m about to buy a new pair of boots, even though I already have two pairs, but THEN luckily my wise self forcing me to recalculate my debts, so I just shouted the word “NO”. For a month I’ve been toying with the idea that I definitely need a new pair of running shoes, a proper trail running shoes, I add the word proper because I already have two pairs of running shoes with great condition, three pairs if I count my treadmill shoes. And to make the picture even clearer, I also wanted to buy a new “batik” dress, because I don’t have the batik dress in bluish color, I just have the red one, the yellow one … I could say tons of reasons why I need that new thing… And my wise self is not always making herself heard, my stupid self is waaayyy more boisterous than the wise one (obviously isn’t it?)

So… now I learn to see things that I already have differently. I am starting to put a high value on them. Well… sure… the debts are not going to be reduced because of this endowment effect, but the “wants” become significantly lower. I even plan to not buy  clothes/ shoes for the next three months. And there’s a strange feeling of peace with this low level of “wants”, I like it.

Cheers,

Karin Sabrina