How I bought 23 things out of excitement and never used them – Lets celebrate SELL week on Jagoinvestor

POSTED BY nandish@jagoinvestor.com ON June 9, 2014 COMMENTS (61)

This article is one long letter, that I have written to myself and to all the spenders out in the world. We have not got any money to promote OLX, we are using the name of the company because most people can relate to the content that way.

I have a confession to make, I am an OLX consumer and I am not proud of it. Today’s article is not about financial products, it is about products that you bought out of excitement and now it is lying in some corner of your house or apartment. Today’s article may not be about personal finance, but it is about your hard earned money, that gets blocked in different expensive goods and products that you buy.

Whenever the advertisement “O Womania” of olx.in comes on TV, my family members will start looking at me. This is because they know, I am a spender and they feel I spend a lot. They want me to sell a few things, so that we can have some free space in our house.

There is nothing wrong in buying NEW things, but before any purchase make a commitment to gain value from all that you purchase.

My OLX list of 23 unused items

Yesterday morning – I made my “OLX list” which contains goods and products, that I bought out of excitement and I no longer use them. My list has total 23 items. This exercise helped me to gain some interesting insights, which I would like to share with you in today’s article and we will also be posting pictures of some items we bought and are not using them now.

Unused Item #1 : Sports Equipment

How I bought 23 things out of excitement and never used them - Lets celebrate SELL week on Jagoinvestor

I bought a table tennis table 2 years back, thinking that I will invite my friends to play on weekends. Honestly speaking I have not played more than 20 games with my friends till date. Slowly the table tennis table started shifting places in my house and eventually it is now lying in our servant quarter. Before I bought table tennis table I was so excited and I had big plans, but I can see that I did not make the most out of it. My family members have warned me not to buy any such sports equipment in future.

Unused Item #2 : Fitness Equipment

How I bought 23 things out of excitement and never used them - Lets celebrate SELL week on Jagoinvestor

A lot of people invest money in fitness equipment’s but they don’t utilize it fully. Some people choose to buy treadmill over joining gym. My in laws bought treadmill, which is now lying in one of their balcony and no one has time to use treadmill.

I am not saying don’t buy fitness equipment’s, the point is – If you buy one, see that you make proper and consistent use of it. Block some time on your calendar for your fitness equipment before you invest your money into it. Even Manish bought one expensive sports cycle a few months back to regularly bike on it, but when I asked him yesterday – if he is fully making use of it, his answer was “No, but I am soon going to start my cycling regime” . This article is a wake-up call for both Me and Manish personally 🙂

Unused Item #3 : Electronic Goods

How I bought 23 things out of excitement and never used them - Lets celebrate SELL week on Jagoinvestor

There are so many people who invest very heavily in electronic goods. While I was making my OLX list, I found in my house there are total 5 television sets out of which 3 we do not use at all, one spare refrigerator which we do not use, some speakers and music gadgets which I no longer use. So, I have decided to donate 3 unused television sets to one of my relative’s hospital. There are so many people who have more gadgets in their life than financial products.

Counting Challenge – How many things you own ?

I have an open counting challenge for all individuals. I bet, if you start counting everything that you own, you won’t be able to count all the items in one life time. The truth is that you already own so much in life and still you feel you need something more. When your income increases, your purchasing power also increases and you start making random purchases (at least I fall in that category). My invitation is – If something is really required and it will add value to your life buy it or else look for some alternative.

Spenders need one trigger

Spenders like me, needs one good reason for buying any new product or goods. Spenders get triggered very easily for making fresh purchases. Companies like OLX and QUIKR are making millions today, only because most of us are busy making random purchase decisions. I am not against these companies and also I am not endorsing them.

Choose to slow down (listen to awesome audio on this topic) before you make any new purchase decision, ask yourself and your family members whether you will make the most out of that purchase or not. There is no fun in being a master consumer.

Conclusion

We are not saying consumerism is bad or one should not spend on different goods and services. All we are saying is spend wisely, because at the end, it is your hard earned money, focus on the value that you are going to create out of each purchase.  If you own something which is not of use to you, gift it to someone who can benefit from it.

Let’s celebrate this week as SELL week, you are free to share in the comments section what you are going to do with your unused or underutilized goods and products.

Build your “unused item list” – (Share it in comments section)

  1. Make (your olx/quikr list) list of all unused/underutilized products and goods which you can either sell or you can gift to someone.
  2. Make fresh promises if you are willing to make use of underutilized items that you own
  3. What kind of actions you will take in next 7 days to either sell or gift the same to someone in need.

This Article is contributed by Nandish Desai

61 replies on this article “How I bought 23 things out of excitement and never used them – Lets celebrate SELL week on Jagoinvestor”

  1. I just want to ask, how many of us have read our own old project reports after getting the degree (Ph.D. thesis, M.Tech. thesis, BE project reports)?

    1. Swati b says:

      I got rid of my project reports abt a year after college – tore out the certifcate signed by the teacher. Still have the soft copies though …
      But really good article … still I can’t think of selling stuff on olx or quickr as my parents feel that inviting strangers to our house is not a good idea (we live in west UP)

  2. vijay says:

    Another good and practical article. Things that I have lying unused at my home – paper shredder, a unnecessarily expensive trench coat, a winter jacket I may not need any more, about 40 pairs of my wife’s shoe collection….have already donated some kitchen utensils….That’s pretty much all….

    1. Thanks for sharing that .. I think almost everyone has some thing or other which can be just donated or thrown away !

  3. Sudheer M says:

    Nice article… I feel we can apply a simple logic. If you don’t use it in the past 6 months, you are not going to use it in future and you don’t need it.
    (Exceptions: Seasonal items like umbrella etc)

  4. Sujit says:

    well..I will be interested in buying a second hand bicycle if any of you is interested in selling the unused one 😉

    1. I will give myself a second chance 🙂

  5. Hi Nandish

    I thought i am the only one with so much clutter in my house:-)

    I guess every woman will have two OLX list. One for her clothes and jewellry and one for kids toys!!! People can donate toys through toybank.org

    1. Nandish says:

      All of us are sailing in the same boat. My wife always complains to me about our house storage capacity …I think even shoes and chapals are also more in numbers with all ladies. Thanks for showing the courage to say you own a lot of clutter

      nandish

  6. Sunnydoc says:

    Ha ha, I have only sold stuff on OLX!

    Sunnydoc

  7. SumeetSali says:

    Well, I feel “Fruality” is an art, and one who maters it, will find no difficulty in controlling expenditures.
    But we ourselves, as consumers are also at fault to much extent.
    I have so many experiences, wherein I had been to mall to buy a thing or two and found spending in four digits, I mean the reason behind this had been simple, on retrospecting, I found that it is the human being’s greedy nature, and that is what helps prosper malls.

    1. Thanks for that insightful comment . I think it happens with everyone !

  8. DK says:

    Simply great….you have expertise to put great things in simple language. It touched me. Keep it up. Please give some free/paid seminars to rural India. We have lot of potential there but lack of investiment/saving knowledge. You are baba Ramdev of Finance.

    1. sangita says:

      hehehe…baba ramdev
      manish, nandish , r u blushing?

      1. Nandish says:

        Sangita I really dont have any qualities of baba in me. Yes, manish is cool and calm person who has some tremendous qualities in him..

        nandish

        1. sangita says:

          Baba ramdev spread yoga like fire in India amongst Aam aadmi. I have seen unimaginable benefits because of Yoga.

          I guess, DK is mentioning that you have done same in Personal Finance.

          1. Nandish says:

            Yes we would like to do the same in the realm of personal finance….

            Nandish

    2. Thanks . Have you seen our recent program – jagoinvestor.com/design-your-financial-life-program

  9. zenhabits.net is a website which is all about minimalism. I like that site very much. It has got nice compilation of tips/ways/psychology of de-cluttering.

    1. sangita says:

      Thanks for the link.
      I do not know the art of decluttering. It will help

    2. Thanks for suggesting that Sambaran !

  10. Ram says:

    Good article, I have one quote that I try to live by;

    “Use it, love it or get rid of it” — either you like the item so much that you keep it even without using or you gift/sell/dispose of an item if you’re not using it

    1. thats a great Mantra !

  11. Dhruv says:

    Sir,
    Is it correct that this time the income tax return filing can’t possible with offline i.e. Downloading Excel sheet and uploading in xml. ? Because when I have logged in, I found that ITR -1 can only be uploaded with online application of “E – Utility – Online”.

    1. Not very sure on this .

  12. mfashiv says:

    There is a club by name “Rainbow club” in Malleshwaram, Bangalore where one can borrow books, CDs and Toys for a nominal rent. This really helps in avoiding buying new toys every now and then.

    1. Thanks for sharing that ! . It was a great information

  13. Gupta says:

    My son is learning Table Tennis and he wants to prepare for school tournaments. Please let me know whether the Table Tennis board is in good condition and whether the same can be shipped to Hyderabad. Please email me with more details.

  14. Harish says:

    Can I buy that Table Tennis? 🙂

    1. Nandish says:

      Want to give one more chance to myself to use table and so not willing to sell or gift at this point of time.

  15. tsashok says:

    Huge number of cloths and toys in almost all homes are lying useless. vaccum cleaner, coffee maker,microwave ovens, etc.,the list is endless..

    1. True … But people never stop to realize that 🙂 . We are all brandwashed !

      1. Nandish says:

        Manish I like the word BRANDWASHED…Amazing

        1. Thats the book name by Martin Lindstorm author of “Brandwashed” and “Buyology” . One of the best books on brands and how they use us and our psychology 🙂 ..

  16. sangita says:

    awesome article…
    I should do something about purchasing toys for my child who doesn’t even touch them after one time playing with it.

    1. Nandish says:

      Sangita, We are sailing in the same boat, My wife has located some place called tuycra where toys are available on rent. I am sure something similar must be available in your city as well. The toy library is a great way to solve this issue.

      1. sangita says:

        Thanks. I am looking out for something in Mumbai.
        Toycra seemed to be in Ahmedabad… Can you pls suggest something similar.

        1. sangita says:

          I found it 🙂

  17. Ashok says:

    This reminds me of a Budda story which would be really apt. A student monk reached to his master and asked for a replacement of his robe. His master looked at his robe and found that it was really in a terrible state and so gave him a new one. The next day, his master wanted to know what he did with his old robe and so visited the student’s room. He asked the same to his student. His student said that his blanket was in a worse condition and so used his old robe as a blanket. The master asked what did he do with the old blanket? He said that his window curtains were very old and worn out and so replaced them with the old blanket. Master asked, what did you do with old curtains? Student replied saying that he has cut them into smaller segments and used it to hold the hot utensils in kitchen. The old cloth in kitchen was not in a good shape and so he had cut them into bigger strips and used it for mop. The older mop strips were really worn out which he had cut into much smaller chunk, and used it to burn it at night as lamp. The master was much happy that his student was able to understand logic of utilization which is very basic for a happy life.

    1. Nandish Desai says:

      Awesome Story Ashok. Thanks for sharing the same with the community.

    2. m says:

      Hi Ashok,
      Interesting story. I remember reading some years back a similar story about a monk wearing a robe with patches, and that inspired me to give up purchasing clothes. I still buy a couple of formal shirts a year, but haven’t purchased t-shirts for maybe 5-6 years or more, since I read that article.
      My daughter is 11, and she often asks me whether “is this shirt older than I am”, and sometimes, the answer is yes.
      Recently, my wife sent me a statement ‘a miser is a person who dies rich’, and that made me rethink about my ways a bit. Though I still don’t purchase clothes for myself (beyond what is necessary for work, etc), I am also keen to not die as a rich miser.
      I try to have different rules for my children (my son bought a Nike and an Adidas recently), but I keep my purchases to a bare minimum.
      I also realized that I had a habit of buying books and not reading them. Some years back, I also decided to first read all the books that I have maybe over 50 which I have yet to read), before I buy more books. I’ve made progress on reading, and have also stopped buying, which I’m happy about.
      However, I do remember some impulse purchases – for example, a massage chair which we did not use for 2 years, and then gave away.It would be great to find a balance between not spending and over spending 🙂
      However, I believe this needs work, both for a miser and for a spendthrift.

      1. I purchased an induction stove some 8 months ago by paying Rs. 3000 at Big Bazaar in Davangere. There it was tested and packed. Even now it is in the packed condition.

    3. Excellent story. We should learn to use and reuse before throughing out the old stuff. Better we donate old clothes, old toys, old unused notebo0ks, pens, pencils , writing boards to poor people

  18. Bahubali says:

    Thanks Nandish for your suggestions..!

  19. Bahubali says:

    The market is “flooded” with full of products which we “tend” to buy and the products are “pushed” and people are “forced” to buy these items even if they have no money in hand (Read it as EMIs).

    Going back 15-20 years , there were very less products and options available in market and still we were enjoying the limited stuffs whatever we had.

    Even today we can live the life without 60-70% of household items but we are “enslaved” to purchase and keep everything around us.!

    “Unused item list” from my end includes :

    – Books ( which I thought to read it on holidays.. )
    – Pots for gardening ( I had planned to cultivate my hobby as gardening ..:) )

    1. Nandish Desai says:

      Bahubali books are never for sale, pass it on to your next generation. And my invitation is place your hobby on your calendar so that things start to move.

  20. Anand says:

    What are the 23 items? Where is the list?

    1. Nandish Desai says:

      Anand my list wont help you. You have to create your own list and do something about it. We have placed pictures from my list.

      nandish

      1. Anand says:

        But I can take inspiration from your list. I mean I would not buy those items then, unless I need them.

        1. Nandish Desai says:

          Anand my list is not at all inspiring, it is rather perspiring and demotivating…Please look into your life/house and make your own list that you would like to sell/use or GIFT

          Nandish

          1. Arghya says:

            Nandish, I am generally considered a miser in my peer group because I have a simple thought process of purchasing. Before buying anything, I simply ask myself, whether my parents could survive without that product (They are from the generation when the concept of EMI/credit card/debit card did not exist. They used to bring cash salary at home, and then make budget for the month)? If I figure out that they could survive without the product, then it is not required for me either. Over the years, their requirements have also changed (mom dad purchased basic mobile phones back in 2006, a revolution for them!), I have also made such changes (I have a 3K unsmart phone – serves the basic purpose of call, sms and emergency Internet access). I bought a motorcycle (wanted to purchase a Bullet but settled with Splendor Pro since I wanted to pay cash), So, I can say that almost everything that I have in the house are necessities (exception is the microwave oven, I bought that because I get migraine attack if I stand in front of the gas oven for long). I am sure there will be items in the house which are not used frequently and could have been avoided, though the value of such products will not be very high. I became a miser after a sudden awakening after I reached 30 and noticed that I have not saved anything and also that my wife was out of job for a year and we faced difficulty in managing finances since my wife was not a saver at all at that time.

            1. jayaprakash says:

              Arghya,

              You are not alone, even I’m treated as miser in my peer group and even in my family network. Every time I buy/invest I apply lot of thought process to find out whether it is justifiable or not, hence everybody thinks that I’m miser and don’t buy anything. But I’m very much happy with my behaviour because I don’t do something just because others do, but I do it only for me or my family satisfaction and make it worthy always. I’ve all necessary things in my life but none is luxury item.

  21. Revathy says:

    Same goes with me. Bought elliptical trainer a year ago but not used completely even for one month. Really need to think and make use of it soon.

    1. Nandish Desai says:

      Revathy what’s the action you are willing to take……Use it, sell it or GIFT it….choose

  22. smitha says:

    Hi,

    I can very well identify with some of it. Particularly the bicycle. But because I am very well aware of my tendency to buy things and not use it, I have found that using second-hand stuff helps reduce my expense. So when I had this grand plan of improving my fitness through cycling, I got all ready to buy a cycle. But then knowing myself, I borrowed my nephew’s old cycle, got it repaired for Rs1000 and started using it. As expected, it is now gathering dust. I now make it a point to go cycling to nearby places like shops or malls on my week-offs. That way i don’t have to set aside my time to cycle, and can use it as a means of transportation. It is the best thing to do. Whenever you feel like buying something and if you are unable to resisit, buy a second-hand stuff. It will be less expensive.

    1. I need to learn from you 🙂

    2. Anjan says:

      Same here. My biggest wasteful expense thus far has been a cycle which I imported for 35k. I made good use of it for the first 4 months when I didn’t have any job but after that its been lying unused for well over a year.

      Unfortunately the good old Chief Minister of West Bengal has banned cycles on many streets & highways of Kolkata. That has been perhaps the biggest demotivating factor to getting back on the cycle or else I could have started a cycle to work daily program 🙁

      1. Thanks for sharing that Anjan 🙂 .

Comments are closed.

Subscribe to Emails

More than 1,50,000 investors across the world trust & read Jagoinvetor articles. Subscribe for emails updates and get instant access to a free ebook.

Jagoinvestor is one of the most trusted personal finance websites which writes on various topics like financial planning, mutual funds, insurance and banking.

 

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today