Are You Aware of Your Deflationary Consumption?
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Picture this:
A few months ago, you were liberally applying from your new tube of toothpaste. Today, you realize that the tube is running low so you become a little more conservative. Soon, you are curling the length of the tube to squeeze out any amount of toothpaste you can get out of it.
That is a classic example of deflationary consumption.
Deflationary consumption: you use less as supply decreases.
More Value in Less
It crossed my mind as I found myself drinking a can of soda. After opening the drink, I’d be taking gulps. And once there was little left, I’d be sipping it slowly to preserve what I have left.
This behavior follows the basic law of economics – as supply drops, demand increases.
You still have to brush your teeth with some toothpaste, no matter how little there may be. Afterwards, you look back and wonder why you used it so unsparingly. But, when a new tube comes in, that thought goes out the window as you squeeze out more in one day with a fresh tube than what you used in five days with a nearly empty tube.
Simply put, everything becomes more precious when there is less of it. Time is an asset that we will have less and less of. To an ill person with a week left to live, those 7 days hold an incalculable amount of value.
Habits, Habits, Habits
The fix for deflationary consumption comes back to habits. That’s always been a key to success, no matter what the goal may be.
The essential step to curbing deflationary consumption is awareness. After realizing that I drank the first half of a can of soda within 5 seconds, I’ve become quite cognizant of this habit – and began sipping my sodas conservatively from the start. Once becoming aware, I began changing my habits. This realization is effective in influencing other areas of consumption:
- Toiletries (e.g. shaving gel, body wash, shampoo)
- Food (e.g. everything!)
- Office supplies (e.g. printer ink, Post-It notes)
- Services (e.g. cell phone minutes, gym membership)
Hopefully, this may set off an alarm in your head to see if you are also suffering from a case of deflationary consumption.
Soon, you’ll start using the appropriate pea-sized amount of toothpaste from now on when brushing your teeth.
(Photo credit: dolapo)
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Khaleef @ KNS Financial said:
I do this all the time! I told my wife that when we buy milk it is almost gone within the first couple of days. Then we manage to keep 1/2 cup of it for the next week until we buy more!
If we train ourselves to behave like we do when their is scarcity, we’d have much less waste!
October 1st, 2010 at 7:24 pm
