Do Yourself a Favor: Stop Upgrading    

                 

Think about the last time you were prompted to upgrade something in your life. I’m not talking about the teenager at the concession stand asking if you want to upgrade to a large popcorn. I’m talking about an Instagram post that suggested the only way to enjoy your vacation is with a new designer suitcase. Or the targeted ad serving you trendy vanities after you and your neighbor talked about her bathroom remodel. I’m willing to bet something like this has happened to you recently. There might even be something you own right now that you’re planning to swap out for the latest version (have you seen the new iPhone that folds?). Everything around us can feel like it’s telling us we need something newer and better. Fashion trends come and go in only a few weeks thanks to social media. We’re being trained to get tired of the things we own faster. But before you check out because this sounds so extreme, hear me say: An upgrade isn’t automatically a bad thing. It’s automatically upgrading that will get you in trouble.

It starts with something simple like your phone. Everybody upgrades their phone — it’s normal! Next, maybe it’s your watch. They came out with a new version and you’re doing a half-marathon (good for you, it wasn’t for me) next month, so it makes sense to upgrade. Then it’s your clothes. You notice all the fitness influencers you follow are wearing Alo, not Lululemon anymore, so … guess it’s time to update! You can see where this is going. Insert whatever you see on social media, in your friends’ lives or your neighbors’ driveways: cars, houses, clothes, appliances, technology, jewelry. None of these decisions feels big on its own (well, a car and house are biggies). But add them up over a few years, and you’ve spent tens if not hundreds of thousands of dollars chasing a feeling instead of building actual wealth.

There’s a reason why we get sucked into these patterns. You get a high from a new purchase, and then two weeks later, that shiny new thing is just … your thing. The excitement wears off, and suddenly you’re scrolling for the next thing that’ll make life feel fun again. And listen, I’m a spender. I love nice things. (Been there, done that with the designer suitcase. Not worth it! My Amazon ones work just fine.)

But the more often you repeat this cycle, the faster it picks up steam.

And there’s another factor: The bar keeps moving. We upgrade once and feel like we’ve caught up to everyone. But pretty quickly, someone else upgrades again, and you’re right back to feeling behind.

Part of the problem is that we’re seeing more of everyone else’s upgrades than we ever used to. It’s not just the neighbor’s driveway anymore. It’s scrolling through your phone at 10 o’clock at night watching someone else’s remodel, vacation or closet makeover. You’re not just keeping up with the Joneses next door. You’re keeping up with strangers on the internet who edited their life before they posted it. And trying to do that is not only exhausting, it’s expensive.

Upgrades cost you more than the money you spend on them. They steal cash you could have spent chasing your goals. Think about your financial goals — things like getting out of debt, building an emergency fund, paying off your house and investing for retirement. Every time you upgrade without a good reason, you’re missing out on the peace of being debt-free or the joy of owning your own home or whatever your goal is.

Sometimes the best thing you can do for your money is learn to be okay with what you have. Now don’t get me wrong. Contentment isn’t being fake with yourself. It’s not telling yourself you don’t want nice things or pretending you don’t notice the new SUV. Contentment is deciding that what you have right now is enough while you work toward your goals.

And remember: Upgrading isn’t the enemy — mindless upgrading is. If your car is costing more to repair than it’s worth, it’s probably time to upgrade. If you budgeted for that new watch and it’s your reward for months of training and discipline, then that’s not a mindless upgrade. That’s intentional spending. What I’m here to warn you about is slipping into a pattern that starts with little decisions that are no big deal, and then before you know it, it’s turned into lifestyle creep.

Think back to that upgrade you want. Whatever it is, ask yourself if what you have still works. If it does, I challenge you to think about why you feel the need to buy a new one. If the answer is something like you saw it on Instagram or a friend just got a new one, don’t do it. Keep what you’ve got and put that money toward a goal that you chose — not something you didn’t even want until someone else made you feel like you needed it.