Are you panic-buying an iPhone, Mac, or electronic devices in general? Has the latest wave of economic news got you stocking up on toilet paper and other essentials? While this seems like a reasonable thing to do given the uncertainty of our times, it may not be the smart move you think it is. Below, I discuss my thoughts on the current economic climate while providing some insight as to why now may not be the time to panic-buy certain items.
Check Please! Why People May Be Panic-Buying in the First Place
You may have noticed in recent weeks that things have become rather spicy. Apple stock, along with the rest of the market, is rapidly declining. With Apple alone losing $638 billion in a matter of days, it feels like things are heading south, and fast. During times like these, it may seem like the appropriate response is to panic. After all, it was barely five years ago when we all may have felt a similar feeling during the beginning days of COVID-19.
If you were there, you likely remember the early days of lockdowns. I still think back to when Ohio first experienced the shutdown, and I remember all the news articles about folks panic buying toilet paper. Due to recent news about tariffs, it seems history is repeating itself as scores of individuals flocked to Apple Stores to purchase new iPhones over the weekend.
With the threat of iPhone prices increasing 50%, and with Apple not entirely sure how to respond to customers when asked about future pricing, it would be easy to think that rushing out and making a large purchase is the right move.
On paper, it makes sense. Prices are likely to go up in the future, so why not get in on the action now? Smoke ’em while you got ’em, as they say. Heck, I’ll admit even the threat of tariffs is what twisted my arm to purchase the new M4 MacBook Air.
However, while things may seem bleak and dour, it’s not time to panic. . . just yet.
Keeping it Together During Economic Uncertainty
If extreme economic uncertainty has you stressed, that’s a valid feeling. However, that only means that it’s now more important than ever to do your best to see things logically and with clarity. While this may be easy for me to say as I’m a single dude with no children, doing anything in a panic is rarely wise. This is especially true for money and your finances.
Essentially, it’s more important than ever to ensure that you’re living within your means. When I did make my large MacBook purchase, I made sure to save for it over a period of months. I knew I was going to need a new laptop sooner or later, so the price of the Air and the threat of tariffs made it seem like a win.
So while it may have been a little smarter getting an M3 MacBook that was on sale, I still decided to go new because that’s what I wanted and could afford. I’m also aware that it may be the last new electronic I get to buy for a while.
If you can afford your purchase right now, then that’s great! Enjoy your new device. There’s nothing wrong with a bit of planning ahead–especially as things are uncertain. What I really want to emphasize is the ‘panic’ in ‘panic-buying,’ as that often means spending foolishly and erratically. If things seem hopeless right now, then spending outside of your means is only going to worsen your own situation.
Stay Frugal, Stay Smart: Why Panic-Buying Won’t Help
Though things may seem bleak for a lot of people, staying smart and active is one of the best ways to survive any economic hardship you may endure. While this may seem like a challenge, it’s not impossible. As someone who has to budget their money and expenses, I know it can suck, but buying things out of panic isn’t a solution.
Even though things seem highly uncertain right now, it can’t possibly stay that way forever. At least, it’s better to try and remain optimistic. While I’m no economist, I am someone who has to live within their means, and I want to remind folks that it does get better. If you want to buy a new device right now and have the means to do so, then go for it. But don’t let the threat of tariffs motivate your decision too much, and remember that the second-hand market will likely grow (for better or for worse).
It’s hard, and it sucks. Stay frugal, stay smart, and stay vigilant. You will survive this.