If you recognize your impulse buying habit, or just want a new approach to finding ways to save more money, try out this trick.
You don’t have to wait an entire month in every case, but the waiting period exists to confirm that you’re in it for the long haul – whatever you’re shopping for is something you really really want.
This rule doesn’t apply to bills or groceries, but can be useful for about everything else. It’s even a great tool to help teach your kids about responsibility when it comes to money.
So, let’s say you’re loving that new pair of heels you always see in the window of that cute boutique downtown. That new e-reader could come in pretty handy on your next beach trip. Or, your husband could really use a new pair of sunglasses!
The latest can’t-live-without item in your life is probably one you can actually do without, and pretty painlessly at that. When you actually start thinking about your potential splurge, you might come to realize that there’s nothing wrong with the 20 pairs of heels you already have and don’t wear as much as you originally intended. You probably won’t have much time for that e-reader now that you think about it – playing with the kids and hanging out with friends and family. And, your husband already has a pair of shades that he really loves.
Those items that are fantastic at first sight might fade in importance in your mind after the first day or so. If you’re still dwelling on them in a week, or month down the road then, and if you can fit them into your budget, go for it!
The waiting period just gives you a chance to confirm the purchase’s importance in your life and logic to justify the buy.
Just something to keep in mind when you’re on your next shopping excursion!