Following a budget and trying to pare back your spending? Thinking about making a spontaneous, un-budgeted purchase? If you answered yes to both of those questions, you can benefit from this short article! Read on…
There are many strategies that can help determine whether it’s something you truly want or if you’re caught in the heat of the moment, but Mrs. Sow a Dime shared one with me a few years ago that rises above the rest. Wait 30 days. That’s it—just wait! The genius of this strategy is its simplicity.
Pros to using this approach:
- No multiple-step plans; no elaborate methodologies; no advanced preparation required
- Resets your mental programming to prevent impromptu decision-making
- Forces reevaluation of the desire when you’re not standing in the store or staring at items in your online shopping cart
- Can eliminate buyer’s remorse by avoiding impulsive purchases
- Gives you a “cooling off” period to determine if the desire is real or imagined
- Helps avoid unexpected and/or unbudgeted spending
- Can be used on insignificant purchases or life’s biggest expenses (house, car, etc.)
At the end of the 30 days, if you still want to buy whatever the object is, then put it in your budget and pull the trigger! That way you’re expecting the expense from budgetary and cash flow perspectives and can plan accordingly.
Do you use other strategies when evaluating purchasing decisions? If so, feel free to share in the comments or drop me an email and let me know.