I found a really cool article the other day and I’d like to share. It’s a very simple plan to help control impulse purchases. I know I’m guilty of making them. Unfortunately, my credit card balances reflect my impulse buys.
Lets say something you are wanting to purchase costs $100. If you followed the plan, you would have to put off the purchase for one whole day and during that time research the item and look around online to see if you can find a better price and read product reviews. After a day of cooling off if you still think you need the item, it’s a wise purchase, and it’s within your budget then go ahead and make the buy.
If the item you are considering purchasing costs $1,000 then you’d put off the purchase for 10 days.
Right now my budget doesn’t really allow for any purchases, other than everyday needs. I’m in a very tight spot financially. I still LOVE the idea of putting off purchases and giving myself a much needed cooling off time. I’ll be applying this same strategy but in $20 increments.
If you are interested in reading the whole article you can find it here.
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DebtDieter 05.19.08 at 12:41 pm
That was a great article wasn’t it? I confess I’ve been using that advice myself ever since I read it.
Not long now until I can buy my new bedroom furniture! *lol*