Help yourself stick to your budget and save money by creating your own standards about how and when to spend money. It’s important to set spending standards that work for your life – only you can truly know how long you should wait to spend over a certain amount of money. But even waiting a day to spend more than $20 or $50 (again, depending on your budget and lifestyle) will add up quickly to more savings.
For larger purchases or luxury goods, waiting 30 days will give you the time to fully review whether you want to buy the item – as well as HOW.
The grace period will give you time to:
Research that item and similar item
Check product reviews
Ask friends and family about their experiences and opinions
Shop around for the best price
All of these are important, as you want to know you’re getting the best item you can at the lowest price it is available for. But the time gap will also delay you from buying an item you think you want just because it’s on sale. (Who hasn’t been there? So thankful I got that ‘amazing’ pair of too tight shoes on sale.)
To make sure you really want the purchase during that time, write down what the item or service is, where you found it for sale, the price and the date on a piece of paper; then put the note on the fridge or somewhere regularly visible to you. When you see the note, think about whether you would have used the purchase that day and what value it would or would not have brought you.
If you still want it after 30 days and found a way to fit it into your budget, you’ll be even more appreciative of getting it after waiting.
Set your own spending standards and see how quickly it can help improve your finances.