08 January 2009

Tip of the Day January 8, 2009

Budget Buster No. 2 - The Impulse Buy

We all get them - impulses that make us reach out and pick up the chocolate or pair of shoes or even buy a new car. That sudden and unexplained craving that makes you just have to have whatever. One of the best ways to overcome these impulse tendencies is the $100/24 Hour Rule. It's quite simple: if the thing that catches your eye, that you just have to have, costs more than $100 then you wait 24 hours before buying it. You can adapt the rule to any amount: for lesser valued items perhaps wait 2 hours. If, after this time, you still want it, need it and have the cash to pay for it without hurting your budget then go ahead and buy it. I think you'll find that after waiting, even as little as 2 hours, you'll decide you don't really want or need it after all and keep your money.

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