12 July 2013

The $100/24 Hour Rule

There’s absolutely no reason to deny yourself something that you really want and/or need if you can afford it. It’s when you can’t afford it that you need to stop, think and come up with a plan.

The $100/24 Hour rule is so good if you’re tempted to buy something: if it’s more than $100, wait 24 hours before buying it. Then, if you still need it or really want it, think about how you can afford to get it. Do you have the cash on hand? Will you need to borrow from the budget? Will you have to go into debt to buy it (credit cards, store loans etc.)? Can you raise the money to buy it (overtime, garage sale, use birthday money etc.)?

Most of the time you’ve changed your mind, realized you don’t really even like it or just plain can’t be bothered going back to the shop to get it! You’ve just saved yourself a couple year worth of debt re-payments!

And I bet you don’t feel deprived either!

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1 comment:

  1. Great advise. Spur of the moment decision are not usually the best idea.
    Blessings Gail


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