52 Money Save Ways, Week 4: Practice the Waiting Game
Welcome back to another weekly “Money Save Way” tip. This series of tips is to accompany the 52 week money challenge in order to help you not only save money during the challenge, but help you find ways to change your spending so you can save money all around!
If you are new to this series, you can find previous weeks here and more information about the 52 Week Money Challenge here. If you are following along, you should put $4 into savings this week or $49 if you are doing it in reverse.
This week’s tip: Practice the Waiting Game
The waiting game is simply a tactic to avoid spending money on impulse buys. It allows your brain to make the adjustment from a rush of excitement over something you think you have to have that is on sale or that you simply saw in a store to reasoning, “Do I really need this?”
Many couponers know all about this rush. When we buy something, we often get a rush from it. This rush is especially big if the item was at a super discount. While shopping can be fun because of this, it can also lead to money troubles if not reigned in.
Even if you are the type of person who hates shopping, there is some satisfaction from getting a good deal on something.
So how does the waiting game help you save money? The waiting game is simply waiting it out on purchases you had not planned to make while you were out shopping. If you have ever gone to a store for one thing, planning to spend $25, and walked out after blowing $100, or even $50, you know what I am talking about.
Here is how it works:
If the item is something you did not intend to buy but is not seasonal (such as BBQ equipment, Christmas trees etc), wait a month on it. I know this sounds like a long time, but after a month, if you still want it, you should have been able to budget for it and it might actually be something you really need.
If the item is on sale for less than 2 weeks, Give yourself 3 days. If you still want it after that time, go back and get it.
If the item is only on sale until tomorrow or less than 3 days, give yourself at least overnight. This gives you time to process it. Is it something you really need? If so, go back and get it.
This strategy allows the brain to reason when it is not in a rush as well as makes it less likely for you to go back and get it because of the hassle of doing so.
Not only will you not be making impulse buys as much anymore and end up with stuff you thought you needed but didn’t, you will save yourself a lot of money. Stores are designed to make you want to impulse shop. Outsmart them with this simple rule or waiting.
Join me next week for another “Money Save Ways” tip. If you are following the 52 Week Money Challenge, you should deposit $4 into your savings this week or $49 if you are doing it in reverse.
If you missed the previous weeks, you can find the links below: