While writing about delaying gratification to save money, it got me thinking about another saving strategy that we use on a day to day basis which helps on those instant gratification urges while shopping.
Frugal Tip: While shopping, before buying something over $100 (or whatever your budget allows), make sure to wait 24 hrs to think it over. More often than not, after you sleep on it, you’ll discover that you don’t “need” the indulgence after all.
One of the largest budget busters is spontaneous buying. It can happen to any of us while we are shopping and it’s what gives retailers their fat profit margins. Ever wonder why the pharmacy is located in the back of the store? Or why you have to walk through the entire store before getting to the sale rack? Stores are designed to convert browsers into buyers.
You can set the limit to whatever your family would consider a “budget buster”, but for us, we would notice if we were to purchase a $100+ item without planning for it first.
Just the other day, we were at Costco and there was a gadget on sale that I justified that I would need. However, since the item was over our $100 limit, I decided to think over the decision before purchasing. Low and behold, the very next day the urge to buy the gadget dissipated and I realized that I probably wouldn’t use it that often anyways.
Do you use a similar strategy when making larger purchases? If so, what is your limit before pulling back the reins?