How to save money: Let procrastination be your guide
By mbrooks on May 30, 2019
By Matthew Brooks
Financial counselors say that procrastination can help you save money. That’s right: waiting.
You know you want it today. But will you want it tomorrow? Chances are, you won’t.
The chance of you going back to buy a coveted, impulse-buy item after waiting for 24 hours is almost zero.
Here are a handful of tips to bother your conscience when you are in the store and trying to talk yourself out of buying that shiny knickknack or pretty whatsit.
Hold off the purchase
Delaying purchases, especially large purchases, can help you determine if it is a need or a want, according to financial expert Dave Ramsey.
Advertising may attempt to convince you that you need it, that your life will undeniably improved with their product, but will it?
You have survived this far without it. Think about it for a day or two.
If you eliminate impulse purchases you will see how quickly a dollar turns into an emergency fund.
Hold on to what you have
How long can you make your smartphone last? Can you repair a piece of clothing?
Delay making a purchase until what you already have is not working well. This is a more long-term strategy for saving money. For example, obsolete technology that was top-of-the-line until fifteen minutes ago.
Purchasing a smartphone every three years over a ten-year period instead of every two years is like getting a smartphone for free.
Besides, think of all the time you’ll save not learning how to use the new knickknack.
Find a better deal
If it isn’t on sale this week, it might be next week. If doesn’t go on sale, you may want reconsider if buying it at full price is a smart move for you.
An impulse purchase is an unplanned purchase, which Dave Ramsey recommends not doing.
Planning a purchase is an opportunity to weigh the pros and cons of that purchase. Many purchases, like a car, bring even more costs with it.
Pay in cash
Waiting until you can make the purchase until the day you can buy it in cash may help you save.
When enough money is saved, you may realize the thing that you wanted is not worth the effort and sacrifice it took to save up enough money to pay for it in cash.