Spend Less Money with Patience

by David Ning · 5 comments

Once in a while, we read an article that asks us to sell what we don’t need. The benefits are obvious because we can get some cash for the items that are otherwise sitting in our house and taking up space. While this is great advice, perhaps an even better one is for us to stop buying anything that we don’t need in the first place.

Now, I know how hard this is as I’m a victim of impulse buying too. We tell ourselves how much we really need that particular item and eventually we end up taking it home. So for those having difficulty controlling themselves, try these two tactics.

Setup a Buy Period of the Month
When I really want something, I will tell myself over and over again why I want to take the item home and why owning it is so important. I will go to a store and look at the actual merchandise, and I will end up really wanting to pull my credit card out. Therefore, I’ve created a rule for myself where I’m only able to buy things over $75 on the first 7 days of the month.

I was amazed at how effective this strategy is because once I let the decision sit for a few weeks, the urge to spend subsides. What’s even more amazing is now that I know I can only buy in the first 7 days, I can usually get through the wait period even if I wanted something during the first 7 days to give myself more time to think about the decision.

Buy On Sale or with Coupons Only
Some items are on sale constantly while others can be bought at a store that always issues coupons. Whenever I want to buy something that I know can be bought at a cheaper cost than what’s listed, I tell myself to wait until I see a coupon or sale from the store that carries the product. As with the beginning of the month rule, the idea is for me to wait. Once I wait a few weeks, I usually don’t want to buy it anymore. If I still end up making the purchase, it is much more likely that I will actually put whatever I’m buying in good use.

As you can probably tell, both these tactics help because they require me to wait. Once I can last a few weeks without the item I want to buy, the time I spent dreaming about ownership lessens and my desire for buying it decreases. This gives me much more time to determine whether it’s a real need or just a want, and the end result is that I keep more of my hard earned money.

Editor's Note: Did you know about the service called $5 meal plans? For $5 a month, they send you recipes of delicious, healthy, yet cheap food that costs just $5 a meal.

Several of my friends signed up and they are able to eat at home more because the instructions are easy to follow, making everything convenient. The deal also comes with grocery shopping lists, which saves them so much time. Check it out yourself by clicking here and you too may be able to save more and become healthier at the same time.

Money Saving Tip: An incredibly effective way to save more is to reduce your monthly Internet and TV costs. Click here for the current Verizon FiOS promotion codes and promos to see if you can save more money every month from now on.

{ read the comments below or add one }

  • My wife and I do the coupon thing. There’s only a couple stores we buy from, and those stores all send coupons regularly in the mail. So if we or the girls need new clothes or somthing, we wait until some “20% off everything” coupon shows up in our mailbox. None of us are allowed to buy anything w/o such a coupon. It’s great for making us wait and re-think purchases, and if we do decide that we really need something, then we get X% off, every time!

  • marci says:

    If it’s over $100 item, it goes on a list inside my cupboard door. If it’s still on the list in a year, I will buy it. That gives me plenty of time to think about whether I really need it and really want to spend that much on it.

    And yes – I’m cash only.

    Sometimes during that year, I will find one at a quarter of the cost, or less, at a garage sale and I’ll allow myself to buy it then. And sometimes, family or friends have a spare one they are parting with. Getting the word out that you are looking for something specific helpsalso. As does freecycle sometimes 🙂

  • Mary says:

    I agree. Use cash only.

  • Shannon Christman says:

    I have waited for sales/coupons but have never limited purchases to a certain time of the month. That’s a good idea.
    It might also be helpful to limit the number of times you go to the store each month, so that you aren’t tempted by the merchandise as often.

  • Greg Robey says:

    One technique my wife and use is to only use cash. While we have credit cards we rarely use them. When you use cash it hurts more to spend and thus keeps us from overspending.

    Hope this helps.
    Greg

Leave a Comment