I’ve never been one to budget every last cent, and I’ve never been on a spending diet. Most of the time, I’m content to make sure my goals are being met each month and then I spend whatever’s left.
Lately, though, I’ve noticed my old habit of just buying something because I can is creeping up. I mostly stay away from impulse purchases, but when I look back over my spending for the month, I see that they are making something of a comeback.
So I’m trying something new. I’m trying the waiting period. So far, I like it.
What is a Spending Waiting Period?
The idea behind a spending waiting period is to avoid buying something until after a pre-determined amount of time has passed. You might impose a 14 day period on yourself, or decide to aim for a 30 day waiting period. I’ve instituted a 21 day waiting period because three weeks seems like a long enough time for me to cool off on whatever it is I have a burning desire to buy. Before I make a purchase, I wait 21 days and if I still feel like the purchase is a good idea, I’ll go ahead and pull the trigger.
So far, I’ve managed to avoid pretty much any unnecessary spending for the month.
How a Waiting Period Helps You Save Money
One of the biggest problems with spending is that you often end up buying items you don’t really care about nor help you reach any short-term and long-term goals. As a result of buying too much on impulse, you might not be spending money according to your priorities…
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