Welcome back to another edition of Simple Savings Sunday! I hope everyone is having a great weekend so far. Also, I want to wish all the fathers out there a happy Father’s Day! I plan on relaxing, eating good food, spending time with my family, and having a few adult beverages. I truly love being a dad and wouldn’t change it for the world. There is nothing better than watching your child grow up. That being said, my child is becoming a spitting image of me, so I have to apologize to my parents :).
Alright, let me get back to what I was going to talk about in this simple savings Sunday. This week is going to be dealing with how you can handle purchases. This is a method that I have used in the past and it works really well. The best part is that it costs you nothing. This technique is called the “sleep on it” purchase method. I use this method exclusively when I’m purchasing something over $100. I might even “sleep on it” for a number of nights depending on the cost. Let me explain in more detail.
The “Sleep On It” Purchase Method
I started using this “sleep on it” method when I noticed that I was making too many impulse purchases. It was affecting how I was making decisions and how much money was in my bank account. I used to purchase stuff that I never needed, nor did I really want. It was just something that caught my eye and I went with it. There are probably only a few of my impulse purchases that I actually still have around. Everything else has been sold or given away.
Related: The Impulse Purchase Savings Plan
The “sleep on it” purchase method is simply something that I have enacted with any purchase over $100. That is just my personal threshold, but you can change it to your needs. It all boils down to how much you mind spending without thinking about it. With this method, if you find something that you want, then you have to wait before you purchase it. My time frame is at least 24 hours. This is where the “sleep on it” part came from. If I wake up and the next day I still have the same desire to make the purchase, then I will usually go through with it.
This method can be disrupted when there is a special sale going on. If I have a coupon that is about to expire or a cash back deal, then my “sleep on it” method gets messed up. I try to account for such things, but there are flash sales that happen often an sometimes you just have to pull the trigger. There is a fine line between rationalizing and losing out on a good deal because you can’t make a decision.
I do have some variations with the plan, but that only comes into play with the price of the item. I add more hours depending on the purchase price. I like taking my time to think about the purchase before I make a rash decision. Impulse purchases can destroy your finances and I don’t have time for that. By just taking a night to sleep on the purchase idea, it gives me a better perspective. I have found that when I step back from a potential purchase, then my brain can think clearly and I can push my emotions out of the decision.
The best part about this method is that it really does work for me. About nine times out of ten, my original decision to purchase the item is overruled by me stepping back and using logic. I have rarely bought anything over my threshold without thinking deeply about it. As I said, this is not a hard method to implement, but you have to be willing to go through with it. We all want to give into our emotions at some point, but just remember your financial goals.
As I indicated, this is a pretty easy method to use. It can really help you reign in your impulse spending, but also make better overall purchase decisions. Do you already use something like this? Does it work well for you or do you still have overwhelming temptation to spend?
I hope you all have a wonderful weekend and make sure you use this method before you drop a bunch of cash. Even better yet, make sure you understand if the purchase is a want or a need!
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