Researching (and Delaying) to get Rid of Impulse Purchases
Often times I think I need to buy something but it is simply an impulse and not something that I really have to have. I have found one of the best ways to deal with these emotional purchases is simply to research over a long period of time and discuss the purchase with friends or family. In addition to getting feedback you also delay the purchase. If I put it off long enough I normally realize that I don’t need it or am able to convince myself to use the money for something more important. This is probably one of the best money saving tips. Or at least one that will help you to accumulate less useless crap.
One great example of this was last year. My car was having a lot of problems and I was considering buying a new one. The car had been having no problems for a long time and it definitely had some good years left of use before it would be prudent to buy another. But I really wanted a new one and had enough saved for a decent down payment from working during the summer. Luckily, I delayed and procrastinated in following through. First, I did lots of research into what cars I would be interested in. I also looked into prices and best ways of reducing the purchase price, etc. And sometime in between mentioned it to friends and family, all of whom didn’t think I needed a new one. By this time my car was back to working fine and I had realized it would be really foolish to spend that much money. I instead decided to save it and eventually used it to open a Roth IRA.
Another great example is earlier this year when I had a desire for a really nice plasma or LCD HDTV. I don’t watch that much TV and I don’t recall what got me interested in one but I had to have one. Well, again, I started doing research and looking online at different models and features to decide which one would be best. I also thought about how to buy one to future proof it as much as possible to avoid it being outdated or needing to upgrade too soon. When I mentioned the idea to friends most of them countered that I didn’t even watch much TV so why would I want to spend a lot of money on one.
Eventually I not only gave up on the idea, but did a 180 and sold my current TV and have gone without my own personal one for several months now. So not only did I save money but time as well.
So instead of a lot of debt for items I didn’t really need, I ended up with a retirement account with a very good starting amount in it.
Have some great ways of saving money? There is a great list of the very best money saving tips forming.
July 25th, 2006 at 10:44 pm
Am wondering what you would have bought after doing all that research…considering buying a 42″ Panasonic or Hitachi plasma, given the price and image quality for movies. Panasonic’s been really highly rated but Hitachi looks great in the stores and has gotten good reviews as well.
July 26th, 2006 at 11:58 am
I kind of trick myself like my parents did when I was a little kid because I have this bad habit of getting my heart set on buying something for really no good reason whatsoever. They would make me save up all the money first, or wait for a birthday or something, because I didn’t get an allowance. Now I wait until I get some unexpected money, which since it is unexpected might take a while. =)
July 26th, 2006 at 1:26 pm
I’m not sure what I would have gotten to tell you the truth. I realized I didn’t really need one before I made a final decision. I’d prefer to view my final choices in a store before purchasing it. If that’s not an option I would definitely search out reviews online, especially from sources that appear to have no bias or reason to rate one way or another.
And yea, those tricks our parents did sometimes work
I have been trying to come up with a good way to “punish” myself when I buy something I don’t need or do something dumb financially but haven’t thought of anything good yet.
July 26th, 2006 at 3:44 pm
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July 31st, 2006 at 1:55 am
Carnival of Debt Reduction #46…
Thanks to eberyone who submitted an article to the latest Carnival of Debt Reduction. For those interested in participating or hosting, see the guidelines and schedule. Continue reading for this week’s submissions.
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Steve Faber prese…
August 5th, 2006 at 5:39 am
Although a bit different, delaying can also have the opposite effect. If something really needs to get fixed or maintained, not getting it done right away can result in a lot more cost down the road.
August 7th, 2006 at 3:58 pm
Good point. It’s a good idea when trying to decide if you really need that big screen television but bad one if say something on your car is broken.
August 7th, 2006 at 9:45 pm
34th Festival of Frugality…
I messed up in scheduling this week’s Festival of Frugality, it’s been a busy last few weeks so I apologize for that, so I’ll be hosting this week’s (not Punny Money, he’s next week). Unfortunately, because I realized this…
January 16th, 2007 at 7:08 pm
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May 13th, 2007 at 12:18 pm
[…] Defer gratification. Credit card debt is rampant in the United States. Why not wait and buy with cash savings? […]
June 12th, 2007 at 8:49 pm
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