May 6, 2008
$100 a day rule helps prevent impulse spending
No Credit Needed has a tip for impulse buyers who are trying to spend less - impose a cooling-off period on yourself: for every $100 that the impulse buy will cost you, wait 1 day and then decide whether you still want to buy it.
I like the potential of the $100 a day rule. It’s similar to the want vs. need tip that I read about a few months ago, i.e. spenders like me and my wife need to ignore our impulses and think more carefully about why the item in question will improve our life.
Right now we’re in the middle of planning a holiday … I think we’ll give this rule a try on that and see what happens. Maybe it won’t work because a holiday isn’t an impulse buy? (Maybe it won’t work because a $3,000 holiday means waiting 30 days - I already know I need a holiday).
