You can’t buy what you don’t know about
Posted on May 31, 2007
Filed Under Finance
The biggest problem that most Americans in terms of their finances is that they cannot control their spending. They say that it’s not what you earn, it’s what you spend, and to a degree, that is true. There are countless stories out there of folks with low-paying occupations that ended up with a huge stash through diligent spending.
Nearly everyone has a spending weakness. Guys love fancy cars. Chicks love purses. Guys need big screen TVs. Chicks need shoes. I have an affinity for timepieces, which is the word used for an expensive watch. There was a time that I had four timepieces. Which is silly, considering I only have two wrists.
There are simple ways to regain power over your spending weakness. Step one - Don’t Go Shopping. Duh. Don’t look into the windows. Don’t accompany a friend with the thought that you are “just looking.” Once you are in the environment, you are bombarded with literally thousands of messages strategically designed to separate you from your money. So don’t put yourself at that disadvantage by being in their home field.
If you do end up shopping, go to Step two – Buy it Later. If your thought process is that you can always return it, you will end up buying it now and most likely, keeping it. That’s because it’s more inconvenient for you to bring it back than to live with it. So, change your mental perspective. If you really want it, you will buy it later. (Stores cleverly create a sense of urgency by having a sale for “today only.” Be strong.) This will stop you from impulse buying and it will instead make it inconvenient for you to go back and get it. If 24 hours later, you aren’t dying to make that purchase, you’ve just saved your money.
Lastly – Don’t Keep Catalogs. I used to receive all kinds of catalogs and brochures from watch manufacturers and jewelry stores because they pegged me as a good customer. Don’t let these marketers invade your home field! Every minute that catalog sits on your coffee table is another minute that advertisement message is working against you. Don’t flip through it. Don’t even look at the cover. Throw them out and cancel them.
I’ve had the same timepiece now for four years, with no desire to replace it.
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There have been tons of things I have wanted to buy and just left them on the shelf instead. It is tough though. I bought some stuff this weekend that I didn’t need but I wanted them.
I have a tendency to procrastinate, but in shopping it is a plus instead of a minus. If I only had a penny for every item I carried around the store but then left without purchasing I would be a rich man.