Spending Hack #2: The Spending Delay Strategy
Spending Hack #2: The Spending Delay Strategy
Spending Hack #2: The Spending Delay Strategy
Ok, so you want to cut spending but the 30-day program isn’t right for you. Consider the spending delay strategy. This helps those that find ourselves making impulsive purchases, only to regret them later. The idea is to decide in advance that whenever you are faced with a purchase above a certain $ amount, you apply a delay rule you have chosen in advance.
Spending Delay Tip #1: 10/10 Rule
This is designed for everyday purchases is the 10/10 Rule. If you need to make a purchase, wait 10 minutes and think about it. If after the 10 minutes you feel like you still need the item and the item is less than $10, go ahead and get it. If the item costs more than $10, and you are still not sure, put it back.
Spending Delay Tip #2: 30-day Rule
Wait 30-days before making a purchase. During that time, do some research and consider alternatives. After 30 days reassess and you may find that you do not need to make the purchase.
Spending Delay Tip #3: Later, Later Rule
Something that has worked well for me is to think about how I will feel about this purchase:
- an hour from how
- a day from now
- a month from now and
- a year from now.
Anything that will increase your mindfulness when it comes to your spending will help you make smarter spending decisions and most importantly, help you meet your financial goals.
Durham Tech Community, for more personal finance advice or tips, email me at chapmanl@durhamtech.edu
Larry is the Financial Coach at Durham Tech, providing individual coaching services and information to the students and employees of the Durham Tech community.