I was telling my friend about a laptop I saw for a really great price. “But do we NEED another laptop?”
I think I always need just one more tool to work on. He came up with a great idea.
Set aside the money that I need for the item – the laptop, the new shirt, a new piece of furniture, what ever it might be. Then wait. That’s all that needs to be done to save big bucks each year. One month later, if the item is still needed or wanted then make the purchase. If the item is NOT still needed or wanted then put all of that money into a savings account.
It is amazing to think that following one simple guideline can save you money but it can. Not only will it save money but it will help you make better decisions about how to utilize the money that you do spend.
The next time that you want to make a purchase, set the money aside and just wait. You will be thrilled with all of the funds that you end up with at the end of the year.
Delayed gratification is one of the way the wise accumulate wealth. The author of Rich Dad, Poor Dad said that whenever he wanted some new item, instead of burning through the dollars to buy it, he would instead invest in something that gave him a return (dividends, sles proceeds etc.) and those new funds would be used to buy whatever he wanted. Smart.
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