How To Save Thousands in 24 Hours

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Quote

“You’re never more prone to making a big mistake than right after big win." - Scott Galloway

How To Save Thousands In 24 Hours

Saving money.

We all know we need to save, but some are just better at it than others.

Whether you think you are a legendary saver, or admit to spending a little too much sometimes, here is one habit that has saved me thousands in just 24 hours.

The Temptation

We’ve all been there…

Scrolling through Amazon, strolling through Target, browsing the aisles of Bass Pro Shops (for my rednecks out there).

When suddenly, something catches your eye.

You feel that itch. The desire that you need it right now. Your good financial habits are blinded by the thought of you having that new polo on the golf course, landing that fish on the new rod, or using that power tool to build your newest project.

In your head you think “it was meant to be.”

News flash, it’s not. You’ve most likely fell prey to great marketing, or just your own desires.

Here’s how to beat it.

The Wait

The first step to this working is realizing that you are about to make an impulse purchase. If you can’t do that, your spending is likely a dumpster fire anyways.

Once you recognize “hey I’m about to buy this out of no where” take a chill pill and follow this rule.

Force yourself to wait for 24 hours, then decide if you still want to purchase said item.

If you are spending a ton of money, you can extend this out a few days, a week, heck even a month if needed.

The important part is just pause. You’ll survive another 24 hours.

(if not…then I guess it’s okay to buy)

The Benefit

Doing this has easily saved me thousands of dollars in impulse buys.

The extra time gives you a chance to think about the purchase and determine if it was really a need, or just a nice-to-have. (If you need help with this here is a recent post with the three question formula to determine needs vs wants.)

Sure, you might come back a day later and feel the same. Good. Go ahead and spend the money.

Conclusion

I’d give this tactic a success rate around 50% from my experience.

Success meaning after I waited at least 24 hours I no longer had the burning desire to rush and buy that “must have” item. Results will vary based on your spending habits, and if you have an ounce of self control in your body.

But…I’m assuming you do. After all, you are a Chump Change reader and we know how to handle our money.

Till next time my dawg. ~ Cade

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Best Memes

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Nothing in this email is intended to serve as financial advice. Do your own research. Thanks for reading, if you have any questions, comments, suggestions, etc. about the email don’t hesitate to send me a reply.