Updated: December 11, 2021
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Episode Chapters:
- 01:06: Buyer’s Remorse
- 03:29: Tip 1: Avoid Getting Tempted
- 05:30: Tip 2: Self-Check with Questions
- 10:04: Tip 3: Implement Some Spending Rules
- 14:11: Episode Break
- 15:42: Why We Buy: The Science of Shopping
- 19:09: Tip 4: Make a Needs and Wants List
- 24:44: Tip 5: Take Care of Your Finances
Excerpts and Highlights:
Do not go to the mall with a shopaholic. You’ll most likely buy something on impulse when they do.
Have an honest conversation with yourself and answer this question, “What will happen if I don’t buy this?”
Always pay in cash when buying things that you don’t really need.
Create a “wants” list and note the date whenever you add an item there. Wait 30 days before buying the item. More often than not, the desire to purchase it will be gone and you can just take the item off the list after a month.
Allocate a budget for discretionary expenses. This allows you to have a guiltless shopping experience whenever you see something you want.
Book mentioned: Why We Buy: The Science of Shopping by Paco Underhill.
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[…] For the show notes, visit my blog post here. […]
Why was I always classified as “a strange duck” by others when it came to my spending habits? I know that growing up in the home of my depression era Grandparents left an impression me that has lasted so far, my entire life. For some reason, I trained myself in such a way that my wants were to fulfil my needs. In other words, take care of business. If money ran low or ran out, I knew how to survive. The funny thing is, I can only remember a very few times in my early life where I was close to having nothing. I guess I will accept the title of FRUGAL and continue on, it has worked well.