I have a habit of attaching catchy phrases to situations in my life where decisions are required. These little phrases help me stay on track without having to over think my decision.
5 Words That Have Saved Me Thousands of Dollars…
“Did I need it yesterday?” is the catch phrase I use most often when faced with a small purchase decisions. It’s easy to remember, simple to use, and 100% effective at keeping me from buying things I don’t need.
I don’t know about you, but I really don’t like the feeling of buying something and later realizing it was a waste of money. Truthfully, I regret the small useless purchases as well as the larger ones.
I look at that $4 I spent unnecessarily at Starbucks and see thousands that I spent the same way over the years because, at the time, $4 didn’t seem like a big deal. But it really adds up.
How Do You Implement This Strategy?
1) When faced with a purchase decision at the store, ask yourself, “Did I need it yesterday?”
2) If the answer is no, walk away without regret.
3) If the answer is yes, then ask yourself if you will be getting a good deal and if this is the time to make the purchase.
Whether or not you ultimately end up purchasing the item, you’ll know that you only considered purchasing something you truly needed instead of buying on a whim.
Using “Did I Need It Yesterday” on Different Types of Purchases
With non-grocery items, the answer almost always IS no. ;) At the grocery store, I turn that question into, “Will I use this for a meal this week or next?” And the only way around that answer being No is whether or not I am getting a great deal and adding to my pantry/freezer stockpile.
This tactic can actually help you make a decision to not go to the mall to shop “just because.” If you can’t of anything specific you needed yesterday, then the simple solution to save you from spending money unnecessarily is to not go to the mall and do something else with your time.
Do you think this strategy could work for you? Do you use similar catch phrases to help you stick to your goals? If so, please share by leaving a comment below!
Control Your Inner Child: Needs vs Wants – In this post, Brent Pittman from OnTargetCoach explains why a little “mad money” might be just what you need to keep your budgeting goals on track.