Happy Saturday! Another short post today, but I think it’s a valuable lesson. Pretty much everyone makes impulse purchases from time to time. In fact, according to a 2019 study, American’s make up to 156 impulse purchases each year, spending up to $5,400 over the course of just a year. That’s a lot.
I’m by no means perfect either — in fact, I’m probably worse than a lot of people. It’s easy for me to make impulse purchases both personally and from a business side of things as well.
I’ve found a simple solution to this problem. I wait 48 hours before pulling the trigger. Of course, there are some exceptions to this rule; one is books – in reality, I’ve pretty much always followed this rule because I’ll stock-pile 10 or 15 in my cart and buy them all at once, but that still is an exception. Another is if I’ve used the service/product previously and have a need for it now, or simply have a great relationship with the vendor. And, of course, if it’s an item like food, I’m not going to wait 48 hours to purchase it.
From time to time, I still struggle with this, but I find myself saving a lot of money and finding low-cost workarounds that sometimes work out even better. I’d encourage you to give it a try and be sure to find someone to hold you accountable to make sure you’re staying on track.