Pennies from Heaven

ABCs of Savings: Hold Off and Have a Plan

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ABCs of Saving - Hold Off and Have a Plan

The next letter of the alphabet brings us this tip: Hold off and have a plan.

The surest way to save money in your household is not to spend it, right?  That is not necessarily what I mean when I say hold off and have a plan.  This goes back to what I was saying in an earlier post in this series about delayed gratification.   We need to become creatures of patience when it comes to saving money.  Rightnow may seem like the best time to have that item, but later is in most cases better.

A long time ago I heard a financial speaker talk about how he and his wife walk around the mall or store they are in at least once before making any purchase.  This helps them to have time to talk over the purchase, get on the same page, and decide if it is really time to purchase.  He said they have often never made it back to the store or the checkout stand because they decided during that short amount of time that it was an unnecessary purchase or they thought they could get it somewhere else at a better price.   This plan works to stave off impulse purchases.

I have a number of purchases at thisverymoment I feel I need to have.  But, through the wisdom of my husband, I have learned patience in purchasing.  We have held off on much of our spending until just the right time and often have been rewarded by a lower price (either through a coupon or a sale, or both).  I am not saying you must wait for EVERY purchase to be on sale, but it doesn’t hurt to wait a little bit to see if the price drops.

What to do in the meantime?  Create a plan!

The time it takes to wait for a purchase can be used wisely by researching the product options, creating a budget (for larger items) to afford the purchase, and watching the marketplace for better deals.  When you have done your homework and are able to pay cash at just the right time at just the right price, you leave the store feeling satisfied with your purchase and will likely have more enjoyment out of the product while using it.

How long do you wait to make major purchases?  Do you have a plan when you go to the store and are hit with impulse shopping temptations?

Series Navigation<< ABCs of Saving: Gather Goods in Odd PlacesABCs of Saving: Identify Key Shopping Times >>

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