Right on the Money: save by following the 24-hour rule
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Financial counselors say that procrastination can help you save money. That’s right: waiting.
Debbie Dujanovic of KSL NewsRadio’s Dave and Dujanovic says that the chance of you going back to buy a coveted, impulse-buy item after waiting for 24 hours is almost zero.
Hold off the purchase
Delaying purchases, especially large purchases, can help you determine if it is a need or a want, according to financial expert Dave Ramsey.
Advertising may attempt to convince you that you need it, that your life will undeniably improved with their product, but will it?
Think about it for a day or two.
Eliminate impulse purchases and see how quickly a dollar turns into an emergency fund.
Hold on to what you have
How long can you make your smartphone last? Can you repair a piece of clothing?
Delaying making a purchase until what you already have is not working well is a more long-term strategy for saving money.
Purchasing a smartphone every three years over a ten-year period instead of every two years is like getting a smartphone for free.
Find a better deal
If it isn’t on sale this week, it might be next week. If doesn’t go on sale, you may want reconsider if buying it at full price is a smart move for you.
An impulse purchase is an unplanned purchase, which Dave Ramsey recommends not doing. Planning a purchase is an opportunity to weigh the pros and cons of that purchase. Many purchases, like a car, bring even more costs with it.
Pay in cash
Waiting until you can make the purchase until the day you can buy it in cash may help you save.
When enough money is saved, you may realize the thing that you wanted is not worth the effort and sacrifice it took to save up enough money to pay for it in cash.
The $1,000 Challenge
Join the $1,000 Challenge Facebook group to see other brilliant ideas on how to get your budget in check and to be a part of a tribe that’ll encourage you every step along the way.
And tune into Dave & Dujanovic every day from 9 a.m to noon on KSL Newsradio 102.7 FM / 1160 AM for financial tips and tricks Monday through Thursday.