Thrift Tip: Put New Purchases in Quarantine

One of the top ways to save money is not to spend it. Sounds obvious, right? Yet everyone makes purchases they don’t really need, at least some of the time. (Yes, everyone! Don’t deny it.) It may be a new sweater, a trendy leather chair or a heavy coffee table book – or a “unique” decoration, like a wagon wheel spotted in a rustic antique shop.

Whatever your poison, one way to avoid buyer’s remorse is to impose a waiting period on any purchase above a certain amount – say $50 or $75. As Carl Richards explains in this New York Times article recommending a quarantine period on big buys, avoiding impulse purchases of stuff you don’t need saves time and money for things that you actually will use and enjoy. He might have added that spending less now means saving more for important purposes later – including retirement.

Read more at The New York Times.

B127-MN-7-16

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