We’re quickly approaching the time of year when there are so many sales and “great deals” that it’s often easy to make quick decisions and impulse purchases we might later regret.
Plus, many of the sales have an extremely limited time-frame (some are just for a few hours), making us feel like we need to grab the deal right now or we’ll miss out.
Dave and I have certainly made our share of impulse purchases over the years — some of them were more costly than others. However, as much as possible, we try to resist these purchases by giving ourselves 24 hours to think before we shell out any cash.
If we really want the item badly enough, we’ll purchase it the next day. BUT, if after thinking about it for a day, we decide it’s not worth our money, we realize it probably would have been another impulse purchase we’d regret later.
It’s probably worth mentioning that I do not use this rule for basic purchases like groceries or gas. It’s more for those items we don’t need and weren’t already planning to buy (clothing, home decor item, a collectible, furniture, another book, something for a craft or hobby, new technology, etc.)
I also don’t use this rule when I’ve been searching for a specific item on Craigslist or waiting for something to go on sale. In those situations, I pounce on a good deal when I see it and definitely don’t wait another 24 hours.
Yes, waiting 24 hours might mean the item is already sold when I decide to go back the next day; but in those situations, I figure it’s just not meant to be.
It’s such a simple concept — and I know it has saved us hundreds of dollars on impulse purchases (especially now with the ease of online shopping!)