Last week, I wrote a post on delaying gratification and it created a lot of talk, comments, and emails to me. Now, I am in the process of putting together a series of "how to delay gratification?" for this blog.
I see that this is something that a lot of us struggle with so I think it is a topic that should get a considerable amount of attention. Thank you for all of your good ideas and suggestions on this topic.
I found this article at Lifehacker and I thought it was a perfect acronym. After reading the blog post, I wrote this on a sticky note and put it on my credit card in my wallet. I like having little reminders to make me think before buying.
I would like to share it with you because I think it is truly a great little technique.
Want or Need?- Is the item that I am about to purchase a want or a need?
Ego?- Is my ego getting in the way of finances?
Add-ons?- Do I need this fantastic shampoo and conditioner after my hair cut?
Lifestyle?- Am I just trying to keep up with others with this purchase?
Time?- Will this purchase save me time?
Happiness?- Does this purchase make me happy? Or will I regret it later?
On that same note, I never regret saving and not spending. But I always seem to regret some purchases. This acronym is intended to make you slow down and think before you buy. In my experience, wealthy individuals think and do a lot of research before they purchase an item. It slows the buying process down and ensures that you aren't wasting money.
No one ever wants to lose money.