The Twenty One Day Rule
We are entering a period of time when you could be hurting your bottom line in both ways. From a financial perspective, bottom line is the net profit or loss after all expenses.
When I say you could be hurting your bottom line in both ways, I was implying (a) impulse buying / holiday spending and (b) the feasting that would result in an increase in your body weight.
Here is something that I follow religiously before making any major purchases. I pause and ponder about it over a three week period and I ask myself repeatedly,
- “Do I need it?”
- “Do I really need it?”
- “What is the use case for what I am about to buy?”
- “Can I get by without it?”
- “Is there anything that I already have able substitute for what I am planning to buy?”
As as I pause and ponder over the questions above, I read product reviews about the product that I am interested in. At the end of week two, one of two things happen:
- I have lost interest in the product or the product has poor reviews. – OR –
- I am strongly convinced that I need the product and the product reviews are really good.
If I at the end of week two I am strongly convinced that I need the product, then I start looking for the lowest price at which I can buy it. At the end of week three, I place the order. I used to be a spendthrift. This discipline has saved me from several impulse buying decisions.
As turkey day approaches, here are a few words of wisdom:
- Just because something is on sale you don’t need to buy it.
- Having less things and more cash in your hands is just plain old common sense.
- The best place for your money to be is in your wallet.