We can really get into trouble when we make too many unplanned purchases. Sometimes we tell ourselves that we deserve to have certain things even if we really shouldn’t spend the money on them. In order to satisfy your desires for new things and still have control over your spending, consider creating a wish list.
What is it?
Your log is simply a list of the impulses that you have or things that you want that are not necessities. Write down the impulse item and the current date when you enter that item into your log. Even just writing down what you desire can give you a sense of satisfaction and relief. Instead of making an impulsive purchase, you can instead take a mental note of what you want and decide to write it down on your wish list later.
What’s next?
Next, you need to come up with a buffer zone between when you have an impulse or desire and when you can actually make the purchase. One suggestion is to use two weeks. After you write down the item on your wish list you must force yourself to wait until that buffer period is over before purchasing the item.
Planning a purchase
During the buffer time period take a moment to determine whether the purchase is within your budget. If it is not currently within your budget you may decide to set a little money aside here and there until you can pay for the item. Many times after you have waited to make a purchase you will decide that you really don’t need it. If at the end of your buffer zone you still have a strong desire to make the purchase, and you have budgeted the money to do so, go ahead and buy the item you want!
Things to remember
There are two main objectives to creating this wish list. First, knowing that you have a wish list can really help you to avoid overspending. Resisting unplanned purchases is easier because instead of telling yourself “no,” you can tell yourself, “not now.”
The second benefit of creating a log is that waiting before buying will help you spend your money more wisely. After having some time to think a purchase through you can make a more informed decision about whether to buy it or not.