Thursday, April 24, 2008

Cooling Off Period

I really like this idea from No Credit Needed:

For every $100 that I want to spend on the purchase of a new product, I must wait one day before I make the purchase. This creates a self-imposed ‘cooling-off’ period.

If a new gadget costs $100, I have to wait one day until I can purchase the gadget.

If a new gizmo costs $400, I have to wait four days until I can purchase the gizmo.

If a new thingamajig costs $1400, I have to wait two weeks until I can purchase the thingamajig.

My husband and I have a rule that any purchase over $300 has to be discussed and agreed before one of us can spend that kind of money. I also, often, shop online by putting purchases into my virtual shopping bag and then I wait a few days or weeks before I purchase same. My basket has books and CDs that have been waiting to be purchased for months (its also fun to watch the prices rise and fall).

What do you do to keep your spending and shopping in check?

Check out No Credit Needed for more.

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