I’ve never been one to budget every last cent, and I’ve never been on a spending diet. Most of the time, I’m content to make sure my goals are being met each month — and I spend whatever’s left.
Lately, though, I’ve noticed my old habit of just buying something because I have money is creeping up. I mostly stay away from impulse purchases, but when I look back over my spending for the month, I see that they are making something of a comeback.
So I’m trying something new. I’m trying the waiting period. So far, I like it.
What is a Spending Waiting Period?
The idea behind a spending waiting period is to avoid buying something until after a pre-determined amount of time has passed. You might impose a 14-day period on yourself, or decide to aim for a 30-day waiting period. I’ve instituted a 21-day waiting period. Before I make a purchase, I wait 21 days and if I still feel like the purchase is a good idea, I’ll go ahead and pull the trigger.
So far, I’ve managed to avoid pretty much any unnecessary spending for the month of February.
How a Waiting Period Helps You Save Money
One of the biggest problems with spending is that you often end up buying items you don’t really care about, and ones that don’t help you reach any short-term and long-term goals. As a result of buying too much on impulse, you might not be spending money according to your priorities because you aren’t giving enough thought to your choices.
A waiting period helps you get beyond that. It gives you a chance to reflect on a purchase and determine whether or not it’s really going to add to your quality of life. I’ve decided against two different purchases in the last two weeks just because I realised that the items were only “okay,” and that they didn’t really mesh with the rest of my priorities and values. I thought they would be fun to have, but on reflection, I decided that there were probably other things (more important and interesting things) that I could do with the money.
Much of the time, after going through a waiting period, you realise that the item isn’t really needed, or that you wouldn’t use it as much as you originally thought you would. When you decide not to make the purchase after all, you save money — and it’s there for something that you might value even more down the road.
I’ve been surprised by how much I like the waiting period. It’s bringing me back to my values of conscious spending and a desire to make sure that I really am doing what matters most to me with my money. My son is even trying out the waiting period idea (although he opted for a seven day period). So far, he’s mostly just forgotten about whatever item-of-the-moment he was interested in, which means that his unspent allowance is adding up fast.
If you haven’t tried a waiting period before, this can be a great way to help you think more about your money and learn a little more about yourself.
