We’ve all been there.
You’re shopping, and you suddenly see something you want. A new case for your phone, perhaps. You need a new phone case. At least you think you do. But do you really? This one is pretty cheap, and you’d probably use it a lot. But should you buy it? Yes, definitely. Maybe. No no no, you’re going to put this back. But wait, it’s such a good deal!
Spending indecision is a huge waste of time. Yes, being a mindful, conscious spender is great; I fully promote thinking about your purchases and not blowing money on stuff you don’t need. But it’s also possible to reach a point where conscious spending becomes indecisive spending. I’ve been there. It’s embarrassing to admit, but I once spent almost half an hour deciding whether or not to buy a $2 stick of deodorant. This is not how I want to spend my time, so I created a rule to curb my spending indecision: The 10/10 Rule. It will help you save money and time. It’s explained in the above video, and I hope you’ll find it useful.
I’m interested in hearing from you. Tell me: how do you balance conscious spending with spending indecision? Do you have any of your own rules? Oh, and if you haven’t already, subscribe to my YouTube channel here. I share new money saving tips every week, and I don’t cover all of them here. (Really don’t want to miss anything? You could also subscribe to my newsletter.)
Managing your money is like going to the dentist or standing in line at the DMV. Nobody wants to do it, but at some point, it’s inevitable: you need to clean your teeth, renew your license, and manage your money like a grown-up.
Yes! Love! I accidentally JUST did that at Goodwill approximately 34 minutes ago too 🙂 I found a shirt that was bad ass but a little snug – wondering if I should pick up just for special/fun nights out (ya know – to rock that fitted look) or put it down cuz it would rarely be used – but when the price tag was only $4.99 I said F it. Worst case I lose $5 but best case I feel fashionable for a night – even if it’s not the perfect fit 🙂 And then I caught a baller sports jacket for $8.99 which took me all about 3 seconds to decide on haha…
But yes! Great idea!
Thanks J! Best case you feel fashionable for a night AND you didn’t spend 30 mins of your precious time thinking about it 😀 Oh man, I love thrift store stuff. Bought a brand new, adorable shirt recently for $6. It almost felt like stealing, lol.
Good idea!
When it comes to shopping indecision I do two things. If it’s an online purchase I’ll leave it in the cart and come back a few days later. If I still want it then I’ll get it. An awesome thing that sometimes happens is that I’ll get emailed a coupon to come back and buy the item I left in the cart. I scored a $5 off coupon at Target the other day because of this!
The other thing I do is ask myself if I’m going to be happy about my purchase later. This usually cuts out a lot of random purchases like Starbucks or going out to eat for lunch during work. I just try to make a point to think about my purchase if just for a moment. If I’m thinking about buying something for over 10 minutes chances are I’m not getting it!
Also – if I’m not mistaken, I believe I got from Lifehacker that you could substitute deodorant with rubbing alcohol. I’ve been doing this for awhile and it totally works, and it’s a bit cheaper too! My wife didn’t notice for a long time, and then thought I was a complete weirdo for trying it. You also don’t get that weird yellow staining effect that can happen to shirts when you use some deodorants.
Great follow up tips!
“If I’m thinking about buying something for over 10 minutes chances are I’m not getting it!”
This is good point. I usually figure if I’m spending THAT much time contemplating, it’s probably because I know in my gut I don’t need the item. It doesn’t work for every purchase, but it works well for smaller ones.
Thanks for the insight, Kristin! I’m like you on small purchases. I will spend the money because it’s not worth the time and frustration thinking about it. My purchase indecision typically comes with larger purchases, for me that’s in the $30+ range, that are on sale. If I’m in-store or online I will run through a checklist. Will I regret not having purchased this item? How long/often will I use it? Sometimes I rationalize the dollar cost in months/years used. Because lets face it, if you use something frequently for 3 years and it cost $30, I think that’s worth it. If I still want the item after these two then I run a quick search to see if the item is cheaper anywhere else. If not, then I go through with it. It’s important to remember that you can always return something! Returning things can actually be pretty fun.
I agree with Vic for items that aren’t on sale. If it’s online I’ll leave it in my cart. If I continually think about it then I’ll consider purchasing it. However, I’ll do everything that I can to get it at the cheapest price.
Thanks for the comment! And for the added insight. This definitely works best for those small purchases that you’re truly torn on. For larger purchases, I do the same as you, figure out cost per use (I actually just did another video on this, too, haha: the dollar per use rule). I tend to overthink pretty much everything, so rules of thumb like these are helpful 😀
Concious spending and savings is the real mantra for settlement of financial life. Time factor is also important to take care of. A mixture of great rules and tips to follow for money savings.!!! Tanks for the post!!
A great idea. I have done that too, where I have pondered on whether to buy or not. Some purchases are no brainers because you know you need them and therefore looking for them, like a plain tshirt for the gym. if it is an impulse purchase there are thresholds of spending that you will think about. With big purchases, I must be certain.