05/06/2008 (By Larissa Walkiw)

Curb impulse spending with the $50 rule

Impulse purchases happen to the best of us. New Xbox games, pretty shoes, DVD box sets... temptation can come in many different forms.

The next time you find yourself eyeing something that's not on your shopping list, try using the $50 rule.

It's simple – take the price of your 'must-have' item, and divide it by $50. The resulting number is the number of days you should consider the purchase before making it.

$300 digital camera catching your eye? Take about a week to do your research and compare prices. Dying to buy that cute trenchcoat? Wait a couple days and make sure it's really something you want to invest in.

How do you deal with impulse purchases? What kinds of things do you 'impulse-buy' the most? Tell me about it in a comment below.

Larissa

Comments

1) Kim - 05/06/2008

Chidlren are a great deterrent to impulse buying. Once you have children you'll have no money left over for impulse buying.

2) Angela - 05/06/2008

Definitely go home and think about it. Good advice! I think more than 50% of the time you will not go back for it.

3) Christine - 05/06/2008

I cant really deal with them unless my spouse is there telling me i dont need it but...unfortunatly i usually find myself giving into alot of impulse buys most of the time LOL.

4) T - 05/06/2008

Expensive electronics and computer stuff are my weaknesses. With your math, I should be waiting many days, rather than a few seconds!

5) Larissa - 05/06/2008

http://www.youngfreealberta.com

I'm so bad with magazines. I buy them even when I know there's not enough time to read them. But instore, I still somehow manage to convince myself that I cannot live without reading the cover story.

6) Michele - 05/06/2008

I usually put clothing on hold for as long as the store will allow and then if I still want the item after a few days, I go back for it. Sometimes, I just leave it there in the store and if it's still there when I go to the store again and I feel the same strong way about wanting it - I figure since it's still there, that's a sign that it was meant to be mine and so I buy it.