One thing I've noticed since getting into the world of personal finance and carefully tracking my expense categories is that I'm much less likely to make impulse purchases. It used to be that I would see something that I wanted and know that I could afford it so I would just buy it without another thought. Now, for the most part, I stop and think about what I'm about to buy before I buy it. Is this really something I need? Or if it's not something I need, is it something I really want to buy right now? Can I find it for less money later? Will I still be happy with this purchase tomorrow? Next week?
One trick that I have learned is that I will pick up an item in the store and walk around with it for a while as I'm looking around the store before I actually make the purchase. Sometimes I decide to put the item back on the shelf. Other times I decide to buy it.
I do occasionally find myself reverting to my old ways, and every time, there's a moment of guilt at the impulse purchase. But even then, I find that most of the time, my impulse purchases now are things that I really do enjoy. For example, on a whim, I picked up a bag of gourmet coffee at Harry and David the other day. This is something that's a big treat for me, as I love good flavored coffee. Was it something I needed? No. But I realized that in less than a month, I have family and friends coming to stay with me for a few days. How nice it will be to have this coffee to share with them.
Additionally, the impulse purchase I'm talking about here is about $12, as compared to impulse purchases of yore, which could be anywhere from $25 to $50 at a time. Plus, if I think about it, I normally buy pretty good coffee for daily use that, on sale, costs about $6. So really, the impulse buy only cost me $6 more than normal.
Am I justifying the impulse purchase? No. I still would prefer to consider all my purchases before buying. But I do like that my impulse purchases have turned into something so small. Maybe in a few more months, they'll be down to pennies.
Amusingly, I'm going to end this post with day two of the abundant life spending spree.
Day 2 - $50
With $50 to spend on anything today, I would buy a skirt that I've been eyeing in a catalog. It's casual, probably too casual for work, and admittedly, I don't wear a lot of skirts except for at work. But it's so pretty!
We have moved!
Update! This site has moved to http://www.countingmypennies.com/. Please update your links if possible and come visit the new site! No new posts will be added to this site - all updates will be done at Counting My Pennies. Thanks for reading!