Have you tried the ten second rule to spending?

The ten second rule is all about counting to ten slowly and taking the time to inwardly make a decision considering whether or not you should actually make the purchase.  It is a need or a want. It is quite simple, isn’t it? It is something that anyone can do, but nevertheless, most of us are guilty of not considering before we make any purchase.

At the crux, ‘needs’ are the things that we got to have in order to live a healthy, happy life.  Examples of needs would be food, shelter clothing and good health.

Wants could be described as desires that can be satisfied by consuming a good, service, or leisure activity. Some examples of wants would be things like designer clothing, upscale dining, and sports cars. Without a doubt these are luxury items, not necessities. However, many other purchases count as ‘wants’ too: new clothing when old clothes are still in good shape, eating out instead of preparing meals at home, and paying for entertainment when free options (like checking out a book from the library) are available.

Undoubtedly, some might be of the opinion that ‘want’ purchases are worth the cost, and that is correct, as long as those purchases fit into a balanced budget. The issue arises when unnecessary expenses get you to spend more than you would afford or have budgeted for.

I personally follow the ten seconds rule and find it quite effective. It compels me to really make a quick logical decision about what I’m spending by asking myself do I really, truly need this? What would happen if I didn’t buy this? The result of that is I can reduce unnecessary spending and build up saving towards my larger financial goals and eliminate the habit of regularly spending on little stuff I don’t need.

Give it a try and if the answer is still not clear, then, wait a few days before you make that purchase.  Go home and ponder upon those questions and surely the answer will be clear. 

A big part of financial freedom is to practice these healthy financial habits to help build a strong financial foundation. 

Margaret Mekaat

Margaret Mekaat

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