Delayed Gratification
A few months ago one of the hundreds of RSS feeds that I monitor had a great tip that I’ve been testing that addresses the issue of buying on impulse and how if we all just stop buying on impulse it would save us a lot of money.
The web has (unfortunately) made it so much easier for me to buy on impulse. Especially that damned Amazon.com and their one-click shopping, recommending things I might like, etc. I don’t even have to leave my home anymore to get the latest iPhone, gadget, bestseller or other item that I don’t really need, right now, but that I want.
It’s a simple habit really, but one that you all should try for a month or two, and it goes something like this:
As you surf the web, browse a retail store or look at magazines, if you see something you want, jot down the name, price and location of the product and assign a date to it that is today plus one month (30 days).
For example, if you’re reading Wired Magazine or MacWorld, and you see an ad for something, tear out the page, use a marker to jot down a date that is one month from today on the ad, and then toss the ad into a manila folder labeled “To Buy”. Set a tickler in Outlook, Google Calendar or (my personal favorite, iwantsandy.com), to revisit the folder weekly.
The general idea of your new habit is that if you still want something, need it and have the money to buy it after a full month has passed, then you can buy it. And only then. Most times I’ve found that after a month of thinking about it, I’ve either found something better, newer or lost interest in it, thus saving myself a ton of money and buyers remorse in the process by using this principle of Delayed Gratification.
If you’re an electronic person like me, I keep a single Note in my BlackBerry Curve called “To Buy”. In that note I have very simple listings by date. If I’m in the Apple Store and see a new item I think I absolutely must have, instead of buying it on impulse I now simply pull out my BlackBerry and enter a date one month from today, with the item name, price and store location.
It drives the salespeople nuts because I don’t buy anything on that visit, and it does require quite a bit of discipline, but long-term it is a great habit to incorporate into your life.
If a web item, I may list the URL where I can get it later on or how to find it in Google. I do this all without taking out my wallet. Alternatively, you could use a small notebook, like a Pocket Moleskine or your PDA or other smartphone. I find it particularly useful to use my BlackBerry because I always have it with me.
Then if I have a good month or want to reward myself, I just pop open that note, look at the items that have dates that are today or older and those are the things I can consider treating myself to. Nothing else. It’s a good system but requires some discipline.
One thing it’s done for me is to keep me from spending money on things I don’t have money for and things I may not want in a month or so. It’s forced me to look more closely at how and where I spend my hard-earned cash; and for someone like me who is an early adopter of gadgets and technology, it has really helped.
The same technique can be used for business ideas. If you’re a person who has 8-10 ideas per day, jot them down using something like Google Notebook with a date that is a month from today. If, after thinking about it for a month, it still warrants exploration and implementation, pursue it. If not, delete it or archive it or set a date three months later to revisit it.
Give it a try for a couple months. If you find the technique useful, forward this URL to a friend or click the link below to share it via Digg.
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Adam Boettiger (adam AT adamboettiger DOT com)
About the Author
Adam Boettiger is a digital marketing expert with a passion for helping people connect, learn and excel in the digital space. For over 12 years he’s helped Fortune 500 companies, ad agencies, small businesses and startups reach customers online, grow their online presence and more. His consulting site is located at http://www.adamboettiger.com/ and he can be reached by email at adam AT adamboettiger DOT com.