Avoiding large impulse purchases is critical to achieving savings goals.  It’s great to eliminate the daily $4 latte, but a single purchase of a fancy new gadget can quickly eliminate months of those savings.

To help avoid impulse buys I established a simple personal rule:  I must wait 3 of days for each $100 of the purchase price.  For example, if I want to purchase a fancy new gadget for $400, I tell myself that if I still want it in 12 days I can consider purchasing it (provided I already have enough savings to purchase it).

In most cases I find that by the time the “waiting period” is over I usually don’t want the item anymore (or realize it wasn’t truly needed).  This not only saves me money but eliminates the clutter of having various purchases lying around in the home.

Readers – do you use a similar tactic?  I’d love to hear about other savings tips.

Disclaimer:  This blog has no professional association with any organizations or companies mentioned in the article.  The contents of the article are the personal opinion of the author at the time the article was posted and may be subject to change.  The blog and author are not responsible, nor will be held liable for any content posted by others in the blog comments.  Readers should complete their own due diligence prior to making any personal decisions.