How to spend your money wisely

by Brian on


Hi there. How are you doing today. I hope all is fine. Today I want to talk a lit­tle bit about money. This is a topic that gath­ers a lot of inter­est because we all use money and we all need it. Money is a neces­sity no mat­ter what any­one else says. One of the hard­est things when it comes to money is decid­ing how to spend it wisely.

I am sure that you are just like the major­ity of us who can some­times make buy­ing deci­sions that we regret later on. Mar­keters say that we make buy­ing deci­sions emo­tion­ally and then we jus­tify those deci­sion log­i­cally. So how do we decide if some­thing is worth buy­ing or not.

I was lis­ten­ing to Eben Pagan talk about this and he gave some wis­dom on this topic. Here is what he said in his own words.

You can’t make a good buy­ing deci­sion when you’re excited and you can’t make a good sell­ing deci­sion when you’re afraid

Now that is some good wis­dom. Many times we go into a store and we see a dress, a watch, a book or some item and we get excited and in our excite­ment we get car­ried away and we buy the item and then a few days after we suf­fer from buyer’s remorse. We knew we shouldn’t have bought that item but the deci­sion has already been made.

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The next time you’re going to buy a small item e.g. in the $60 — $100 range, wait for a week. Yes you heard that right. If it’s a major thing that you want to buy cost­ing from a few hun­dreds to a few thou­sands then wait for a month (prefer­ably 3 months). What you will realise by doing this is that the excite­ment to buy the prod­uct has dimin­ished and you realise you don’t really need it and you should not buy it.

This strat­egy is a new con­cept for me and for many of you but I believe by util­is­ing this strat­egy it will help all of us to make bet­ter buy­ing deci­sion and we shouldn’t feel guilty with our next purchase.

So what do you think of this post. Does it chal­lenge you to develop a new habit. Does it answer the ques­tion — How to spend your money wisely?

Please share your thoughts below.

Thanks and have a great day!!!

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