The gotta have it now mentality rarely leads a person to make good choices. This is true in so many aspects of life, and it’s certainly true in personal finance.
If one takes the time to really think through a purchase, it becomes less pressing, and can often be avoided altogether.
But when something is needed RIGHT NOW, that’s when the budget flies out the window and money gets wasted.
Good questions to ask yourself when making a purchase are:
Is this something I really need to own?
Do I already own something that will do the trick?
Can I borrow this from family/friend/neighbor?
What happens if I don’t buy this?
Is there a downside to putting off this purchase?
By employing your patient side, it’s easier to practice conscious frugality.
Writen by: Katy Wolk-Stanley
So well said, I couldn't resist posting it here. I am not in any frame of mind to write something tonight.
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