Set A Cool Down Period – Daily Tip

When I was growing up, I used to get into a fight with my younger sister. Because of this, my mom would always separate us into two different rooms for an hour for a “cooling down” period. It helps us control our emotions. This same concept can be effectively used to help you from purchasing things you don’t need.

Spending Cool Down

The spending cool down idea is quite simple. If you come across a store item that you think you need to have and costs over a certain amount, you simply tell yourself you have to wait a week or whatever period of time you feel is appropriate) before you can buy it.

You can determine the exact amount depending on your situation.  We use a $100 amount as the default in our family.

A 7-day spending cool down period serves several purposes. People tend to buy things on the spur of the moment without thinking through all the aspects of the purchase. By taking a week of cool off period, it’ll allow time to consider whether an item is really needed. This helps you spend the money in a better way.

The spending cool down period also gives you time to do more research to find the best deal around. Remembering that $1 saved is $2 earned, the week gives you time to do some research to see if you can find the same item at a better price or if there are similar items that will work just as well that are less expensive.

You’ll be surprised at the number of items you thought that you had to purchase. After a week of cool-down period, you’ll determine that there really isn’t a need for them. A cool-down period may not seem like it will save much money on the surface. However, it’ll end up saving most households hundreds of dollars over the course of a year.

Jeffrey Strain

Jeffrey strain is a freelance author, his work has appeared at The Street.com and seekingalpha.com. In addition to having authored thousands of articles, Jeffrey is a former resident of Japan, former owner of Savingadvice.com and a professional digital nomad.