When you’re living life in the fast lane, it’s all too easy to start throwing money at the problems you encounter. It doesn’t matter what your income is or how much you have in savings, if you aren’t thinking about your spending, you won’t be spending wisely.
Learning how to spend slow is tough. When you want instant gratification, it’s easy to reach into your pocket. However, taking a little more time – especially over larger spending decisions – gives you the opportunity to examine your options and figure out where you can find the best value and most suited item you need. Or, it could give you the cooling off time you need to decide you don’t need to spend after all.
Do Your Research
Whenever you need or want something, you should always start by doing your research. Since more retailers understand that customers want to research before buying, it is now easier than ever to find the information you need online. This is an important step because you might find that there is something better on the market.
Imagine you want to get your car resprayed. You could go with the first option you see but you could also do some research and discover the newest solution to protect your car’s paint is cheaper and more effective. Being more mindful about what you want doesn’t just offer you the chance to explore different options, it also gives you a chance to seek other solutions.
Be Prepared to Wait or Walk Away
Sometimes, you know exactly what you want but you aren’t prepared to pay the price. In this case, a fast spender might simply whip out their credit card without thinking. However, a slow spender might take some time to think. You could decide to save up over time and work your way towards the purchase but you could also take a gamble and see if the item appears in the end of season sale.
Living within your means can be frustrating when they don’t stretch to the things you want. However, learning to live within your means is one of the best attitudes towards money you can have. Being prepared to wait for a better deal or walk away completely might not get you the things you want every time but it will ensure that you don’t overspend.
Make Saving a Habit
When the impulse to shop hits, sometimes, the smartest decision isn’t to reach into your savings but to add to them instead. Unless you have an immediate need for an item, try putting the money you would spend into savings for a few weeks before you buy. This will show you whether you can really afford the item or, if something else turns your eye, if you might prefer to spend on something else.
Taking time to think, putting money aside for larger purchases and doing your research are all essential elements of slow spending. When you have time to think and cool off, you might realize that there are better options or that you don’t really want to spend after all. It’s a handy trick – and it works.