Struggling under debt, or want to save up to buy a home? This tip, from Debt Free, Cashed Up and Laughing by Cath Amstrong and Lea-Anne Brighton, should help fatten the piggy bank. The $100/24-hour rule is great to help ward of temptation. If you're tempted to buy something that costs more than $100, commit to waiting 24 hours before buying it. Then, weigh up your options:
Do you really need it?
Do you have cash on hand?
Will you need to borrow from your budget?
Will you have to go into debt to it (credit card or store cards, etc)?
Can you raise the money to buy it (work overtime, a garage sale)?
Most of the time you'll change your mind when you realise how much the desired item will really cost you to buy it on credit. This simple exercise can save you several years' worth of debt repayments in the long run.
This article is taken from Reader's Digest - February 2008 - Page 139
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