One of the biggest financial pitfalls that many people face is the “Got to Have It NOW!” syndrome. You can easily spot those that suffer from it, because they are constantly acquiring new things. The things, which they generally buy, are the latest models with the most features. If you are related to someone (i.e. married) with this syndrome you have learned that looking through the latest technical or automotive or fashion magazines can be a big downfall. Here are five tips to help cure the syndrome.
1) Pay cash for all items. This means that you do not go out and buy the big screen television or the latest handbag on a credit card. You make sure that you have the money available before you spend it. Another way to help curb the spending is to actually make the purchases with cash. This can put a reality check on the necessity of certain features if you are counting out several hundred dollars out of your pocket.
2) Establish a waiting period for all major purchases. You will need to decide for yourself what a major purchase is, for some it will be anything over one hundred dollars, for others it could be more or less. Stick to this rule. A good waiting period is at least forty-eight hours a week may be better.
3) Another great tool is to establish a wish list. On this list you write down the items you want and/or need to buy. You can prioritize the list according to which items are most important to you. Then you save and watch for the items to go on sale.
4) Another way to solve this problem is to make compromises on the features that you buy. You may want to decide if the added features are really worth the extra money to you. For example if you are buying a riding lawnmower, you may decide you do not need the largest top of the line model for your smaller yard.
5) Another great way to save money is to buy items used. This can save a lot of money. You may also consider buying refurbished items as well. You can also buy discounted and discontinued items off the Internet as well. Looking at these options can also save you money in the long run.