I have not always been a patient person, in fact I still struggle with this at times. After all, once we have defined our goals, our wants or needs, who wants to wait? But the truth is, that I have learned the importance of patience to a frugal lifestyle, and believe this is one of the factors that helped get me to my frugal early retirement.
First off, there is the issue of impulse buys. How often do we stumble upon something, in a store, a catalog, or on the internet, that we never even knew existed but suddenly know we need? You know, that adrenaline rush we all get when we find something that we feel excited about, knowing that we have to have it. Not only is this purchase going to make us happy, it may even improve our lives. Who could possibly resist that? Then, if it is a significant cost, we know what follows: the buyer’s remorse. I have a friend who refers to the excitement of the purchase as a “buyer’s high”. But as soon as the purchase is complete, the rush is over and so another purchase must be made to start the cycle over. This friend spends a large portion of her free time shopping, buying, and later returning. In fact, she manages her “addiction” somewhat by returning items she regrets purchasing. This is not an approach I would endorse - it is costly and unfair to the merchant, and adds to the cost of merchandise that we all must pay.
The approach I like, instead, is the self-imposed waiting period. You decide what your timeframe is - a day, a week, a month. You tell yourself that if you still want/need/love the item after that period, it is OK to buy it. You may want to vary the waiting period based on the cost of the item (clearly an impluse buy of a new car needs a longer waiting period than the purchase of a new pair of shoes!). This gives you the opportunity to see if you really do want to make the purchase, or were just reacting to the adrenaline rush. A nice side benefit is that, if you keep wanting the item, it gives you a chance to shop around.
Then there is the issue of major purchases that you must make. If you know that you will be needing to replace your car, or your furniture, or your computer, start putting the word out. And check sources like Craigs List to see what may be available used, saving you money. I’m always amazed at how I can find what I am looking for at a fair price if I just give it some time. Other good resources include eBay, FreeCycle (if one exists in your area), and just plain old word-of-mouth. Don’t hesitate to tell your friends and family that you are in the market for whatever it is. The longer you can wait, the more likely you are to find what you want at a good price (or even for free). A couple of years ago I decided I needed a nice, comfortable chair for a guest room I was converting to a craft room. I looked at a few stores, but anything suitable was at least $500, way beyond what I was willing to pay. So I started watching Craigs List, limiting my search to only items within about a 10-mile range of my home. Within a month or two I found exactly what I was looking for, for $50. It fit in my car (saving a delivery fee I would have paid to a store) and is a perfect match in the room.
If you enjoy shopping clearance sales, thrift stores, or yard sales, you may be amazed at the ability to find exactly what you are looking for at a good price, if you are willing to wait. Last winter several of my friends convinced me that I would like a pair of Ugg boots. Not so much for the fashion aspect, but because I am perpetually cold. One of my friends insisted that I put my (sock) foot into her boot, and it was heaven. Now, when it comes to warmth, I do tend to permit myself a few luxuries, but there was no way I was going to spend $150 for a pair of boots. Not even a super-warm pair. I did some research on the internet and found which brands are considered good knock-offs. And kept my eyes open for sales and at the thrift store I periodically drop in to. Unbelievably, I found a pair of good knock-offs in my size for $15. Later, a friend brought me a catalog that also had some good knock-offs for very low prices. Once again, the waiting (and patience) paid off.
When you are patient with your purchases, you save money. And saving money is always good for getting you to the really important goals.
September 1st, 2008 at 8:22 pm
This post has been included in the 141st Festival of Frugality, going live at Almost Frugal September 2nd 2008. Don’t forget to link back to it when you get a chance.