The 10 Second Rule

In my previous post,  We discussed the importance of differentiating needs and wants. Needs are purchases which we need to survive/lead a fulfilled life. Wants are purchases which we can do without and they generally serve as status symbol. These purchases are also the ones which do not create any lasting value.

 

Often, while shopping in a mall or a superstore, we would not start evaluating each purchase and classify it as a want or need. Shopping list are usually the best way to tackle this situation.

 

However, if you really find yourself in such a situation, I have a perfect solution for you. It is called the 10 second rule and I first came across it  on TheSimpleDollar, one of my favorite personal finance blogs.

 

Whenever you are about to purchase an item that is not on your list and yo cannot seem to avoid purchasing it, wait for 10 seconds, think whether you can do without this purchase, would this purchase really add value to you in the long term or can this money be put to some alternate better use?

 

For example, suppose you are in a shopping mall and just see a t shirt that you have to buy, think about whether you really need a new t shirt or do you already have enough? If you don’t, can you buy a cheaper alternative instead of a “branded” one? If you already have enough t -shirts, can you defer this purchase to a time when you really need one? You get the drift. Simply by reflecting on the purchase, we can often make a rational decision and save some money in the process.

 

Do you like this tip or do you have one of your own? Please share your thoughts with me. Till we meet again!

About Abhishek 20 Articles
A personal finance enthusiast based in Bangalore, India.

9 Comments

  1. I’m not sure why but this web site is loading extremely slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later on and see if the problem still exists.

  2. Good day! I could have sworn I’ve visited this website before but after going through many of the posts I realized it’s new to me. Nonetheless, I’m definitely pleased I found it and I’ll be bookmarking it and checking back regularly!

  3. Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

Leave a Reply

Your email address will not be published.


*