A way to cut down on impulse purchases: the "Stranger Test"

[Praying Colonel]

Saw this on Lifehacker.com and thought it was an interesting way to look at purchases:

When considering a purchase, picture a stranger offering you [the cash value of the purchase] or the item in question. Which is of greater value you? Which would you choose?

If a stranger were to come up and offer you $3 to not buy that cup of coffee you might reply "Thanks, but I'd really like this cup of coffee." But if your response over a bigger purchase like a new HDTV set or a computer would be "Hmmm $800 would be a pretty nice credit card payment..." it's probably best to put your funds to use fixing more immediate problems.

 

[ilovecraigandcooper]

i like this!

 

[Disfan891]

Great way to look at things. I'm gonna try this!

 

[secretpantssam]

Though to be fair, I'd probably take the money on any item and then if I really needed it, I'd buy it later.

I don't think I'm good at this game!

 

[stitchlovestink]

Though to be fair, I'd probably take the money on any item and then if I really needed it, I'd buy it later.

I don't think I'm good at this game!

ME either!!! I thought the same thing. LOL

 

[HeyIt'sMe]

Though to be fair, I'd probably take the money on any item and then if I really needed it, I'd buy it later.

I don't think I'm good at this game!

HA! I just "tested" my DD - asked her if she'd take $300 or the Juicy Couture purse she wants - and she said she'd take the $300 then go buy the purse!

 

[PinkRhombus]

I'd tell the stranger to mind their own business.

 

[C.Ann]

Interesting concept..

I don't think it would work well with me though because I very, very rarely buy "wants" - my money is spent on "needs".. Last night I did spend money on "wants" though - used books on Amazon.com.. I spent around $45.. If someone offered me the cash instead, I would have turned them down.. I personally feel that books are sort of a combination of "wants"/"needs" - because while they have "entertainment" value, they also have "educational" value..

 

[perriwinkleblue]

I like it and I'm going to try it. I'm guilty of occasionally shopping for "fun". Although I very rarely charge anything, I still blow $20. or $30. cash that I would have been better off saving.

What has worked for me is to go to a store that I'm likely to impulse shop at but just look (it helps to leave my purse in the car ). If I really like something, I tell myself I'll come back tomorrow and buy it. Never fails, I don't want it so much later and I never go back.

 

[NYCDiane]

When my daughter was younger (1 1/2 - 3 years old), I used to do a lot of my shopping with plastic (for a variety of reasons). Well, one thing I used to say to myself was "if you were using CASH instead of a credit card, would you buy it?". More often than not, the item went back on the shelf.

It's so easy to plunk down a piece of plastic and buy things just because it's easy and you can pay it off.

BEFORE ANYONE STARTS SCREAMING AT ME.... I no longer use the plastic. I have a few cards that I'm now paying off. I have even gotten in the habit of no longer using my debit card. My pay is direct deposited. I know what bills I'm paying each payday and leave $$ in the checking account for that, plus $20 leeway money. I then take out the remainder for groceries, gas, etc. When it's gone, it's gone, and it's much easier to SEE what you're spending rather than just swiping a card and punching in a PIN code.

 

[DawnM]

I don't think this is a good way to look at it as most people will just spend it later as many have said.

I think a better way is to get real and do a Dave Ramsey type program.

When you see the interest you are paying (all of a sudden that $800 TV is a $1200 TV because of "stupid tax" as DR calls it) you realize you need to save up for it or forgo it completely for a while.

Thankfully we haven't had debt (other than mortgage) in over 2 years because of DR.

Dawn