Apply The "W.E.A.L.T.H." Acronym To Make Smart Purchases

Knowing when to buy and when to skip out on a purchase can help consumers maintain a positive cash flow. Weblog Get Rich Slowly suggests applying the W.E.A.L.T.H acronym to make more economically sound decisions.

Photo by jpockele.

According to Get Rich Slowly, breaking down potential purchases according to the following acronym can help cut down on superfluous spending.

Want or Need? Ego? Add-ons? Lifestyle? Time? Happiness?

Concerning the Add-on element of the equation, the site's guest blogger Lynn says that consumers should factor in other expenses—dubbed add-ons—associated with primary purchases. For example, where getting a haircut is concerned, additional hair products needed to maintain the cut might make it more prudent to opt for another crop entirely.

Browse the full post for all the acronym-related details, then let us know how you keep a check on your impulse buys (30-day list? Stranger test?) in the comments.

How a Haircut Led to a Handy Acronym [Get Rich Slowly]


Be the first to comment on this story!

Trending Stories Right Now