To get the most of your money, you should spend on the things you love, not just like. That’s easier said than done, of course, but next time you’re about to make an impulsive purchase, stop and ask yourself one simple question: what if?
Photo by ambroochizafer
Over at Becoming Minimalist, Joshua Becker explains:
Whenever you feel the pull of consumerism, simply ask yourself the shortened version of this thought, "What might I be able to do if I didn't make this purchase?"
Every purchase contains an opportunity cost. The question, "But what if I don't?", forces us to recognise and articulate it.
We've talked about opportunity cost before, but I like that this is just one simple question. When you're about to spend impulsively, you usually struggle with your emotions, which can make it hard to stop and think rationally about the idea of opportunity cost. Plus, when you ask "what if," you're less focused on what you'll miss out on and more focused on a positive alternative. You're simply entertaining the idea of not making a stupid purchase. Sometimes that thought can be enough to make you realise it's not what you want, anyway.
For more on this, head to Becker's full post below.