stephanie

Mine isn’t really a major purchase, because I don’t need/want anything major right now, but I did decide to refrain from getting my nails done this month. I usually get my acrylic nails filled and a pedicure every 2 to 3 weeks, spending about $60 total (nails, pedi, tip) each trip. At the end of October I just didn’t have time to go, so I decided to get rid of my acrylic nails. I then made a conscious decision to wait until at least December before going back to start getting my nails done again. I’ll probably get my nails done next month, but I might wait until spring to resume my pedicures.

Savings from not getting nails done this month: ~$120

Total savings this month: ~$135 (+ who knows how much by not eating out as much this month, probably at least another $50 – 100 so far)

Peggy

We’ve always done this, and go a little further. We buy less stuff. When the kids get the “gimmies,” we’ll write down what they want on a piece of paper. I file these away for birthday and Christmas ideas, but for the most part the “gotta have” item is long forgotten in two weeks.

I use a similar strategy with myself. A new mattress has been on my need list for about three years now. It’s sitting there on my “want list” and eventually will be crossed off, but not anytime soon. It’s funny how often things that go on my list cross themselves off after a couple months due to a change in situation.

We also only pay cash for anything less expensive than a car or house. If we don’t have the cash, we don’t buy it. Cash must be saved and earmarked for a minimum of 90 days for an item before we use it for that item.

Today’s Tip: $0
Cumulative: $90.75

Denise Fisher

I was going to voice mild disagreement with this suggestion, but I think it’s sometimes a matter of context. I just purchased storm doors for my house and a new water heater, along with some additional plumbing work. But I realized that I’ve put off buying the storm doors for a couple years already, and that they’ll help reduce my heating costs. I could have waited to have the water heater replaced and the other plumbing work when the situation reached crisis mode, but in this case, I’m satisfied with my financial decision as a calculated tradeoff and a deliberate choice.

Also, I opened two new credit card accounts for each of these purchases, both of which offered a promotional plan of one year with no interest and no payments. These can be tricky financing plans for some buyers, but I know that I’m conscientious enough to pay off the balances before they are due (when they’ll rack up interest charges with back payments). It can easily happen if you’re not careful – you have a whole year in which to forget about it.

Jules

Awesome tip! I good reminder about the power of delayed gratification. Thanks for this great 30 Day Challenge, Ramit. I have enjoyed reading all the tips.

Amrish

I have a slight variation of this tip.

If the item is something I will use everyday, I defer the purchase to next month

If the item is something I will not use everyday, I defer the purchase to the next significant date (anniversary/birthday etc).

So effectively the most utilitarian stuff that I can enjoy everyday (and that doesn’t get stuffed into a closet somewhere) gets bought *eventually*

eileen buxton

Delaying gratification is fine if you can – but if you need to make a large purchase, then get it at the best possible time and at the best possible price. I am having a new roof put on my house right now. It is necessary, should not be delayed, and will save me a great deal of money and agony this winter when it starts to rain again. Watch out for the no-interest, no immediate payment items. Even if you pay it off in a timely manner and avoid the interest, you will hurt your credit rating. Stores sell the paper to finance companies. Your credit report looks as if you borrowed money from a finance company even though you did not. I found this out the hard way. Years ago, when interest rates were higher, it made more sense to me to keep the money in a savings account rather than paying in cash for my washer and dryer. I paid no interest and paid the full amount when it was due. My credit report reflected a loan from Beneficial Finance Co. If you need to buy a house, car or do anything else that would involve your credit score in the future, pay in full. Put it on a credit card to get the rewards and the assurance that you get what you pay for (unless the store gives you a cash discount and you can get the same quality assurance), and pay the total credit card bill when it is due.