Ten and Ten: A Simple Budgeting Technique

Impulse shopping affects people of all ages, income levels and backgrounds. Marketing experts place small-dollar items strategically throughout the store so that we’re suckered in by the low price and convenience.

Even if the new, eight-dollar gadget is useless, we still feel that we need to buy one. Three weeks later, when that bauble is collecting dust under our beds, we wonder what we can do to stop ourselves from wasting money next time the store sets its trap.

You might not think that avoiding a five-dollar purchase saves much money, but it can. If you buy one small item a week, you spend roughly twenty dollars a month on things that you don’t really need. That’s a new DVD, a meal in a nice restaurant or some other thing that you would enjoy more than the items you only liked and used for a few minutes.

There’s an easy way to help you curb impulse shopping. The method, called Ten and Ten, is simple enough for even young children to use. Here’s how the plan works:

When you see an item that you want, look at the price tag. If the store is asking for more than ten dollars for this thing, put it down and wait for ten days. Don’t go back to visit the item again before the time is up. You should pretend that this thing does not even exist.

If at the end of ten days you still want this thing so badly that you can’t sleep at night without it, go ahead and make the purchase. You’re much more likely to put your new find to good use if you’ve had to wait and give the matter some thought.

One problem with this method is that stores often offer deep discounts. These deals don’t often last more than one week. What if there is an item you want that’s normally twenty dollars, but is now ten? Should you go ahead and buy it, or let the great deal pass?

This is up to you. Spend a few moments thinking about this while you’re still in the store. If you’re confident that this is a good deal, go ahead and pull out your cash. Great deals won’t last forever, so make exceptions when you know that you’ll really love and use the item.

There are variations to Ten and Ten that will work for items of all prices.

If you find a twenty-dollar DVD that you want, wait twenty days. By then you might even be able to find a barely-used copy for twelve to fifteen dollars. You’ll save money and exercise willpower at the same time.

Before you buy the fifteen-dollar shirt, wait for fifteen days and see what happens. You might go back to buy the shirt and suddenly realize that it doesn’t look nearly as good as when you saw it the first time.

Making yourself wait for a few days before spending your hard-earned money will discourage impulse purchases that you’ll later regret. When you buy things after you’ve had time to consider them, you’ll usually end up with items that you really want.