Sunday, November 27, 2005

24/48 Rule

Every consumer has experienced the urge to purchase the big ticket item, the must-have durable good, the product to keep up with the Joneses. Chances are the pricy thing such as the plasma TV, V8 automobile at bargain price, or the elegant dress is very expensive. Do you have a problem controlling the urge to splurge?

I like to share the 24/48 rule. The 24/48 rule is 24 hours and 48 hours. When the consumer has the urge to splurge, the 24/48 rule activates. The consumer must wait 24 hours to purchase an item less than $100.00 and 48 hours to purchase an item $100.00 and greater. The 24/48 rule dollar amount threshold is a judgment call. The rule works for me because the next day or two, I lose the urge to splurge. I think to myself, "Did I really need to buy it?"

The 24/48 rule is helpful for marriages and their spending. When someone has the urge to splurge, the spouse must follow the 24/48 rule and communicate to the partner I wanted to purchase the item--I had to urge to splurge. After the wait, if the item is still desired to purchase and the partner approves, then he or she can purchase; otherwise, the item to purchase was an urge to splurge and partner approval was not needed.

Anyone can save a lot of money and a lot of headaches with the 24/48 rule. The rule saved me a ton of money, less junk in the house, and sometimes when I waited, the cost of the item went down in price or upgraded. Good luck adapting the 24/48 rule if you choose to $-)


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