Money Monday: The impulse buyer

When you're Young & Free it's easy to get caught up in a moment. Sometimes getting caught up in that moment will lead to impulse spending. Maybe you're eyeing a new purse, a pair of shoes, or a newly released DVD.

You may even tell yourself, "I need it."

But do you really need that new watch or that pricey flatscreen television?  

The $50 Rule

Instead of making an impulse purchase, use the $50 Rule. The rule is simple -- take the price of your 'must-have' item, and divide it by $50. The resulting number is the number of days you should consider the purchase before making it.

Screen Shot 2013-07-29 at 3.18.17 PM.png

So whether you're eyeing a beautiful new jacket, or want a surround sound system, use the $50 Rule to wait a few days to make sure it's an investment worth making. Use the time to research online and compare prices and similar items. 

Hope this tip on impulse spending helps!

Lauren R.