A good policy on impulse spending

[pegkerr]

Here's a clever idea I got from get_rich_slowly: an impulse tax on purchases, which is time-specific. Read here and here. I think I will try it.

Well, not that I am making many impulse purchases these days.

Comments

[handworn.livejournal.com]

Advertising is just hellishly bad for people, precisely because it works too well. It even gets people to believe that they're choosing to do what they do. This is why the rise of video is such a godsend.

I also liked the idea in that feed of getting your bank to round off your purchases and putting the small change into your savings account. Simplifies the math and you save money despite yourself. :-)

[tinymich.livejournal.com]

Tangent: You know, when my colleagues and I first heard about the impending launch of Keep The Change in mid-05 (Bank of America was a client where I worked back then), we thought it was the dumbest idea ever. Why would people do that? Are they going to get a match? No? How much is the account paying? Well that's TERRIBLE, the money's barely making anything for you - why would anyone use that card when they could use a cashback or rewards card with much better returns on spending, AND stick the "change" into a high-yield account?

But it's been a great success, and I have seen many acquaintences and friends talk about what a great idea they think it is. Which just goes to show I can't speak for the whole universe of consumers. And why I should proabbly never work in marketing. *grin*

[handworn.livejournal.com]

* smile *

Well, I wouldn't keep the change in the savings account. I'd start a feed to an index fund, or something like that.

[skylarker.livejournal.com]

It also helps to stop and visualize where you will put something if you bring it home. I see tons of stuff I like in the stores, but I have hardly any extra room in my little duplex apartment. Even if I can afford something at the moment I stop and think twice whether I really have a place for it in my life.

It's amazing that people can still be buying stuff we don't really need when clutter is such an issue for most of us.

[weaselmom.livejournal.com]

I have to say that your icon for this post cracked me right up. Perfect!

[pegkerr.livejournal.com]

*smirk*