Procrastinating purchase is simply putting off purchase to a future date with the intention of either– the purchase becomes redundant at that point of time or can be replaced with a better or cheaper purchase in future
But, can this trick really save us some money?
I have been adherent to this trick for quite some time now. Whenever there was an urge in me to buy new gadgets or some furniture, I always tend to push it a month or a two down the line.
Eventually when the time comes either the gadget is outdated or is less expensive than the original price I desired to buy.
For example, when ipad1 was released I was tempted to buy one of them.
There were all sorts of benefits and productive ideas my brain was formulating to convince me.
Instead, I decided to purchase when ipad2 is released, I am glad I did.
Needless to say, this will always work if the item you intend to purchase is a gadget, as electronics aggressively depreciate in value compared to any other class of buying.
Does this hold good if we want to buy non-gizmos- say a new ‘table’ or ‘travel bag’?
When it comes to purchasing items like furniture, as time goes by either the quality of furniture degrades for the same price or it becomes more expensive for the same quality.
We can either blame it on either inflation or earth’s depleting natural resources.
In spite of above findings I tend to procrastinate my purchase.
The main reason for this procrastination is to validate my intention.
If it’s a required purchase it will still be valid one month or two months down the line, if not, then probably it’s a temporary discomfort that I need to cater or it’s probably a temptation.
On some occasions (to be honest most occasions) either the temptation is gone, necessity is removed or alternate solution solves the need.
I guess it’s common for our mind to get attracted to new technologies and fancy good-looking stuff.
A pause in time validates if the purchase is really required Click to tweet
Managing needs with procrastination
Things you must have to continue everyday life is a “need” and things you would like to have is a “want“.
Needs are like little humps that we face in our financial journey. We don’t have to swipe our credit cards to all our needs, we can defer or terminate them with a bit of sacrifice and creativity.
I live in a unit and last week I had to prune a tree in my back yard. I have a very little backyard with four or five trees looking up the kitchen window the rest is concreted.
Pruning of these trees is once in a year job. I always end up using a pre-existing saw and kitchen knife to prune these trees instead of buying a pruner.
Mostly because I can get the job done with something I already have and partly lazy to drive down for a pruner; and I see no need to spend money for a pruner.
In summary, there are Pros and cons in procrastinating a purchase. It’s not always a winning situation, there were times when I paid penalty for procrastinating purchase not to mention for the same quality and feature. Apart from those minor spikes to your wallet, on the longer run, I am assured to be on the right track of saving more money and reducing clutter.
So, for now, I do continue to remind myself to procrastinate a purchase.