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I love purses—like, I really, really love purses. I don't think you understand how much I love purses.
So when I see a cute purse in the store I really love, I want to buy it right then and there! I almost can't help myself. I have to have that purse!
But that's when I think back to a lesson my mom taught me many years ago: wait overnight.
My husband Winston and I have decided that when we're about to make a big purchase—or even a smaller purchase that's more than you usually spend on that item—it's best to take a breath, let the emotion die down, and wait overnight.
When you sleep on the decision, you put some time between your emotions and the transaction. You wake up the next morning with a fresh perspective. You may ask yourself, Do I really need that?
Here’s the catch: Even if you sleep on the decision and wake up the next morning ready to make the purchase, you still need to pay cash. The money needs to be in your bank account. Making a purchase with a credit card is just as bad as making a purchase on impulse.
Also, ask yourself, Do I really need this item right now? Chances are, you don't. If you're honest with yourself, that question should give you a healthy dose of perspective.
Local experts you can trust.
"Wait overnight. Put some time between your emotions and the transaction." @RachelCruze
In my situation, I bought that purse two years ago, and I still use it during the summer. It's a high-quality, beautiful purse and, to me, it was totally worth it!
Purses might not be your thing. You might be into electronics, shoes, golf clubs or even boats. But this rule applies to anything. Impulse buying can really wreck your finances. It’s a topic I spend some time on in my upcoming book Love Your Life, Not Theirs.
So if you have cash and you agree on the decision with your spouse, there's nothing wrong with making that purchase. Just wait overnight!
You can thank my mom for that little tip.
I go into much more detail about the habit of thinking before you spend, as well as six other money habits, in my upcoming book Love Your Life, Not Theirs. You can preorder it today and receive over $70 worth of free digital bonus items!
Rachel Cruze is a seasoned communicator and #1 best-selling author, helping Americans learn the proper ways to handle money and stay out of debt. You can follow Rachel on Twitter at @RachelCruze, online at rachelcruze.com, or at facebook.com/rachelramseycruze.