Money Hack #2: Sleep on it

Money has this weird property where it’s hard to earn but easy to spend. Bad planning (or no planning at all) can compound this even further and cripple your ability to save towards a better future. Don’t lose hope though, nothing is impossible! With the Money Hack series, you get simple, actionable advice you can use in your daily life.

Today, we’re looking at a rather wise suggestion:

When confronted with an unplanned purchase, take note of it but don’t buy it. Later on, when you’re not at the store anymore and have time to think to yourself, take a deep breath and think about the purchase.

Will it bring you true happiness? Will you regret buying that thing in 2 months? Will you even remember that you bought it? If it’s that forgettable, it may not be the best purchase. If after all that, you still wish to buy it, then go back to the store and buy it. Too lazy to go back? That’s even better, you win by default.

The bigger the price, the more important this thinking becomes. Even though small purchases add up over time, it’s really the big occasional purchases that this technique targets. As you practice and try it out through your life, it will become easier to reflect and it’ll become second nature.

As a bonus, you’ll even learn more about what you like and dislike. Buying a pair of shoes might bring you temporary pleasure, but I doubt that feeling will endure the test of time. Or maybe it will, and you’ve learned that shoes are really important to you. You can then begin prioritizing those purchases over other ones and achieve true happiness while avoiding other purchases that don’t have such a big impact on your well-being.

After all, that’s a pretty good goal in life. More of what you really like, and less of what doesn’t matter. Hopefully, you’ll avoid the pitfall of thinking that everything in your life (or everything you buy) brings your happiness. That’s probably bullshit. If it’s not, congratulations, you must be living the high life and probably don’t need my help, although I appreciate your viewership. But the reality is that everyone, me included, will benefit from keeping this advice in mind. Don’t believe me? I challenge you to try and find out for yourself.

So until next time, remember to sleep well (on it).