Ever stumble upon something and say to yourself “I have to have this!”? Chances are, no you don’t. Not all the time, but most of the time, that thing that we “had to have” ends up in the back of our closet collecting dust. In order to control some of your impulse buying, financial experts recommended something called the 10-10-10 rule.
According to the 10-10-10 rule, you should answer these three questions anytime before you’re about to make a purchase:
- How will we feel about it 10 minutes from now?
- How about 10 weeks from now?
- How about 10 years from now?
The goal is to get a good sense of the item's value and how much you actually need it.
Bonus 10: you should also wait about 10 minutes to make a purchase. Pause and walk away from whatever it is you’re about to be to kick that “impulsive” feeling. Then come back to it and ask the 10-10-10 questions.
Source: Inc