Forget Credit … Why Not Wait To Buy Something?

Got your eye on a new laptop, or a flashy, overpriced digital camera?

Now, at the same time are you low on funds, and seriously contemplating taking those damn credit card companies (who have been flooding your mailbox recently) up on their offer to secure a way too heavy APR line of credit out for it? Well, you better stop right there … before you do anything stupid (truth is: those cards and their companies suck, and they rip people off at the same time) and read the rest of this article. Ready? Ok, let’s move on …

Credit card companies are only in business because most consumers lack the necessary patience to save up for the things they want. In the good old days, when people saw something that they wanted during their daily travels, they would do something that is almost unheard of today: they would actually put a small portion of their weekly checks into their bank accounts until they had enough money to buy it! Who would have known? Not us of course, because we have to have stuff now … I mean right now! This very second! And unlike me, most people spend freely with their dumb credit cards and quickly fall headfirst into debt.

Want to be ahead of the wasteful millions? Then you better use the following tips to slow down the impulse train and set some well-thought-out goals for saving up some green for the big ticket stuff:

Make a plan. Once you know what you want to save for, formulate a plan of saving for it. Here goes a little math (yea, I know — it hurts my head too): if the price of the items is $1,000, break that number into 12 equal payments. Now, if you can afford to put away $50 every week, you’ll only have to save for 5 months before you reach your goal amount. It may seem like forever, but the longer you wait to get your hands on that item, the better off you will cherish it.

Commit to saving. As soon as you know your magic number, commit to stashing away that exact amount or more each time you get paid. Better yet, why not set up an automatic deduction from your checking account at regular intervals to help you save without having to think about it any further. If you really want that (fill in the blank) you are saving so hard for, nothing should stop you from putting away the money for it.

Do more work. Put in some more hours at work or find a second job to help you save much, much faster. Especially around the holidays, retailers are in need of a few good Santa impersonators or gift wrappers to supplement their regular overpaid staff. If you can’t commit to those kinds of hours, why not use your hobbies to earn you some extra cash. Good at hanging up Christmas decorations, or making some unusual crafts? Then use these same talents to turn a profit!

Make some sacrifices. To save money way quicker, why not give up some of life’s little luxuries that you just can’t live without, such as dining out all the time or having every channel that your cable service offers. Depending on what kind of motivation you can stir up, maybe you’ll be able to discover that the more you give up, the simpler your life will become!

Do it again. After the exhilaration of setting a financial goal and reaching it, take the needed time to celebrate with a little pat on the back! But you better savor that flavor, because you’ll want to do it all over again. Get, and stay, in the habit of saving — it will leave your feeling much more financially confident and better able to handle your finances in the future, without having to rely on stupid credit cards.

Saving up can be hard, I know that … but if you can find a way to do it, it may be the best way to get what you want without any guilt after the sale. Credit cards are tempting … I also know this! They’re very convenient and they get you what you want right now, but in the long run you’ll wind up paying way more than you would have if you did the right thing and paid cash for the big stuff!

Don’t worry … I used to be skeptical of this kind of talk, as well. It seemed to me, at the time, that the success stories I heard from old people only applied to them, in their time, but not to me, in mine. However, now that I’ve learned to say “no” to credit cards (God, that sounded like a drug commercial … sorry) and can now add a few of my own personal finance success stories to the conversations I have with the unseasoned crowd, it feels awesome knowing that I’m doing the right thing for once. So go ahead and change your mind young’uns, and then pass this same  information on to the next generation!

The truth of the matter is this: anyone can save for big goals, as long as they stay focused enough, and try to realize that every penny truly does count. Not knowing this is holding many Americans back in life — don’t let this be your case!