Author Topic: Purchase deferment experiment saved me thousands!  (Read 4435 times)

JeffC

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Purchase deferment experiment saved me thousands!
« on: January 17, 2015, 03:43:59 PM »
Last year I implemented an experiment where I defered all non-critical purchases for a grace period of 60 days, meaning that anything I decided to buy, I would put in my Amazon Shopping Cart and wait for no less than 60 days before purchasing just to make sure it wasn't some momentary and fleeting consumerist impulse that stirred me to want to buy the thing.  I then would click the "save for later" and let the stuff sit in there. If I still felt like I needed or strongly wanted the thing after 60 days, I deemed it a worthy purchase, but most of it was forgotten about quickly after putting it in the "save for later" section. 

That section, a year later, is many pages long and totals $3428.  It is actually very entertaining to sift through it with a feeling of relief that I don't own all that crap, and almost wonderment that I at one point was convinced I needed it. It is doubly entertaining to know that my net worth has increased (or rather, has become closer to zero) as a direct result of not buying that stuff that I definitely didn't need.  Actual Amazon spending was 1076.  When I look through that list, it is all stuff that I am indeed happy to own, and almost all of it is pure utilitarian objects like bike tires, a sweatshirt, car parts, a printer because mine died, etc.  With the exception of a $60 set of ceramic knives (that I do in fact use every single day), nothing frivolous or luxurious! 

I now resolve to save myself the time that is represented by this pages-long list and quit this online shopping activity altogether, as it does represent a lot of time wasted. Has anyone else ever tried this?

iluvzbeach

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Re: Purchase deferment experiment saved me thousands!
« Reply #1 on: January 17, 2015, 04:53:41 PM »
We have not tried that in our household, but what a great idea. I'd be a bit afraid to look at how much we spent on Amazon last year. It's a lot for sure. Congrats on exercising great willpower and saving yourself some serious money in the process!

Emilyngh

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Re: Purchase deferment experiment saved me thousands!
« Reply #2 on: January 17, 2015, 04:59:31 PM »
I accidentally did something very similar.

I knew that my parents were getting us a big Amazon gift card for xmas, so starting in about Nov, when I wanted something or thought we needed something, I'd put it on my wish list, planning on buying it after the xmas gift card.

Well, once we got the gc, I went through the list and deleted much of it.   

It didn't even hit me though that I should just continue doing this; good suggestion!

Ziggurat

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Re: Purchase deferment experiment saved me thousands!
« Reply #3 on: January 17, 2015, 07:26:46 PM »
Nice one ... after reading this I just added an item I've been wanting to impulse-buy.  Looked at my wishlist's existing items, and there was well over $100 in stuff there that I don't even remember adding, so obviously never missed them.

Great idea.

pagoconcheques

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Re: Purchase deferment experiment saved me thousands!
« Reply #4 on: January 18, 2015, 05:02:10 PM »
We did this with our kids to great success, though not just with money and purchasing things.  14-year-old wants a belly-button piercing, we'd pencil it in on the kitchen calendar for 60 days out. 

They're adults now, no piercings and no tattoos in addition to being frugal as hell. 

eostache

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Re: Purchase deferment experiment saved me thousands!
« Reply #5 on: January 19, 2015, 03:31:13 PM »
I don't buy much on Amazon (or anywhere else) but I don't leave my credit card info on my Amazon acct. For the one or two times a year that I actually decide to buy something there I add the credit card back on, then delete it again after.

I do get a lot of free ebooks on Amazon though. I subscribe to email from Bookbub and Book Gorilla to find the free ebooks.

1967mama

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Re: Purchase deferment experiment saved me thousands!
« Reply #6 on: January 20, 2015, 02:00:18 AM »
I unintentionally do this too. The things I want to buy from Amazon are usually under $35, so I save everything for later, until I have enough to get free shipping.

+1 We got rid of Amazon Prime this past December, when my renewal was due. I tried the higher priced Prime for one year, and resented how much I was paying each month. After all, some months I didn't even order from Amazon.  I am back to what I used to do before we got Prime -- accumulating things in my cart until we reach the $35 threshold. Interestingly, I often delete things when I come back after days or weeks of not looking on Amazon.

Bob W

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Re: Purchase deferment experiment saved me thousands!
« Reply #7 on: January 25, 2015, 10:13:00 AM »
This is a great strategy.   Its like saying maybe instead of no or yes.   

OrangeSnapDragon

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Re: Purchase deferment experiment saved me thousands!
« Reply #8 on: January 25, 2015, 07:22:24 PM »
Just talking about doing something similar.  We are on in super frugal mode to get the house paid off by August 1st this year.  After that it is on to tackle 90k of student loans.  But, we also have a fixer upper house and things that genuinely are falling apart. 

The strategy is when we pay off the house to buy a couch and a couple kitchen items.  After that everything goes on a list market with the highest priority first but we will only buy a couple at a time with every 15k breakpoint we hit on the loans.  The kind of items will substantial for the house, such as a vanity to replace our free and falling apart one, drywall for our hideous piss yellow painted room, and material for new back/front steps (our front steps are currently cinder blocks).  It is amazing what you learn to live with/without when you have a larger goal in mind. 

I also gave my only tattoo a 2 year deferment period (for non financial reasons), have had it for 6 years and still love it. 

jtriplett

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Re: Purchase deferment experiment saved me thousands!
« Reply #9 on: January 25, 2015, 09:22:05 PM »
I have been using this strategy more and more quite effectively.  It's amazing how many things I just decided I don't need 30 days later, or even just a few days later. 

YNAB also helps with this and larger purchases.  I'll make a category for something expensive to save for it, and 2 months later.  I usually delete the category and put the savings into paying off debt or something else.

 

Wow, a phone plan for fifteen bucks!