What have you learned from Money Mistakes?

haste makes waste
“All men make mistakes, but only wise men learn from their mistakes.”
–Winston Churchill

According to the USA Today, 55% of people learn from their money mistakes.

I thought about that statistic, and I thought about my money mistakes over the years. The lesson learned can be summed up in three words…

Nearly every purchase that I have regretted was an impulse purchase…haste makes waste! If an item is not on your list, make yourself wait at least 24 hours before making the purchase. You'll likely get home and realize you don't really need it or better yet, you might realize you already have the item! How many times have you cleaned out a closet and found items that you'd totally forgotten about?

If you don't take the time to compare prices, you'll pay too much…haste makes waste! There are so many tools available to help you quickly compare prices without driving all over town. Even at the grocery store, take the time to compare cost per unit by looking at the fine print on the shelf tag. Suggestion for big ticket items: Red Laser App – scan a bar code with your smart phone and discover the best price on that item.

Instant gratification is often the culprit of excessive spending…haste makes waste! Slow down and take your time to research major purchases because there really are best times to buy certain products.

I've learned that haste makes waste. What have you learned from your money mistakes?


Image: FreeDigitalPhotos.net

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April - My Bizarre Family
11 years ago

Oh yeah, I definitely have had regrets with impulse purchases. I have learned my lesson…not saying that it still doesn’t happen from time to time. But…I do alot more comparison shopping now =)

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