Image Courtesy: E Bartholomew
Have you ever heard the saying, “Patience is a virtue?”. Knowing how impatient I am, my mom used to tell me this whenever I'd get upset about something not happening when I wanted it to happen.
Having patience can not only help you deal with a number of situations in your life but patience can also save you money.
I'll be the first to admit that I'm not the most patient person in the world. When I want something, I want it now. If you tell me that you will be here at 1pm, I would really like you to be there at 12:55pm. On the flip side, if I tell you I will be there at 1pm, you should expect me to be there about 12:50pm.
Being impatient has cost me tons of money in the past. It all goes back to me wanting it NOW. I've written several times on this blog that electronic gadgets are my weakness. When I saw something I liked, I'd go ahead and purchase it without planning for it or thinking about how it would affect my finances. Of course, the end result of my impatience was a mound of credit card debt.
I hate to even think about how much money I've thrown away by not waiting. We all know that there are usually big sales around certain times of the year. If there is something I wanted, I didn't have the patience to wait for a sale. For example, last year, I wanted a new flat screen TV. Instead of waiting for the big sales at the end of the year, I bought my new TV in August. Of course, around Christmas time, I saw the same TV advertised for about $200 less than I'd paid just four months earlier.
These days, I'm better at being patient in my personal finances. I plan and save for my next purchase. I still splurge every now and then but I manage that by setting a small amount of money aside each month in a special account for that purpose.
What about you? Does your lack of patience cost you money?