You may have heard the “count to ten” rule in the context of avoiding rage-fueled outbursts you’ll regret, but research suggests it may also be a useful way to cut down on impulse spending. The basic concept is simple: if you force yourself to slow down and think before following your initial “buy!” instinct, you’ll make sounder decisions.

How It Works

Next time you’re spending money (whether it’s at the grocery store, a boutique or online), commit to a brief (10 second) deliberation for all your purchases.

• The question of necessity: While you’re counting, ask yourself whether the item you’re about to buy is essential to your life. If it’s non-essential, would it save you significant time or trouble? If the answer is no, it’s probably a put-away item.
• The question of immediacy: Another question to consider is whether or not you need something now. In some cases, buying ahead of time is smart – you may be able to take advantage of sales or special promotions. But if you could wait awhile before buying, you may want to take that time to do some comparison shopping.
• The question of alternatives: Some items that you need or want may be available in multiple forms. Think books, DVDs, clothes and music: rather than buying items new, consider shopping at used bookstores and thrift shops. And taking advantage of your local library can save you hundreds of dollars on books and movie rentals!

Why It Works

When we’re shopping, we’re in environments designed by marketers to encourage us to spend money. Plenty of scientific studies have been conducted on how and why people spend more than they plan to—and how retailers can promote such behavior (see links below).

Here are some reasons why impulse buys may feel good at the store but terrible when the bills come in:

• Surroundings influence us: Studies have shown that when our appetites are stimulated (say, by the smells coming from the grocery store bakery or the mall food court), we’re more likely to spend money. A 10-second period of reflection can help counter that effect.
• Presentation matters: The way items are presented and grouped can also affect what and how much we purchase. Again, taking time to cancel the effect of presentation can help keep dollars in your wallet.

Make It Fun

Personally, I think counting to ten is a little boring, so when I’m out shopping, I sing a chorus or two of my current favorite song before making a purchase – sometimes in my head, sometimes out loud. It depends who’s around.

The bottom line is that any activity – counting, singing, walking down an aisle, finding your cell phone in your purse – that gets you to slow down when you’re shopping can make this important technique work.

If you don’t have the cash to make basic purchases, you may want to see how filing bankruptcy may help.

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