Post by Tomspy77 on Jul 23, 2009 20:16:10 GMT -6
From Lifehacker.com:
lifehacker.com/5320196/use-the-stranger-test-to-reduce-impulse-purchases
When faced with a purchase, many people fall into the trap of only considering that they want it and can afford it—but that doesn't mean they should buy it. Cut down on impulse purchases by using the Stranger Test.
The Stranger Test is an excellent way to frame the financial significance of the purchase. How does it work? A reader from Five Cent Nickel explains:
When considering a purchase, picture a stranger offering you [the cash value of the purchase] or the item in question. Which is of greater value you? Which would you choose?
If a stranger were to come up and offer you $3 to not buy that cup of coffee you might reply "Thanks, but I'd really like this cup of coffee." But if your response over a bigger purchase like a new HDTV set or a computer would be "Hmmm $800 would be a pretty nice credit card payment..." it's probably best to put your funds to use fixing more immediate problems.
lifehacker.com/5320196/use-the-stranger-test-to-reduce-impulse-purchases
When faced with a purchase, many people fall into the trap of only considering that they want it and can afford it—but that doesn't mean they should buy it. Cut down on impulse purchases by using the Stranger Test.
The Stranger Test is an excellent way to frame the financial significance of the purchase. How does it work? A reader from Five Cent Nickel explains:
When considering a purchase, picture a stranger offering you [the cash value of the purchase] or the item in question. Which is of greater value you? Which would you choose?
If a stranger were to come up and offer you $3 to not buy that cup of coffee you might reply "Thanks, but I'd really like this cup of coffee." But if your response over a bigger purchase like a new HDTV set or a computer would be "Hmmm $800 would be a pretty nice credit card payment..." it's probably best to put your funds to use fixing more immediate problems.
