Phil & Mel In The Afternoon

Weekdays 3:00PM-7:00PM

Photo by Joe Raedle/Newsmakers

Most of us, as we get older, have a solid idea of wants and needs. Of course, if you’re like me, that doesn’t stop you from buying a lotta of crap. Buyers remorse affects nearly all of us. And even as an adult, it can be difficult to decide between a “need” and a “want”.  Well there’s a $1 rule that can help!

Daily I see something online and say, “Ooooo I need that!”.  Of course, I probably don’t and there are many days that I have to talk myself out of buying stuff. Bernadette Joy, founder of Crush Your Money Goals, has a solution for those of us who like to shop: The $1 rule.

According to Pure Wow, The $1 rule is, “basically the idea that the cost per use of all non-essential purchases should be equivalent to $1 or less.” For example, if a pair of shoes cost you $150, but you know you’ll wear them 150 times before you’re done with them, then buy them! If you’ll only wear them a few times? Reconsider. I like it!

The rule is best applied to purchases that are in the “non-essential, non-special occasion, and simply nice to have” category: home goods, seasonal clothing. Here are ways the $1 rule can be helpful for your finances:

  • “It helps you determine the worth of an item before you decide to buy it.”
  • “It also helps you expect and prioritize quality from the items you do buy…and determine when something’s just not worth it.”

I’m so glad I saw this story! I know I spend way too much money on stuff. I shop online mostly, so it’s so easy to buy something quickly. Amazon has increased my spending on stuff I don’t “need” without question. I’m gonna try this and see if it saves me some loot!