We all know the five-second rule: Drop something you're eating on the floor, and if it's under five seconds on the ground, it's still safe to eat. Well, what if we used the five-second rule with our money?
Before you put something in your cart at the store: Stop and look away for five seconds. Ask yourself: Do I really need this item? Will my life change for the worse if I don't buy it? Can I wait a few days or weeks before buying it? How many hours did I work this week to afford it? Is it worth it? You might find that you can live without the item, and that maybe it isn't worth the hours you worked to earn that cash.
As you're writing out checks or clicking the "pay now" button on your online bill pay system: Take five seconds and think about the bill and the money. Could you find a way to reduce that car payment? Maybe make a few phone calls or check online at places such as LowerMyBills (www.lowermybills.com) and see if there's any way to cut your monthly bills. Just five seconds per bill could make you more aware of what you're spending and if there's any way to cut that expense, even a little.
While making plans with your friends and relatives to go out and celebrate another Friday: Take five seconds to pause and think about potential alternatives to the usual bar or restaurant bill. Could you suggest getting together over at your house and doing a BYOB night? How about everyone meeting Saturday morning instead and going for a free bike ride, jog or kayaking trip?
Maybe it's true that the five-second rule can work for more than just dropped goodies on the floor. Next time you're about to spend money, in any way, take just five seconds and think about your alternatives. Before you know it, you could be looking at a fat and healthy savings account.
