Imagine yourself browsing the inter-webs, looking at some good old deals on the online shopping monolith, Amazon.
You see something that catches your eye and before you know it, you purchased it.
You don’t think much of the purchase and continue browsing the many categories online.
And little did you know, an hour passed and many more items were purchased.
By the time you receive your credit card statement, you purchased so much that you racked up hundreds (or even thousands) on your credit card!
Luckily for you, there is a method that can prevent this… the Amazon Wish List Method.
The Amazon Wish List Method
The method has three simple steps:
- Add the item you want to purchase to your wish list
- For every $10 your item is worth, that’s how many days you should think to yourself on whether or not you really need or want it.
- After you have thought about it, if you really want to purchase it, then go ahead and buy it. If not, then delete the item from your wish list.
Let’s run through the steps again.
Step 1: Add the item to your wish list.
The wish list serves as a temporary location for all of the items you want to purchase.
If you are purchasing on another website instead of Amazon, you could put the item into your cart. Just don’t go and click purchase.
Also, if you don’t purchase and leave the items in your shopping cart for a day or more, the seller would often send you a discount coupon or promotion telling you that you have something in your cart and reminding you to go back and check it out.
Step 2: For every $10, take a day to think about it.
For the CeraVe Moisturizing Cream in my wish list, I would take 1-2 days to think about it because it’s around $12.
If I were to purchase a $500 camera, I would take around 50 days to think about it because as people usually say, “you should sleep on big purchases”. And for us frugal folk who strive for financial independence, all purchases can affect whether or not our “investments” can compound faster and faster.
So it’s pretty simple and you can adjust the value per day you want to think about… for me, it’s $10. For someone else, it might be $50… $100… or even $500. It’s different for everyone, so pick a value that you will be comfortable with.
Step 3: Once you’ve finished thinking, buy it or delete it from your wish list.
The last and final step, which is the simplest one.
If after thinking about it, you still want to purchase the item, then purchase it.
If not, delete it from your wish list and don’t think about it again! Because after all, you’ve slept on the decision and decided that you don’t need it anyways.
With the Amazon Wish List Method, you can potentially save hundreds (or even thousands) of dollars if you think about whether or not you want to purchase the item.
If in the end, you don’t want to purchase it, then you’ve saved money! If in the end, you did want to purchase it, the delay would have prompted the seller to send you a promotion (or discount!) as you left the items in your cart and made the seller wonder why it hadn’t convert into a sale yet.
In the end, it’s a win-win situation for you, the buyer.
Finally, if you do decide to purchase an item and are certain of it, remember to use a price tracker like CamelCamelCamel for Amazon to see if it is the lowest available price!
Have you ever done something similar? Let me know about it in the comments below!