Famed Hollywood producer David O. Selznick, whose work included The Adventures of Tom Sawyer and Gone with the Wind, once said: "An elephant for a quarter is a bargain, but only if you have a quarter and only if you need an elephant."
As I've been trimming my budget in preparation for becoming a full time freelancer, I've started using that bit of wisdom to make a lot of my buying decisions. For instance:
Me: Wow! I can get that whole package of toilet paper for just ten bucks!
Inner accountant: Do you have ten bucks?
Me: Well, not with me at this very moment, but I could charge it.
Inner accountant: No way. Credit cards are for business expenses only. If you don't have the cash, then don't buy it. You've got plenty of toilet paper at home anyway.
OR
Me: Look at that. Rainbow-colored legal pads, and they're only a dollar each. I think I'll get some.
Inner Accountant: Do you need legal pads?
Me: Well, not exactly. I mean, I've probably got twenty or thirty at home, but none like this.
Inner Accountant: Sorry. No sale. Paper is paper, and you've got enough.
I've started going through the same type of conversation with myself over books ("Honestly, how many time management tips do you need? Besides, you can get this one from the library for free."), cat supplies ("Why do your cats need a $20 tent? They're happy with a cardboard box from Amazon."), and food ("Put that chocolate peanut butter down, and I mean now. It's twice as expensive as regular peanut butter, and you so do not need the calories!")
Maybe that sounds like a mean way to talk to myself, but I've always had the bad habit of being an impulse buyer, and it's gotten me in financial difficulties more often than I care to remember. My motto used to be, "Spend in haste, repent at leisure."
Now that I actually force myself to take a few minutes to think about what I'm spending my money on, I find that, during those crucial seconds, I often decide I don't need the item after all. I've not only saved money, but I've been happier with the things I have purchased because they were things I really did need and really could afford.
I'm not sure David O. Selznick ever took his own advice--he was known as a pretty flamboyant spender--but his words of wisdom sure have toned me down a bit.
So, what are your purchases like? Are you paying a quarter that you have for an elephant that you need? Or are you just spending money?
"An elephant for a quarter is a bargain, but only if you have a quarter and only if you need an elephant." Can't stop laughing about this quote from Sir David. Lol!
Posted by: opinion essay | Jul 25, 2011 at 02:14 PM