Build Better Spending Habits With This 3 Second Experiment
Money is a tool, not a goal , and you will get more out of it if you spend it on what matters most to you. The problem is, they are easy to spend without even thinking. To better understand your habits, try Carl Richards’ 30-day, 3-second experiment.
To focus more on your discretionary spending, Richards suggests running an experiment for 30 days, during which you take a few seconds after each purchase, look at your receipt, and simply state how much you spent.
This is not done to stop you spending money altogether. It’s just made to make you notice. We try very hard not to resist spending, not to judge spending. We just want to notice it within 30 days. Just three seconds … You just look at the receipt and say, “Interesting. I just spent $ 79 at Whole Foods. ” That’s all. This is the end of the exercise … It should be done as soon as you do it, or right after you do it.
It’s as simple as that, but the idea is to take some time to reflect on what you’ve spent. Ideally, in a month you will be more aware of your habits. Of course, you can just revise your budget and do the same, but that will make you think about it a little more the moment it happens. To find out more, listen to the podcast episode below.
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