How Waiting Can Save You Money

This is the first in a frugality series inspired by the Greatest Generation, the men and women who grew up during the Great Depression and then fought and won two wars. You can see the Table of Contents to this series here.

I recently got a new iPhone 4S (for my birthday, September 4) and I am very happy with it. On that same day, both of my parents upgraded to iPhone 5's. Barely a week later, the iPhone 5C just came out. We got new phones and only a week later they were outdated.

Here are some outrageous statistics:

• The iPhone 5 received 2 million pre-orders within its first 24 hours.
• In it's first 3 days on sale, more than 5 million iPhone 5's were purchased.
• The year before, over a million people pre-ordered the iPhone 4S within 24 hours.
• Over half of US adults have smart phones.

And yet we still aren't happy. We live in an instant, entitled society. We want it now. We deserve it. We are entitled to it. BUT, waiting can save you money.

Example one: items you don't need "right now".

My mom waited six months to buy a certain bedspread from JCPenny she has been wanting.

Problem? The comforter set was $290. The 2 decorative pillows were $100. ($50 a piece) The 2 valances were $110. ($55 a piece) That comes to $500!!

A few days ago, while Mom was checking JCPenny's website, the moment she had been waiting for had arrived! The bedroom set was on sale! (throws confetti) The entire set was on sale for half off. Half off is $225. AND after a quick Google search for "JCPenny E-coupons" we found an additional 10 percent off coupon. With tax being $13.85, our grand total was only $221.80, and the comforter by itself was $240.

By waiting, we got the comforter set discounted $20, and the rest free! We simply did without for a while. We did not need that comforter right away. By waiting, we put the money we saved to good use!

This works on:

• TV's and other electronics
• Appliances
• Decor
• Furniture

Example two: food and holiday items

Food is essential to life. BUT, do you need that Halloween candy now? Can you wait until after Halloween, when it's all in the Clearance rack? Same goes with any item "in season", such as Christmas wrapping paper, valentines, and school supplies. - Waiting until after that holiday or season saves BIG time.

Waiting for a product to go on sale is also a great example of saving money. Combined with coupons, you can occasionally strike a great deal!

This works on:

• Clothes (Sweaters, scarfs, summer sandals, etc.)
• Food of any type (coupons + sale price)
• Holiday items (Christmas cards, Halloween candy, wrapping paper, valentines, and even school supplies. Just stock and save for next year!)

Example three: waiting until it's old

Homeschool curriculums regularly update. If the curriculum you like is getting updated, the leftover "old" ones can normally be purchased for 1/2 off, and the teachers editions can normally be found on Amazon. When the "new" tech gadget comes out, the old one's price is significantly reduced.
Although you may not have the coolest gadget on the block, your wallet probably won't be empty.


Tip from the Greatest Generation:

Very few Americans "need" anything; most have their basic needs already met. Before you buy bigger/newer/better, think:

USE IT UP: Don't buy that new item now if you don't already have it, use up what you got.
WEAR IT OUT: Make sure your old item is in very worn-out (unusable, slow, etc.) condition before you buy
MAKE IT DO: If you can't afford it, SOMEHOW make that old and worn-out TV work until you can truly afford a new one.
DO WITHOUT: Do you REALLY a new TV? What about the one at your neighbors garage sale?

How has waiting saved you money?