Here's an interesting challenge put forth by Gail Vaz-Oxlade, personal finance guru, author, and host of popular Slice TV shows Til Debt Do Us Part, Princess, and Money Moron. In Keeping our sense of entitlement in check (The Money Sense, September 10, 2013), Vaz-Oxlade asks, "If you had to pick one day of the week on which you will buy nothing, how hard would that be for you? How much planning would it take? How entitled are you to have everything you want when you want it?". These are some hard questions for many of us to answer, and even harder challenge to take up, particularly if we are used to buying anything we want, whenever we want, financial means be damned.
So, whether it's a big-ticket item (that coveted new iPhone) or a smaller impulse purchase (a chocolate bar at the convenience store), this challenge will put into perspective what you need and what you want. Up for the challenge? Try it for one month — you may just be surprised with your willpower, not to mention pleased with the noticeable amount of moolah saved.
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