To save money, just think “I can wait”

This article is inspired by something my friend once told me. He said, “It’s going to be awesome. I can’t wait for the new Batman movie to come out.”

I realize this is a totally ordinary statement, particularly because my friend is a huge Batman fan. And no doubt I have said similar things when I am excitedly waiting on a new movie to come out.

But for some reason, that day I was struck by the literal meaning of the sentence. I mean, what does it really mean to say you “can’t wait” for something to come out?

I thought about what it meant for my friend. When he gets excited about a movie, it means he will go to the theaters and see the midnight showing. And knowing the show might sell-out, he will be sure to buy tickets in advance and pay the online convenience charge.

When my friend can’t wait, that means he has to be among the first to see the movie. The alternatives would really be a joke to him and there is no way he would wait for the alternatives. That is:

He can’t wait for the weekend to see a cheaper matinee showing

He can’t wait for the several weeks to watch it in dollar theaters

He can’t wait for the months it takes to come out on Blu-Ray

And he certainly can’t wait for the long haul when it inevitably becomes available on RedBox/Netflix/TV

You get the point. When my friend–and people in general–say they “can’t wait,” they mean they are so excited they do not wish to wait for less costly alternatives. The premium is worth the instant gratification.

Sure, sometimes it’s worth it

Before I go on, I want to clarify one point. I don’t want to sound overly critical of a simple decision like watching a movie on opening night. In fact, it can be perfectly logical to do, if you are really paying for the opening night experience.

But I suspect many people pay the premium because they can’t wait–remember the words my friend used. People often watch a movie in theaters because other options take time. If cheap rentals were available on opening night, I bet movies would suffer a huge drop in the box office performance. Opening night attendance is partly helped because people do not want to wait.

The casual remark my friend made got me thinking; perhaps it is not so good to be impatient. I am fine if my friend wants to spend money because he loves opening night and he can’t wait.

But I, personally, I do not feel that way. I can wait for the price drop, and I am happy to do so.

Saving mantra: I can wait

On further reflection, I thought more critically about consumerism. Everyone gets excited about new products, whether it be movies, new restaurants, clothing lines, or in my case, limited beer releases.

I came up with the idea that anytime I got too excited about something, I should question myself. Rather than giving in to impulse, I should think to myself “I can wait.”

For fun, I jotted down a few of the ways that the “I can wait” philosophy can help with saving money.

I can wait for Black Friday/holiday sales

I can wait for smartphone I want to drop in price

I can wait to travel in the off-season

I can wait for public transit rather than taking a cab

I can wait to get several estimates before doing any home repair

I can wait to save the cash rather than buying on credit

These are not novel ideas on how to save, nor are they particularly glamorous. And in our society, advertising often tells us to do the exact opposite and give in to our instant gratification.

Nonetheless, these are time-tested and practical ways to save. The goal is not to wait on everything you want–after all, the whole point of having money is to use it for things you enjoy.

The goal is to think critically about your spending. If you track your spending and analyze major purchases, I bet you can find plenty of times you waste money out of impatience.

The next time you are confronted with one of those situations, ask yourself how important it is to make the purchase immediately. Perhaps you too will realize that with time you could save. And maybe you might think, “I can wait.”