Today I heard on a Planet Money podcast that only one third of purchase at the grocery store are what people went there to buy. The other two thirds are spontaneous purchases.
Yikes. If that’s normal, I don’t want to be normal.
In the Millionaire Mind, it specifically mentions that millionaire families are more disciplined about things like this. They always go with a list and they stick to it.
It might sound like a small thing but I’m guessing that it adds up to thousands of dollars that those families are saving each year.
Out process is to keep two sticky pads handy in a cabinet in the kitchen. One is for things to buy at Costco and one is for things to buy at the grocery store. Whenever we are getting low on any item, we write it on the list. When we head to either store, the lists are ready to go.
This is an example of building a system or process to accomplish a goal. Our goal is to save and invest more, this is one of many systems we’ve put in place to work towards that goal. James Clear has written a great article about this [link].
What is also interesting about the grocery example is how susceptible we are to the methods that big businesses get us to buy things. They are smart, sophisticated and focused on getting us to spend more. Which means that we have to be smart, sophisticated and focused about spending less.