A great article I read from Robert Allen (The Seven Secrets of Extremely Prosperous People). He explains that Millionaires spend approximately one minute more per money transaction than the poor person. It’s this one minute, he discusses, that makes all the difference.

Average people go to the store to buy something. They’re in a rush, running late and quickly snatch up the item of choice with no comparison shopping. While they wait in the checkout, they see a few impulse items and pick them up on the way out (hence…why stores put those lovely items at the checkout). They then rush off to the rest of their day a dollar short.

Millionaires, on the other hand, take a few extra steps which takes less than a minute. Before they even enter the store, they have consciously decided to only buy the planned item and they have already comparison shopped and picked the best value. They will often ask if they can obtain a discount price as well as make quick mental calculations of savings. They are not sidetracked by impulse buys. They select only 3 methods of payment: cash, credit card or check. They collect receipts always and ensure all is accurate. They put receipts in their wallet for filing later in a well organized way for their bookeeper to report on.

The Millionaire spends about an extra minute per transaction than the poor person. In the end, they always ave time and money. The millionaire saves from 10-20% in comparison shopping. The millionaire knows current account balances and compares spending from previous to current months. They are in control of their money and are excellent money managers. They feel great mental power because of this control over their money. They make fast, decisive decisions.

Moving forward, when you spend money, take that extra minute to do like Millionaires do:

1) Plan your needs and procrastinate your wants
2) Shop for Value
3) Ask for and expect a discount
4) Examine your receipts
5) Balance your accounts.. Get a bookeeper and keep all receipts.

Happy Shopping!