Today’s tip for financial independence is: Think before you buy. (i.e. Don’t buy on impulse.)

You know all the times you saw something in a store and wanted your parent to buy it - but they said no? This is that same sort of thing, but an affliction that affects young adults.

Once I turned 18 and felt the power of a huge credit limit at my fingertips, I felt like I deserved to have some nice experiences. I told myself I was only going to be young once and I had plenty of time to figure out how to pay everything off. (Not terrible logic, when you think about it, but it led to my building up more than $10,000 in debt because I was living outside my means.)

The problem with impulse purchases is that they come out of nowhere and put a serious strain on your monthly cash. It is easy to get wrapped up in the emotional idea of buying something and to not think about the financial consequences about doing so. After all, how many people really need a timeshare in the Poconos?

So think before you spend money. Set a personal rule that anytime you are about to spend money you take a step back and evaluate whether or not you really need to spend money. You will be surprised how much you can save.