The Consumer Financial Protection Bureau has a short publication titled, “SAVED: Five Steps For Making Financial Decisions.” SAVED is an acronym for, Stop, Ask, Verify, Estimate and Decide. This is a simple guide to follow before buying a financial product or service.
Stop and give yourself time to make a good decision. Ask questions about costs and risks. Verify that you’ve gotten the answers to your questions and double check those answers. Estimate the true cost before you invest. And, finally, decide after you’ve done the homework.
These steps are good advice for other expenditures too, like buying a car, a house or any large investment.
However, I have discovered you may not want to take all the steps in places like the grocery store or fast food place.
When you estimate the true cost including calories, it may make it tough to decide.
PMO
©2015
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