Making good decisions without wasting time

How long should you take when making a decision?

Think of it this way: how is this decision going to impact your life?

Measure it in a few categories. The amount of money it will cost is important. So is how much of your life will be affected by this decision. If the differences between your options are quite distinct, you may want more time.

Huge purchases, such as houses and cars, should involve a lot of time. When I bought my fiancee's engagement ring the jeweler told me people spend more time looking over rings and diamonds than they do houses they're about to buy. That's a frightening thought. A condo where we live can easily go for more than 100 times what her ring cost, nevermind a house with a yard.

What about jobs and careers? If you're going to spend all those hours working, you should spend the time to figure out what you want out of a job and company. See if you can get as much of what you're looking for as you can. The more you think about what you want out of life and how to get it, the more of it you'll get in the end.

When should you spend little time?

Anything under $20 should be a quick decision. I'm not saying they should be an easy "yes" or "no," I'm saying it's a small amount of money and your response should be almost automatic.

Anything you will use little should be a quick decision. Unless it has a specific purpose, that decision should be "no" most of the time since you have already decided you won't need it.

Anything where the is little difference should be the easiest. If you're going to buy it, get whatever is on sale, least expensive, the best deal, or whatever you are most comfortable with.

Of course, many things end up in the middle. This is where you have to use your own judgment. Let me use my examples from yesterday again. I want a new sleeping bag, and what matters to me is how light it is, how small it packs, how long it will last, and how much it costs. I spent enough time to see what warmer weather bags had good reviews, what they cost, and how much they weighed. I also thought about how I've managed 20 years of camping with a middle of the road (at best) sleeping bag. In the end I found a relatively inexpensive one with fantastic reviews for someone who camps a few times each year.

Last thing - stay away from concepts like "Always buy the best" and "Only buy on sale." It's better to pay full price for an item you want than it is to either overpay for something you don't need or miss out because an item never goes on sale.