Polls / April 7, 2010

Which is the best time of the week to make an important financial decision?

Friday is the most unpopular day to make important financial decisions, according to the latest eZonomics poll. An aggregate of 66% of respondents were inclined to tackle big financial matters on Monday to Thursday. The weekend also featured as a reasonably good time.

I'll be lazing on a Sunday afternoon
If you have the luxury of time, it is good to pick suitable moments to make important financial decisions. Like so much in life, financial decision making can be affected by the ups and downs of emotions - so delaying decisions until happier days could be a good idea to avoid being swayed by emotions or distractions. It better allows consequences to be fully considered.
A German study last year suggested Sundays are the most common days to feel down, perhaps as people get ready to face the week ahead.
It could be a good idea to make important financial decisions early in the week - on Monday, Tuesday, Wednesday or Thursday - when they are in "work mode", and leave the weekends for relaxing.

On any day, it's important to pause and think
ING Direct Canada CEO Peter Aceto recommends in his blog using the "7 second rule" for important financial decisions.
He writes: "Basically, when you are considering a purchase, pause for 7 seconds while asking yourself, 'Do I really need to buy this thing?' Hopefully you'll overcome your impulsive urge to buy and calmly walk away or consider a less expensive option."
Making time to think about important decisions, coupled with being aware of your mood and delaying a few days, can make for rational management of personal finances.

InvestingHouse buying

eZonomics team
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