On the flip side, “If I don't get good use out of it, I'm not going to spend a dime. Forget about it."
Corcoran knows what it feels like to buy something she won’t get much use out of. Her most regrettable purchase was a $3,000 Gucci dress that she only wore twice and “I'm still feeling guilty about it,” she tells CNBC Make It. "What a waste of money.”
Anyone can follow Corcoran’s spending rule, no matter your income. Asking yourself how often you’ll use something before buying it will help you think through your purchases more. Chances are, you’ll become a more conscious spender, buying more of what you need and less of what you want in the moment.
It’s the same strategy one financial blogger, who goes by the pen name “The Money Wizard,” used to bank $150,000 by age 26. "Question the things you're spending your money on," he says. “Question whether or not they're going to actually bring you happiness.”
And, “What makes you happy is not decided by your friends, your neighbors, or the commercials on TV," he adds. “Just because your friends enjoy spending lavishly on clothes, doesn't mean that's for you. … Don't waste money on things that aren't important to you."
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."
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