Don’t Wait for “Just the Right Moment”
May 01, 2013As I prepared my bath this Sunday, I noticed a brand new package of epsom salt on the edge of the tub. My daughter and I like to pour it into the tub to help relax aching muscles, but as I stared at the unopened package, the thought occurred to me that if I opened this package I would no longer have a brand new bag of salt. For some reason the thought of not having a brand new bag of salt was holding me back from actually opening and using the salt.
I know this sounds like the subject of a psychological study on human behavior (and if there’s a name for this kind of neurosis let me know), but it got me thinking. There are instances when the thought of not having something prevents us from using it for its intended purpose. Take for example, my friend who earned a paid vacation from his employer. His employer is willing to reimburse him for vacation expenses of up to $1,000 as a way of saying thank you for the job he is doing, but despite receiving the gift two years ago, he has yet to redeem it. When asked why, he simply says he enjoys knowing he has it and that he can use it at any time. He also admits that he is afraid to use it for fear that as soon as he does, another opportunity will come along that he will wish he had used it on instead.
You might think this sounds weird, but in a way we all do this. Think about how many gift cards you have lying around the house waiting to be used. I have a $5 Chick-fil-A gift card I received during a secret Santa gift exchange that has yet to be enjoyed. I just recently redeemed a $10 online gift I received over a year ago for filling out an online survey for my auto insurance company. In 2012, an estimated $2 billion worth of gift cards went unredeemed. That, believe it or not, is an improvement since 2007, when the number was closer to $3.5 billion.
Maybe it’s not a gift card but an actual gift that goes unused. My wife was telling me about a friend of hers who received a gift basket filled with exotic coffee. I’m sure the person who bought the gift did so knowing how much her friend enjoys drinking coffee, but how would she feel if she knew her friend was just letting the coffee sit on the shelf waiting for “just the right moment?” Do you see the problem here? Coffee, like other food items, loses its freshness over time, so while the person waits for the right moment to come along, by the time it does, they don’t use the coffee because it is no good.
It’s one thing not to use a gift, but something else not to use a reward. I already mentioned my friend that is sitting on his reward. Maybe you’ve earn a reward for hard work or just being loyal. Credit cards that offer loyalty points and other perks are big business, but did you realize that an estimated $16 billion worth of reward points go unused every year? So it begs the question, what’s in your wallet?
Whether it’s a bag of coffee or a Chick-fil-A gift card, things lose value over time. What I can buy for $5 three years from now will likely be less than what I can get for it today. So think about all of the potential stored value you have lying around the house. Look through your drawers, your glove box, your coat pockets, your wallet and your purse, and pull out any stored-value cards you can find. Have you received any rewards at work, loyalty points, or online gift cards? If so, use them now, or make a plan to use them soon.
As for me, well I’m going to tear into this bag of epsom salt. After all, that’s what it is intended for.