Do you struggle with impulse pending or money management, the 30-day rule is an excellent starting point. As its name suggests, it is an easy way to avoid impulse spending by waiting 30 days before buying something. The process is simple: ask yourself if you absolutely need the item, and if you need it immediately. If the answer is no, invoke the 30-day rule. Write down the details of the item, including the store you found it in, the price and the date you looked at it. Save this information somewhere easily accessible and spend 30 days thinking about whether you really want it. After 30 days, if you still have the urge to buy it, you can do so.
The benefits of practicing the 30-day rule
There are so many reasons why the 30-day rule works. Firstly, it simply delays the gratification of buying it for a while. This makes it less of a punishing or restricting rule than more totalitarian measures. You also have time to learn more about the item – perhaps, after looking at online reviews, you learn that the item has a low rating and tends to break easily, saving yourself the financial pain of purchasing something that won’t return its value. This also goes to show that impulse buying often leads to collecting items that you’ll never use more than a few times before forgetting about it. Another factor to consider is that after 30 days, the item may have also become invalid – perhaps a newer model or a better version has been released, or perhaps a friend has bought you the item as a gift. If you still really want the item after 30 days, you will have had enough time to budget for it as well, reducing the risk of debt or wasteful spending.
Control your urge to splurge
Whether it’s the latest smartphone, a fashionable pair of shoes or a new car, purchases should not be made on impulse. Practice using the 30-day rule for more responsible financial management. Contact One Debt to find more money saving tips.