What is the 30 Day Rule?
Trying the 30-day rule may help curb impulse buying habits and make better purchases overall by forcing yourself to contemplate each purchase before deciding if it’s worthwhile.
Learn delayed gratification and save money with this technique: write down what you want to buy and put money aside every month until it arrives for purchase.
It’s a way to curb impulse spending.
Impulsive purchases can devastate finances, devouring discretionary income and challenging saving for essential goals.
At once simple and practical, the 30-day rule provides a way to curb impulse buying: force yourself to walk away when something catches your eye and stop short before writing its name, location, price, and cost on paper – then place the piece of paper somewhere prominent in your home – such as the fridge.
After 30 days, ask yourself if you still desire the item and, if that’s a necessity rather than want, purchase it then and there. Otherwise, save up for something else while learning delayed gratification, an essential skill when saving money and meeting financial goals.
It’s a way to save money.
If you’re serious about managing your finances, using the 30-day rule to reduce impulse spending and save money will make reaching your financial goals much more straightforward.
The 30-Day Rule asks that non-essential purchases be put off for 30 days to allow enough time for you to decide whether the item is genuinely worthwhile and provide time for consideration of both needs and wants. For example, purchasing toilet paper would fall under “needs,” thus not subjecting itself to this rule.
Make the extra step of saving in an account that accrues interest (like an RRSP or TFSA ) before making your decision; this can provide extra motivation to reduce spending and help prevent credit card debt.
It’s a way to learn delayed gratification.
Learning delayed gratification can be vital to your finances, especially if impulsive purchasing throws off your budget and leads to debt. By giving you enough time before making decisions that could put you into debt, the 30-day rule allows for better decision-making processes and avoidance.
For this rule to work effectively, delay purchasing anything for at least 30 days before deciding. This allows time for consideration before purchasing, allowing yourself to reflect on whether it is worth spending money on. If it turns out you need or desire the item, then buying it won’t interfere with another financial goal or financial goal is being met.
Personal finances that take their finances seriously may find the 30-day rule a valuable tool to save more money and curb impulse spending. Easy to incorporate into a budget, the 30-day rule can maximize savings efforts over time – consistently using this strategy can make building up emergency or larger financial goals more manageable.
It’s a way to avoid debt.
Adopting the 30-day rule can help you resist impulse spending and save money by forcing you to consider each purchase before making it. Furthermore, this technique can also be used to budget expenses and invest savings, helping you reach your financial goals faster or build an emergency fund.
If you do decide to make the purchase, it would be prudent to put aside that money in an account or envelope so that when the time comes for its use; you can take time assessing what to spend it on before spending.
Impulsive shopping can wreak havoc with your budget and lead to debt. Using the 30-Day Rule as a way out can help break that habit and avoid debt altogether.