Do you find it difficult to save money because of discretionary spending? You are definitely not alone – we all find ourselves making impulse purchases. However, many people swear by the 30-day rule, a popular method to help people save more money. Keep reading to find out more about the 30-day rule and how it can help you curb impulse spending.
So, what is the 30-day rule? Essentially it is about waiting 30 days before making a purchase. Use this time to think about the item or service you are looking to purchase and consider if you really need it. Before making a purchase, do the following:
- After you see the item or service that you would like to buy, note down all the information that you have. This could include what it is, how much it costs, and any details or specifications.
- Leave this information somewhere obvious that you will often see, such as your calendar or fridge.
- For the full 30 days, carefully deliberate whether you need the item/service and if it is worth the price.
- In that time, you can search for alternatives and better deals at other stores or retailers.
The advantage of the 30-day rule is by taking the time, and searching for better deals, if you find that you still want to make the purchase after 30 days, you will potentially be able to save money or find an alternative that is more suitable for your needs. You might find that you forget about item/service, or realise they are not that important to you. Over time you will start to save money and be more considered with our spending.
Committing to the 30-day rule is a great step towards saving. It will help you develop discipline, stop impulse spending, and you will be well on your way to meeting your savings goals.