The 30 day rule is a relatively new concept that is gaining an immense amount of popularity among individuals that have a desire to save money. As you reflect back on your life and the purchases that you have made, how many of those splurges have you come to regret? If you are reading this article, it is likely that you regret several. The 30 day rule, in essence, is simply committing to take at least 30 days before officially making a purchase to think that purchase through. According to those that have been able to successfully save money using this rule, in most instances, after the 30 day period has passed the desire to make the initial purchase has passed, too! If you are ready to eliminate unnecessary purchases from your life and want to accumulate a little cash, continue reading this guide for valuable tips that you may start using immediately!
Impulse Buying – The Basics
Impulse buying is nothing more than a “spur of the moment” decision to make a purchase. According to research on unplanned purchases, these purchases often result from random or spontaneous emotions and/or feelings at the time of purchase that are triggered by either seeing a certain product, craving a certain product, or exposure to promotional-based messages and/or advertisements. In most cases, impulse purchases include obtaining candy, snacks, and magazines. However, many individuals purchase larger items, such as clothing, art, jewelry, and vehicles in an impulsive manner. 80% of all purchases made impulsively lead to some degree of financial hardship. Additionally, these purchases may also lead to issues with relationships, family problems, and feeling guilty or even disappointed. By applying the 30 day rule, all of these challenges may be successfully avoided.
A Step-By-Step Guide
In order to follow the 30 day rule and save money, simply follow the step-by-step guide outlined below:
- When you feel as if you want to splurge by making a purchase – regardless of what you want to buy – you should stop yourself. If you are in a store, put the item back on the shelf. If you are shopping online, close out the retail product page.
- Once you have removed the temptation, write down the items in a specially-designated notebook. You should include the name of the product, the location where you discovered it, the date you discovered it, as well as the price.
- File the notebook away in a safe place.
- Commit to thinking over the purchase for a total of 30 days. You should determine if the item is a “want” or a “need”, and outline your reasons for wanting to make the purchase. In the 30 days, you should really weigh the pros and cons of purchasing the item.
- Until the 30 days has passed, you should place the money into an interest-bearing savings account that you would have spent on the purchase for safe keeping. In addition to storing the funds in a safe location, an interest-bearing savings account will allow you to accumulate more money.
- At the end of the 30 days, you should determine whether or not you still want to make the purchase. If so, remove the money from your savings account and spend it to obtain the product that you want. Keep in mind, though, that you will no longer be able to earn interest on that amount and that some savings accounts have limitations and penalties on the amount that you withdraw. If you do not want to make the purchase, leave the money in your savings account and allow it to continue to accumulate interest.
The 30 day rule is a wonderful and logical technique that will assist you in spending too much. If you have a desire to save money, it is imperative that you are very careful about spending your money. In a world plagued by the part time job economic crisis, increasing expenses, and very few opportunities readily available for financial growth, it is important to value each and every single penny that you earn by saving as many of those pennies as possible. By following the 30 day rule, you will be able to save money and, possibly, even find ways to make that money grow!