Maybe you have been struggling with impulse shopping. Or shopping has become entertainment for you. Or you just want another way to save money. And work on delaying your gratification, so you can stop buying things right now. The 30-day rule can help you with this. Don’t be scared off by the word rule. You can either use it temporarily or more long-term. Either way, it is your choice.
What is the 30-Day Rule?
It’s simple. If you see something you want, then wait 30 days before buying it. Put the money it would have cost into your savings account for those 30 days are up if you no longer want the item, keep the money in your savings account.
However, if your still want the item then buy it. You can rest assured that if you have waited for 30 days and still want it, it is no longer an impulse buy. You will cherish and use the item more because you had to wait so long before buying it.
Why Use the 30-Day Rule to Save Money?
The whole point of this rule helps you to readjust your spending habits. It forces you to think about every purchase and to sit on that purchase, biding your time to decide if you really need the item.
It helps you to determine the difference between your wants and needs. It helps you to curb your impulse buys and once you stop strictly enforcing the rule upon yourself. You are more likely to be more mindful about every purchase you make.
Steps to Take Implement the 30-Day Rule
In order to be successful and to get the most of this rule, there are several steps you need to apply.
1. Decide How You Want to Do the 30-Day Rule
There are a couple of ways to do this rule. You can either decide on a set 30 days. And any items that pop up, you wait until the end of those 30 days. But note with this method not all items that you want to buy in this set 30 day period will you be waiting a full 30 days.
So that leads me to a different way to impose the 30-day rule. You can decide on a 30 day period, but every item that you want to buy in that timeframe would get their own 30 days, so each item would have a different end date.
2. Note All of the Details for the Item You Want to Buy
This way if you decide to buy it after the 30 days, you’ll know where to find it. Write down the store, the item name, and any other details that might be important to know.
3. Put the Exact Amount That the Item Costs into a Separate Savings Account
You can use this money to buy the item if you decide to buy it, otherwise the money stays inside of the account.
4. Make a Note of the Start and End Dates of the 30 Days
5. Add Items to Your List If/When They Crop Up
6. The 30 Days are Up…
Make your decision. Are you buying the item or not?
The Danger of this Rule
Now those are the steps for following traditional, not modified 30-day rule. Now here’s where this rule can get sticky, dangerous, and modifications might or might not be helpful. Instead of writing down the items, you can choose not to.
Because if you truly want the item, you’ll remember it in 30 days. If it’s not a true need you’ll forget about it. The problem with writing it down is if you had forgotten about the item at the start of those 30 days and then you see it on the list, it’s entirely possible you’ll want it all over again, even though you forgot all about it and didn’t want it anymore.
So, it’s up to you how exactly you will put the 30-day rule into place, how it will work best for you, and set you up for success.
You Might Also Enjoy:
- The Quickest Ways to Save Money at the Grocery Store
- How to Save Money as a Stay-At-Home Mom
- 9 Ways to Create an Emergency Funds
- Shopping Hungry? How to do it Safely for Your Wallet
- 27 Cheapest Foods to Buy When You are Broke
The 30-day rule is a strategy to help you curb your impulse buying and help you to increase your saving habit. It brings more mindfulness and awareness to the process of making a purchase to help you reduce buying items entirely on a whim.