The 30-day rule is pretty straightforward. It’s an easy financial trick that you can use to improve your money relations and cut off impulsive shopping. We buy things we do not need too often, so the next time you find yourself thinking about making an impulse purchase choose a different approach.
For the next 30 days try to defer non-essential purchases, while saying to yourself that you have 30 days to think about this purchase. After that, you either continue and buy whatever it is you wanted to buy or you can invest or save this money. Often during this time, you forget what you wanted to purchase.
So here are a few simple steps to make 30 days rule work for you:
1. Identify needs vs wants. If it is not necessary perhaps don’t spend that money just yet?
2. Set aside some money for entertainment. Create a monthly fund of «guilt-free money». This is money you put aside each month and can spend entirely on things you want.
3. Make it a challenge. Saving money is not easy for everyone. And that’s why it’s perfect for a challenge. Thirty days is an ideal time frame to challenge yourself to save as much money as you can.
It might all sound too good to be true, but waiting 30 days before you make an impulse purchase can save you a whole lot of money in the short term. And if you forward that money towards your investments or savings it can make a big difference in the long run.
