This is a comparatively new concept which is fast becoming popular among those who have a strong desire to save money. As you rethink the things in life, which are those things the buying of which you regret? Most probably, there are at least some of these things. According to the 30 day rule, you commit to saving money for at least 30 days before making any purchase, other than what is absolutely necessary of course. It actually saves you from making big purchases that you can come to regret later.
According to those who have tried out this rule, you can easily save up money by the end of 30 days. Additionally, you’ll have created the habit of saving, which is going to help you out long term. For instance, before making any unnecessary purchase, you’ll think about it and not buy it on a whim and regret it later. You’ll value your money and not let emotions take you for a rough ride. Yes, the 30 day rule for saving money is only a concept, but it is a powerful one at that. Many have benefited from it by following it for 30 days, and even beyond. How about you?
Buying on an impulse means you buy on the spur of the moment. You get little time to think about your would-be decision, or maybe you want the thing so much you buy it anyway without giving it much thought. Impulse buying, according to research, stems from spontaneous or random emotions or feelings which you have at the time of buying something. These are triggered by either seeing a certain product.
For instance, you see a bag of potato chips and immediately remember its spicy taste and crunchy bites. This is pretty much the same for items like art, clothing, jewelry, cars and pretty much everything. Did you know that 80% of all purchases are done on an impulse?
Did you know that most of such decisions lead to some form of financial hardship? Additionally, such decisions give rise to family problems, relationship issues, an increased feeling of guilt and of disappointment.
The 30-day rule helps you to avoid all of these.
When you feel like buying something on a whim, stop yourself. Put it away and delay the decision.
After removing the item or temptation, note the item in a notebook. This should include the name and nature of the product, where you found it, the date, and the price.
Make it a commitment of thinking over the purchase for 30 days. Determine if it is a need or a want. Give your reasons for deciding so.
Till the 30 days are up, put the money you’d have spent on the item into an interest-giving account.
After 30 days, think whether you still want to make the purchase or not. If you want to, remove the amount from the savings account. However, do remember that you won’t earn any interest on that amount. Additionally, there may be penalties and limitations on withdrawals. If you don't want to buy, leave the money in the account and let it earn you more interest!
This is a simple yet powerful concept. It breaks bad habits, builds wealth and also saves you money!