(Photo: Chime)
What is the 30-Day Rule?
Instead of giving in to impulse purchases, wait 30 days before making a purchase — that’s the 30-day rule.
Following this rule means deferring all non-essential purchases for 30 days, giving you plenty of time to consider whether you need to make the purchase. If you still want the item after 30 days, buy it if you have the money and are taking advantage of another essential payment.
Why the 30-Day Savings Rule Works
You may often decide that you no longer require or desire the item. This means you can put the money into a savings account to meet another financial goal in the future.
Waiting 30 days also allows you to save up for the purchase if you still want it — especially for larger purchases.
(Photo: The Good Men Project)
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Tips To Make the 30-day Savings Rule Work For You
Here are some ways to incorporate the 30-day savings rule into your financial life:
Determine the difference between needs and wants.
Begin by distinguishing between essential and non-essential purchases. Non-essential items fall into the “want” category, and it is to these items that the 30-day savings rule should be applied.
Create a separate savings account.
This is a method of ensuring that you have the funds after 30 days, and if you don’t spend them, you’re rewarding yourself for all the impulse purchases you avoid. Put your money in a high-yield savings account for the best return on your money to increase the reward.
Make a separate fund for entertainment.
This will help you distinguish between non-essential purchases and good old-fashioned fun, which should be preserved and not fall into impulse buying.
Make it a challenge
Use a money-saving challenge, such as the $5 or bowl-grab challenge, to save money and stay on track during those 30 days.
Now that you’ve learned about the 30-day savings rule, consider applying it to your life and finances. Have you ever had a situation where waiting would have prevented you from making an impulse purchase? Try using the 30-day rule next time.
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