You find something that you REALLY want to buy. Perhaps it is a bigger purchase than you normally make. Or maybe you don’t quite have the money in your budget to buy it. What is a financially smart person to do? Consider implementing a 30-day rule for saving money!
Implementing the 30 day rule for saving money will allow you time to save up the money you need for the purchase, give you perspective and most likely save you from regretting a big impulsive purchase.
What is the 30 day rule? Simply put, the 30 day rule is this: When you want to buy something, instead of purchasing it right then, you don’t buy it. Over the next 30 days, you take the time to save up the entire amount of money you need for the purchase.
1. It prevents impulse purchases that you might later regret: Gone are the days of realizing that you bought something you will never use. 30 days gives you plenty of time and distance to decide if what you want is a product that will be worth the cost.
The 30-day rule is a wonderful way to keep your spending habits in check. If you are prone to impulse purchases or tend to go over your budget, the 30-day rule will help you to refocus sloppy spending habits into more conscientious budgeting.
What are the other benefits to saving money in 30 days?
One potential benefit of waiting to spend money is that the item you want could possibly go on sale and you could save money. Waiting will also give you time to do research to decide if there is a better option.