Can the 30 day spending rule really help you?
You leave school and think you are done with rules.
Then you go to work and find a whole bunch of rules you have to abide by. But that’s OK because outside of work, you don’t need rules right?
Then you realize you’ve spent way too much money and need to create a budget (spending rule), save money (spending rule) and somehow stop yourself from spending too much money (another rule).
And then you come across the 30 day rule, that is actually called a rule – yikes!
But if it saves you money, perhaps it’s a good rule to have?
In theory saving money should be easy. Spend less than you earn and save the rest.
In practice, it’s not as simple as that and that’s why you need a little extra help to get you in the savings habit.
Financial goals, no spend challenges and impulse spending rules are all designed to help you manage your money better.
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What Is The 30 Day Savings Rule?
The 30 day rule is a rule, no getting away from it. But it’s only a temporary rule.
The rule is very simple. If you see something you want then wait 30 days before you buy it. Put the money it would cost into a savings account for those 30 days.
If you still want it in 30 days then feel free to go buy it. If you no longer want said item, keep the money in your savings account.
If you truly want to buy something after imposing a month long freeze then you can.
It’s no longer an impulse spend, one to be regretted when you get your credit card bill. Now it’s an item you know you really do want and will cherish it that much more for having waited 30 days.
Why Would You Want To Impose The 30 Day Rule?
The point of this not spending rule is to readjust your spending habits. So many of us these days spend without thinking then get a nasty surprise when our credit card bill arrives.
We don’t use the cash envelope system so we don’t see how our spending mounts up over the weeks and months. Until it’s too late and we’ve got debt.
When you spend impulsively, without giving careful thought to the item, price and your budget, you can blow your budget very quickly.
When you’ve got financial goals you are determined to achieve, anything you can do to change spendy habits into saver habits is a good thing.
The art of delayed gratification, as it is called, helps you understand your true priorities. It encourages you to question what you take for granted, why you spend as you spend.
As a result you will save more money than without the rule.
What Can You Gain?
It’s a win:win
I find it’s a great money challenge that is totally win:win. You win if you really want that item after 30 days because you’ve given yourself permission to buy it.
And you also win if you decide that you no longer want it because you’ve saved the price of that item and it’s now safely in your savings account.
It works so well because you are not depriving yourself in any way. Either you get to buy your longed for item and you’ll probably want it all the more for waiting a month.
Or you get to save an extra bit of money. Simple but effective.
You gain a sense of self satisfaction twice over.
- You gain when you successfully impose the 30 day rule and abide by it. After all 30 days is a long time to make yourself wait for something.
- After 30 days you either know you truly want that item and will treasure it that bit more.
Or you realize you didn’t want it and have saved a nice chunk of money instead.
Delaying your purchases by 30 days gives you time to consider whether it’s something you really do need, or whether in reality it’s just a want.
And whether you want it enough to still buy it when it’s no longer an impulse purchase but a well considered delayed purchase.
You get to say no to yourself, without any feelings of deprivation.
You could also try having no spend days.
How To Implement The 30 Day Rule
To be successful in applying this rule to your spending and getting the most from it, there are a few elements to it.
1. Note down all the details of the specific item you want to buy but are now going to wait 30 days for – if you do decide to buy it after 30 days you’ll know where to find it.
2. Put the exact amount this item costs into a separate savings account – this is what you will use to buy it after 30 days. If you still want it.
3. Make a note of the start and end dates of your 30 days.
4. Keep your notes someplace visible so you can consider those items during the following month.
5. Add further items to your list as they crop up – they will of course have different end dates to your first item.
6. After 30 days – make your decision. Are you going to buy it or keep the savings?
Thinking about the item/s is important because you can mull over it’s worthiness, how it will enhance your life, what you will use it for.
And perhaps what you could use instead or whether you really need it.
Word of warning. The 30 day rule doesn’t work if you can’t afford to buy the item you are hankering after.
The key point about imposing this rule is to get better at your money decision making. You can’t improve if you are going into debt for something that is clearly a want (and not a need).
Tips To Succeed With Your Plan
It can be hard to implement this impulse spending rule for everything you had previously just bought there and then. However you can help yourself and improve your ability to stick with it by adopting some of these ideas:
Don’t write down the items. If you can’t remember it after 30 days then it wasn’t a true want or need was it?
I know this is the opposite of advice above but can definitely work for those of us who are somewhat memory-challenged!
Shop online – fill your basket with what you would usually buy then click X in the top corner, shut down your browser and walk away.
Put the item/s on your birthday or Christmas list.
Don’t take money/cards out with you – that way you have to return home anyway and you can’t impulse buy.
If you are wanting to buy books, take a picture of it and check it out of the library.
The 30 Day Rule: How To Save (More) Money
So there you have it, the 30 day rule to curb impulse spending and increase your savings habit.
Saving money just got that bit easier.
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