It has maybe gotten a little too easy to make a purchase. From saved credit card information to click-to-buy, you can move from contemplating a purchase to following through on it within mere seconds.
But what if you weren’t able to move quite so fast and instead, had to pause for a beat before completing a buy? This is exactly the premise of the 30-day savings rule, which stipulates a mandatory waiting period for unplanned purchases as a way to curb impulse buys.
What is the 30-day savings rule?
When it comes to the 30-day savings rule, the “idea is simple: When you get the urge to buy something, wait at least 30 days before deciding whether to make the purchase,” said U.S. News & World Report. This rule applies specifically to non-essential items, meaning those things you by no means need to survive but that can nonetheless make a dent in your budget.
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Once that 30-day waiting period has passed, you can reconsider the purchase you were tempted to make. It’s possible you will decide you still want to make it, but at least then, you’ll be doing it with more intention — and perhaps some financial preparation.
There’s even a good chance you will find that you can’t remember why you wanted to buy the item in the first place. You can also use that pause before purchasing to “comparison shop, dig for coupons or wait for the item to go on sale,” said Yahoo Finance, all of which can contribute to sounder financial decisions.
How can the 30-day rule limit overspending?
This practice isn't “necessarily going to stop you from spending money completely,” said Yahoo Finance. But it will “force you to slow down, be more mindful about your purchases and prevent you from buying items that you don’t really need or want.”
When you repeat these types of purchases throughout the month, they can end up having a real impact on your overall budget. So even just culling a few such impulse buys may make it possible to put a bit more toward savings, debt payoff or a more meaningful long-term financial goal.
How can you implement the 30-day savings rule?
The most important step is to pause and consider. “If you feel the urge to make a significant purchase of something that’s non-essential, whether it’s in a store or online, the rule says: Stop. Leave the store, or click away from the site,” said SoFi.
Next, take a moment to note down the item you were tempted to buy, along with relevant information like where it’s being sold and how much it costs. You can come back to that note in 30 days.
Just don’t stop thinking about the purchase then and there. “In the meantime, ask yourself a few key questions,” such as: “How would this purchase impact my budget and savings goals?,” “how many hours would I have to work to pay for this item?” and finally, “are there more affordable alternatives?,” said Yahoo Finance. The answers may be illuminating.
