Here’s a finance tip that can help you make smarter purchasing decisions and save money:
Practice the “30-day rule” before making non-essential purchases.
The 30-day rule involves waiting for 30 days before buying something that is not essential or falls outside of your regular expenses. Here’s how it works:
- Identify the item: When you come across something you want to buy, but it’s not a necessary expense (e.g., impulse purchases, luxury items, non-essential gadgets), make a note of it.
- Wait for 30 days: Instead of buying the item right away, commit to waiting for 30 days. This waiting period allows you to evaluate your decision more objectively and determine if it’s a purchase you genuinely want or if it was simply a momentary desire.
- Reflect and reconsider: During the 30-day waiting period, take the time to reflect on the potential purchase. Ask yourself:
- Do I really need this item?
- Will it bring long-term value or enjoyment to my life?
- Can I afford it without compromising my financial goals?
- Are there alternative options or ways to fulfill the same purpose?
- Make an informed decision: After the 30-day period, if you still believe the purchase is worthwhile and aligns with your financial priorities, you can go ahead and buy it. However, often, you may find that the initial impulse has passed, or you have realized that the item is not as important or valuable as you initially thought. In such cases, you can choose to save the money or allocate it towards more meaningful financial goals.
The 30-day rule helps you avoid impulsive purchases and gives you time to consider the long-term implications of your spending decisions. It promotes mindful spending, prevents buyer’s remorse, and ultimately helps you save money by eliminating unnecessary purchases.
Remember, the rule can be customized to fit your needs. You can adjust the waiting period to 15 or 60 days based on the significance of the purchase. The key is to introduce a deliberate pause before making non-essential purchases, ensuring they align with your values and financial priorities.
