Savings

The 30-Day Savings Rule

2 Mins read
30-Day Savings Rule article image

The 30-Day Savings Rule is a simple method to help you save money. The method is based on the fact that most of us are better at making decisions about long-term goals than we are at making short-term ones. The 30-Day Savings Rule takes advantage of this by asking you to wait 30 days before buying an item. That way, you can make a more informed decision about whether or not it’s worth buying in the first place.

Many purchases are unnecessary 

Waiting 30 days before you buy something is more effective than you think. The reason is because of the simple fact that many purchases are actually unnecessary and could be avoided with some self-control.

If you think about it, they’re just things we think we need or want right now. But by holding off on making the purchase for 30 days (or even longer), we give ourselves time to reconsider our options and see whether or not it would really be worth it in the long run.

Making a shopping list

The first step to successful shopping is to make a list of all the things you need. This might seem obvious, but it’s easy to forget about one or two things and end up buying something else at the last minute. Making a list also helps with sticking to your budget; if you know exactly how much money you want to spend on groceries, for example, then it’s easier not to overspend by adding in random snacks or ice cream from the grocery store freezer.

Avoiding impulse purchases

If you’re in a store and see something that looks cool, or delicious, it can be hard not to buy it. But this is exactly why you should keep it moving and stick to your shopping list. The reason for this is that most impulse purchases aren’t really needed. In fact, they’re often not affordable and end up taking up much of your limited budget. 

If you are considering buying an item, wait 30 days, and then buy it

Write down these tempting items: create a list of things that you would like but aren’t essential. 

So every time you want or need something, whether it’s food or clothing or even a new phone, first check if this item is already on your list for at least 30 days. If not, add it and wait for 30 days. If it’s there and still stands as a high-priority item on that list after this period of time, then by all means consider buying it.

But after 30 days have passed, you might also realize that your desire for an item has waned and that maybe it was just a fleeting thought after all. Of course, this savings rule is difficult at first since it requires self-control over your emotions which can be tough. But once mastered, it will prove very beneficial when trying to cut down on spending habits. 

The 30-day rule is a financial rule of thumb for saving money

Hopefully, this has helped you decide whether the 30-day rule is right for you. The biggest takeaway is that though it’s not always easy, people who use the 30-day savings rule are more likely to save money. If you still need some inspiration before starting with this rule, check out our article on the 50-30-20 Budget Rule.

Did you learn something? Help share this article!

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *