Impulse spending is never a good idea from a financial standpoint, but it’s especially risky in an economy exhibiting the highest rate of inflation in 40 years. You’re not only buying something you probably don’t need — you’re also paying a lot more for it than you normally would.
One way to wean yourself off of impulse spending — and put your money to better use — is by following the 30-day savings rule.
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What Is the 30-Day Rule?
Instead of allowing yourself to make that impulse purchase, wait for 30 days before you buy — that’s the 30-day rule.
Following this rule means you defer all non-essential purchases for 30 days, which gives you ample time to think about whether you really need to make the purchase. If you still want the item after 30 days, then by all means purchase it — if you have the money and aren’t forgoing another important payment.
Why the 30-Day Savings Rule Works
In many cases, you might decide you don’t need or want the item after all. This means you can put the money into a savings account to meet some other, future financial goal.
Waiting 30 days also gives you that time to save up for the purchase in case you do decide you still want it — this is especially helpful for larger purchases.
Impulse spending is often an emotional decision, so by forcing yourself to wait 30 days on non-essential purchases, you remove emotion from the equation….
