Do you ever feel like you’re constantly running out of money, but you can’t really figure out why? Or maybe you just want more money in your pocket?
Here’s a rule that will put you in better control of your money decisions and keep you from spending money unnecessarily: The Thirty Day Rule.
How The Thirty Day Rule Works
Whenever you feel the urge to make a purchase over a certain amount, don’t. Instead, wait thirty days and see if you still feel like the purchase is a good idea. If it passes this test then you can buy it.
By giving yourself time to really think through the purchase, you can train yourself to spend money only on what’s necessary.
Set a threshold to use as a way to gauge the expenses you’re allowed to buy right away versus those you’ll have to wait thirty days to purchase. For example, $20 might be your threshold, meaning, you’re only allowed to buy unplanned expenses under $20, but anything above that you must wait for thirty days.
Implementing The Thirty Day Rule
Keep track of each of your purchases in a notebook or a list app on your smartphone. Refer back to it as you weigh whether something is worth purchasing or not.
During the thirty days, you should think the purchase over carefully. Is it something you definitely need? What are the alternatives?
You should also research the item to be sure you are paying the best price for it. Can you get the same product for less money by shopping at a different store or by choosing a different brand?
As time passes, you’ll often talk yourself out of buying something because you realize you don’t really need it after all.
Exceptions to the Rule
Use the thirty day rule as a general guideline for non-emergency purchases. However, if you have to pay for something critical to your survival, go ahead.
For example, if you’re in desperate need of new tires for your vehicle, it’s better to buy those than to wait thirty days.
The 30 day rule ensures you’re not wasting money on impulse spending.
If you ultimately end up purchasing something, you’ll have peace of mind knowing that you’ve thought it through, done your research, and you’ve made an informed decision to move forward.
Feature Image: Twenty20