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Whenever you feel tempted to make a non-essential purchase, stop yourself from buying it right away. Use the 30-Day Rule.
This easy savings trick helps you pause, reflect and save smarter. (Representative Image)
We’ve all been there, scrolling online or wandering through a store when something grabs your attention. Before you know it, you’ve swiped your card or clicked “Buy Now.” While these small purchases might seem harmless at the moment, they can quickly add up, leading to buyer’s remorse and affecting long-term financial goals. This is where the 30-Day Rule steps in. It’s not some complicated formula, just a simple habit that helps you hold onto your cash and think a little deeper before spending and it’s gaining popularity among personal finance experts.
What is the 30-Day Rule?
The concept is straightforward. Whenever you feel tempted to make a non-essential purchase, stop yourself from buying it right away. Instead, write down the item, its price, and the date you saw it. Then wait for 30 days. If after a month, you still want the item and it fits comfortably within your budget, go ahead and make the purchase. But in most cases, the initial urge fades, and you end up saving that money.
Why Does It Work?
Breaks the impulse cycle: It creates a buffer between the urge to buy and the actual act of spending.
Taps into psychology: Studies show that waiting helps the rational side of the brain override emotional urges.
Reduces regret: Most impulsive purchases lose their appeal over time.
How to Practice the 30-Day Rule in Real Life
Spotted something you weren’t planning to buy? That’s your cue to pause. Instead of giving in to the impulse, take a moment to note the item down, its name, price, where it’s available, and any link if it’s online. Then walk away.
Over the next 30 days, revisit that note while asking yourself a few honest questions:
Does this fit into my budget?
Think beyond the price tag. Will this purchase affect your monthly budget or delay your savings goals? Only buy if it doesn’t disrupt your financial priorities.
Can I find it cheaper elsewhere?
Explore different stores or online platforms. You might discover the same item at a better price or on a future sale.
Are there any deals coming up?
Retailers often roll out offers, especially around festivals or weekends. Waiting gives you a chance to snag discounts or apply coupons.
Is there a more affordable alternative?
Consider off-brand or similar items that meet the same need. Many times, a lower-cost version does the job just as well.
How much time would I trade for this?
Convert the cost into hours of work. If an item costs Rs 1,500 and you earn Rs 200 an hour, ask yourself whether it is worth over seven hours of your time.
By the end of the month, the excitement may wear off and if it doesn’t, at least you’ll buy with intention, not impulse.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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Delhi, India, India
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