The lure of a sale price is sometimes irresistible, and stores know it. Retailers know that the idea of a limited-time offer will drive people to buy things they don’t necessarily need. It’s just one of many psychological ploys they use to increase sales. This works for everything from big-ticket items to a small can of soup. By engaging the 30-day spending rule, consumers can break this hold retailers have over them and save some money in the process.
How Does the 30-Day Spending Rule Work?
Imagine you see something you want to buy in the store, but it isn’t an urgent need. Write down the item name, price, location, and any other pertinent details you feel you might need. Make a note to readdress the purchase after 30 days. Do you still feel the same about the product after a month of research and thought? If so, go ahead and buy it. If not, keep your money in your pocket and move on.
So How Does This Rule Help?
The theory behind the 30-day spending rule is that your enthusiasm towards a product you thought you needed may simply wane. Avoiding the purchase will keep you from wasting money and collecting junk that may not get used at all.
In addition to saving money, the 30-day time period gives you the chance to do some research on the product. You might have been tempted to buy the ACME version of a rocket-propelled skateboard based on a sketchy recommendation, only to find a superior model from another company available at a lower price. There may be models with more features or a better warranty, saving you money and a huge headache.
Why Is This Only Helpful Sometimes?
While it sounds great in theory, there are some cases where the 30-day rule doesn’t work. In some cases, the item may no longer be available or on sale, resulting in a higher ticket price. This rule also doesn’t work on things that need to be purchased right away, like replacements for broken items. You obviously can’t wait 30 days to replace your stove or hot water tank, so you’ll have to rely on real-time research to find the best deals.
You probably have at least one bad spending habit that’s derailing your financial plans. Turn things around and save some money by implementing delayed gratification in the form of the 30-day spending rule. While the rule won’t work for urgent necessities or your weekly groceries, it can be a valid way to separate your wants from your needs before spending your hard earned money.
~Here’s to Your Financial Health