What Is the 30 Day Rule (Stop Impulse Buying with This Simple Trick)? - Deepstash
What Is the 30 Day Rule (Stop Impulse Buying with This Simple Trick)?

What Is the 30 Day Rule (Stop Impulse Buying with This Simple Trick)?

Curated from: listenmoneymatters.com

Ideas, facts & insights covering these topics:

5 ideas

·

4.54K reads

12

Explore the World's Best Ideas

Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.

The 30-Day Rule

The 30-Day Rule

One can develop healthy spending habits and avoid wasting money by using the simple 30-day rule: Whenever there is an urge to spend on something, just wait for 30 days.

One can buy whatever is required while making sure that the basics of personal financial management (budgeting and doing savings) are covered. The trick is to just wait for a month and then make an assessment of the planned purchase.

262

1.4K reads

The Emotional Component of A Purchase

  • Marketers capitalize on the emotional component of any purchase while working hard towards ensuring consumers make ‘impulse’ purchases both online and offline.
  • Many people purchase due to their need for emotional fulfilment, indulging in shopping therapy and incurring credit card debt.
  • This leads to random, unused stuff lying in the house, which is not really needed.

200

884 reads

When Everything Is On Sale

Most stores use the ‘SALE’ marketing gimmick (both online and offline) so that we can splurge our money now, instead of waiting.

The system is gamed for us to spend our money wherever we go. We need to stop wondering where our money went and start telling it where to go.

201

805 reads

Reasoning For The 30-Day Rule

Waiting a month distances us from the planned purchase emotionally, filtering out any impulsive decisions.

Waiting for 30 days before making any purchase makes us use our discipline, foresight, planning and restraint, and would feel exactly like curbing our urge to eat junk food, which tastes great at that moment but is not a healthy option for your body in the long run.

208

681 reads

Steps For Implementing The 30-Day Rule

  1. Review your spending, taking an inventory of all your purchases. This provides a better understanding of where the money goes.
  2. Start to look at what all spending can be curbed (it will be a lot) and one can start small, like by not buying the candy at the grocery store while waiting in line, or not ordering pizza.
  3. After curbing junk food purchases, one can work towards clothes, shoes, video games, and the biggest culprit of them all: The Urge to upgrade your smartphone.
  4. Write down the item you feel like buying and place it where you can reflect on the purchase, setting yourself a goal of waiting 30 days.
  5. Stay committed and challenge yourself to buy debt-free whenever you can, after you wait 30 days.

225

771 reads

IDEAS CURATED BY

aniyah_uj

"Money doesn't buy class." ~ Kiana Tom

Aniyah J.'s ideas are part of this journey:

De-escalate Office Tension

Learn more about moneyandinvestments with this collection

How to create a positive work environment

Conflict resolution strategies

Effective communication in the workplace

Related collections

Similar ideas

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates