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.

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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.

  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.

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.

  • 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.

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Say goodbye to debt.

Debt robs you of your income! So, it’s about time you get rid of that debt.

How to Save Money: 20 Simple Tips

It is a budget rule to help people reach their financial goals. It states that:

  • You should spend up to 50% of your after-tax income on needs and obligations that you must-have or must-do.
  • The remaining half should be split up between 20% savings and debt repayment and 30% to everything else that you might want.

What Is the 50/20/30 Budget Rule?

Shopping Addiction

Compulsive shopping is when chronic, repetitive buying habits have serious consequences and become a disorder, similar to drug addiction. Conscious spending is one of ways we can overcome this emotional need to buy stuff.

An inability to handle money effectively and lack of impulse control makes us spend like crazy. Our emotions take over and we feel comfort in spending, and we unconsciously spend on stuff we don’t need, creating a vicious circle of debt followed by further compulsive spending.

How to fight a shopping addiction

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