What Is the 30 Day Savings Rule?

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It doesn't matter if it's a new car or a new pair of shoes: impulse purchases can wreck a budget and your financial plan. Overspending on non-essential items is easy to do. Most people are looking for instant gratification. But is there a way to avoid these budget busters and save money?


30-Day Rule Can Rescue Budget

Your spending habits dictate how well your financial plan will work. And if you constantly splurge on items, you might find that your monthly expenses are soaring. That's where the 30-day savings rule comes into effect. It's a way of practicing delayed gratification.


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The 30-day rule forces you to postpone a purchase. Instead of making impulse purchases, you delay buying the items for 30 days. Think of it as a cooling-off period from the excitement of finding something you want. If after 30 days, you still want that item, then purchase it. But at least you stopped and thought about it before you plunked down a lot of money on an impulse purchase.


You'll probably find that you don't really want the item or you've forgotten about it.

This budget rule is a great way to postpone or eliminate the need to splurge. In addition, it will help you control your spending habits.


The 30-day rule forces you to postpone a purchase.

Identify Needs vs. Wants

When deciding whether to make impulse purchases, evaluate the motivation. Do you need that new car, or do you want it because it's the newest model? Most people's spending habits are a mixture of needs and wants.


You want those new shoes, but you don't need them. Know the difference between what you want and what you need, and avoid purchasing non-essential items.

Using the 30-day savings rule allows you to take a time out and evaluate the motivation behind buying the item. You may decide you don't need or want it after 30 days.


Emotional Impulse Spending

A bad day and a credit card are a dangerous combination. They're an emotional recipe for impulse purchases. Of course, there's short-term gratification that occurs when you're feeling down and purchase that new outfit. But the hit your credit score might take if you can't pay for it is worse than the original lousy day.


Delayed gratification will make you feel better in the long run. Use the 30-day rule to squelch these emotional impulse spending sprees. After 30 days, you'll probably be in a different frame of mind and not interested in that item.

Buy Now Pay Later and Impulse Purchases

You're on Amazon, and you see a big-ticket item you suddenly have to have. Your credit card is maxed out, and your checking account is drained. But they have a buy now pay later offer that lets you stretch out payments. This is the time to invoke the 30-day savings rule.


Regardless of the terms, the amount of money you're about to pay out over time will wreak havoc on your financial plan. Wait 30 days and see if you still must have the item. By then, you'll probably have moved on to other plans.

Savings Goals Align with 30-Day Rule

Most people need an emergency fund as part of a sound financial plan. Setting up a special bank account for this emergency fund is the best way to protect it. But making sure you have the funds to achieve these savings goals is imperative.


The 30-day savings rule can rein in your spending habits and allow you to not only increase your savings account but help you in paying down debt.

The amount of money you save by putting off those impulse purchases will solidify your financial future.