Want to control your spending? Try the 30-Day Rule

HOW THE RULE WORKS

The Rule is simple: If you see something you want, wait 30 days before buying it. After 30 days, if you still wish to buy the item, move ahead with the purchase. If you forget about it or realize that you don’t need it, you will end up saving that expense. Money not spent is money saved.

If you buy things on impulse, the 30-Day Rule can help you learn delayed gratification and help make savvy decisions with your expenses.

If you want to take it one step further, keep aside the money worth the item’s price in an envelope or a 30-day fixed deposit. You are earmarking funds that you may or may not need later. In a way, you will end up budgeting for the purchase. If you don’t purchase the item, invest that amount towards your goals.

Initially, it may not work. But if there are few instances where you decide against the purchase, you will start feeling good about it. Over time, you may curb impulsive buying.

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