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My Favorite Spending Hack | AskTheAdvisor
Manage episode 310616711 series 3064380
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The 30-day Rule is a Simple Method to Control Impulse Spending.
Here's how it works:
- Whenever you feel the urge to splurge — whether it's for new shoes, a new videogame, or a new car — force yourself to stop. If you're already holding the item, put it back. Leave the store.
- When you get home, take a piece of paper and write down the name of the item, the store where you found it, and the price. Also write down the date.
- Now post this note someplace obvious: a calendar, the fridge, a bulletin board. (I use a text file on my computer.)
- For the next thirty days, think whether you really want the item, but do not buy it.
- If, at the end of a month, the urge is still there, then consider purchasing it. (But do not use credit to do so.)
That's all there is to it. But it's surprisingly effective. The 30-day rule works especially well because you aren't actually denying yourself — you're simply delaying gratification. This rule has another advantage: it gives you a chance to research the item you want to purchase. This can save you from grief.
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