Saving Money Using the 30 Day Rule
There are those times that you might just be browsing and see a beautiful dress or cute shoes. Or maybe you were on Facebook and saw a deal that seems too good to ignore. In such circumstances, it is very tempting to make an impulse purchase. The extent to which impulse purchases hurts a person’s budget depends on how frequently they make impulse purchases, their income, and monthly expenses, and the cost of the items that they buy.
If your budget gives you room for impulsive buying, then you have nothing to worry about. However, if you are looking for ways to control your impulsive buying so that you can use the money on other things such as paying down a bad debt or saving for something that you really need. In such a situation, the 30-day rule will be an excellent budgeting tool.
What Is The 30 Day Rule?
The 30-day rule is a method of saving money by delaying your gratification. This money-saving technique is meant to help a person make better spending decisions by stopping them from impulse buying. When using this technique, a person is needed to be rational when they feel the urge to spend.
When using this rule, you are required to give yourself at least 30 days before making a purchase, even if you have enough savings to buy it.
How It Works
It can be tempting to buy an item right away, especially if a salesperson tells you that it is a limited edition or a limited stock. On the other hand, when using the 30-day rule, you will be required to follow the steps below before purchasing the item.
- Please take note of the item, for instance, its cost, specifications, details then leave the store. You should also add the date that you found that item and indicate if the store was offering a discount on it.
- After noting all the details about the item, place the note where you can see it when you get home.
- For the next 30 days, think if you need that item and if it is worth the price,
- Look for alternatives to those products and find out if there are better deals in other stores.
If you still need the item after the 30 days, you can go ahead and purchase it. When buying it, you are only required to purchase it with your debit account or cash. You are prohibited from using your credit card unless the cars have a good deal such as mileage points or zero interest. If you use a credit card to make the purchase, you should be able to repay the amount with each billing cycle.
How to Stop Impulse Buying
To curb impulse buying, you should avoid shopping when you are stressed or angry. Most people do unhealthy things when they are angry, to make themselves feel better. Shopping is one of those things, and it can get expensive or out of control. You can find healthier hobbies such as yoga whenever you feel angry instead of going shopping.
Do not fall for checkout lane or “end caps” on items. An end cap in retail marketing is the display on products that stores want buyers to purchase on impulse. You now know better and can avoid that.
You should also avoid going shopping with shopaholics. If you have friends that have the habit of impulse buying, it can be easy for them to convince you that the 5 pairs of shoes and 7 dresses that you tried on looks perfect on you and you should buy all of them. A little flattery will go all the way, therefore, if you have to shop socially, consider bringing friends who have frugal spending habits.
It is also recommended that you use cash instead of credit cards. Credit cards give a person an easy way to buy things on impulse. These cards charge high-interest rates. Therefore you should limit yourself to buying items only using cash. Also, buy items that have a return policy. This is because after purchasing an item, you could rethink your decision and find yourself wanting to return it.
In Addition to the 30-Day Rule, Here Are Other Ways on How to Save Money In U.K
- Practice the 24-Hour Rule.
This is like the 30-day saving challenge, but it is used in less expensive purchases. In this rule, you are required to wait for 24 hours to 42 hours before making a purchase. This will help you to differentiate between a want and a need.
- Do Not Spend Too Much Entertaining Your Kids
Most young children can be entertained cheaply. You can play with them, plant a garden, play in the backyard, teach them how to ride a bike, or buy them a newspaper and let them be creative with it. Have in mind that a child prefers to spend quality time with you other than getting them stuff and you will have more money to save.
- Invite Your Friends to Come Over Instead of Going Out
Going out with your friends can destroy your entertainment and food budget at a go. No matter the circumstance, it would be cheaper to invite your friends over and find ways of entertaining yourself. After inviting your friends over, you can choose activities such as playing cards, watching movies, sitting around the fire pit, or other activities that can save you money.
- Lower Utility Bills
Evaluate if you are conserving and utilizing your utilities to the maximum. Some tips such as unplugging appliances that are not in use, insulating your windows, or turning off the faucet when brushing your teeth can be simple ways of lowering your utility bills.
- Avoid Fast Food and Convenience Foods
Instead of getting pre-packaged dinner or eating fast food, you can make simple and healthy food at home that you can carry with you. An hour’s worth of preparing the meal can end up saving you a lot in the long run. In cases where you have to dine out, maximise your savings using coupons or reward credit cards that give you a bonus for spending in a restaurant.
Article is written by Loanza https://blog.loanza.co.uk/
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