“Patience when purchasing builds savings”
Your first question before reading this article should be, “Do I have what it takes to use the 30-day money rule to increase my wealth?” The 30-day money rule requires willpower and control of impulsive shopping behaviour.
Everyone is guilty of impulsive shopping. This is why the marketing of a product is so important. Marketers understand people; what they want, why they want it, and what lengths they would go to get it. With this in mind, look at the image below of New York City Centre advertising.
Wherever you look, there is an item, a service, a sale or a ‘latest trend’ to buy into. Our minds are overwhelmed by all the options, and the best-designed one will usually win your money. The 30-day money rule puts a wall of protection between you and the onslaught of businesses trying to separate you from your hard-earned money.
What is the 30-Day Money Rule?
The 30-day money rule is also known as the 30-day savings rule. The concept states that before you pay for anything, place the money in your savings account and wait for 30 days before making the final purchase.
This money rule trains your mind to understand that impulse buying is not an effective way to reach your financial goals. The idea is that after 30 days you will do one of three things:
- No longer need or want the item
- Find a better-quality item for a better price through research
- Purchase the item without regret
Buying in itself is not the problem. Purchasing expensive items and having regrets, is. This regret factor stems from impulsively buying items.
What is Impulse Buying & Why it Can Harm Your Dreams?
Impulse buying taps into what is known as the hype market. Businesses purposefully create hype or excitement around a product or service to excite you into making a purchase on the spot. Your financial decisions should always have careful thought behind them. Especially the larger purchases such as vehicles, home loans, appliances etc.
The selling of the products and the advertising is usually done with such expertise that you fall prey instantly. If you place the 30-day money rule into your life as a set-in-stone rule, you will be far better off financially.
How Can You Begin to Use the 30-Day Money Rule Today?
You can begin to use the 30-day money rule immediately. Deposit the money that you would use for your next large purchase into your savings account. Wait 30 days and let us know in the comments below if this concept worked for you. Remember, the money is not to be used for anything else. It must appear to have already been spent.
One tip that works really well is placing a sticky note in your wallet where your bank card is that says, “30-day money rule says save don’t spend.”
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