HOW TO CURTAIL IMPULSE SPENDING – THE 30-DAY RULE

Have you heard of the 30-day rule?

The 30-day rule is a measure to curb impulse buying. Some people have an impulse buying habit, but they don’t know it. Most people deny it when you confront them. The thing about impulse buying is that you don’t see anything wrong with it, given that it doesn’t affect your finance. People fail to understand that impulse buying is like that cankerworm that eats deep into the fabric of your finance. Before you realize it, it is already too late. 

For context, I will give an example. You’re scrolling through your newsfeed, and you see this colorful dress or shirt at a discounted rate. Before then, you had no intentions of buying any clothing whatsoever. But this looks tempting because it’s cheap and because you can. You go ahead to buy the dress or shirt, and you feel satisfied with yourself. You don’t feel bothered because it’s only 2% of your earnings. Another day, you see this fine accessory, and you swear that it was made for you. Also, you have tonnes of accessories you have not even worn, but you still go ahead to buy this new one. The cycle goes on and on. You keep buying and buying until you realize that your bank account is beeping red.

Your account might not ‘bleed’ at that time, but it will ‘bleed’ in the long run.

How to know that you’re an impulse buyer

  • You will live in denial, which is typical of an impulse buyer. However, it will be better to face the truth and curb the habit sooner.
  • You seek instant satisfaction (not long term)
  • You tell yourself that you deserve it even if you don’t need it
  • You buy things to relieve stress
  • You hardly use whatever you bought, because you often wonder why you bought it in the first place
  • ¬†You buy things to show off

What exactly is the 30-day rule, and how does it work?

The 30-day rule requires discipline. Everyone needs a bit of discipline to get through life. Having discipline is what differentiates us from other living things. It’s what makes us higher animals, and we can make good decisions for ourselves. The 30-day rule is one where you have to allow reason to influence your decision. It states that whenever you see a product you intend to buy, wait for 30 days before you make that buy. This helps you ascertain if that product is a necessity. If you still need it after 30 days, then it’s important. If you don’t, then you’ve saved yourself a few bucks.

It’s not a one-day decision because it might take time. It might not be so easy to look away. But in the long run, as you integrate determination and discipline, your pocket will thank you for it.

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