Here’s How The 30-Day Rule Can Save You Money

Read in: 2mins, Published On , 29 Sep 2020

Here’s How The 30-Day Rule Can Save You Money

When someone says ‘saving and investing’, it is like calling you while you are engrossed in an exciting game on your smart device. Most of you are likely to ignore. But if you are into a habit to splurge on everything you see, here’s a time-tested popular rule to help you make wise choices with your money

 

HOW DOES IT WORK

  • Make a note of an expensive item instead of impulse buying
     
  • After the 30 days have passed, ask yourself: Do you still want it? The 30-day rule is surprisingly effective not because you are denying yourself — but, because you are merely delaying gratifi cation. And that's not all. The 30-day rule also gives you the opportunity of researching the expensive item you wish to purchase and compare it with other alternatives to help you save money.

 

HOW TO MAKE THE 30-DAY RULE A SUCCESS 
Here are four steps to do just that: 

  1. Remind yourself that it is not a simple suggestion but a rule. If you're a stickler for rules, you're sure to adhere to it.
     
  2. Challenge yourself. Use the 30-day rule as a savings game. For instance, save Rs.500 in a week or Rs.2,000 in a month. Watch your little savings grow into a neat corpus at the end of the month.
     
  3. Identify a financial goal and start a SIP [Systematic Investment Plan] towards that goal. Track your portfolio progress and watch with satisfaction as you move closer to your goal.
     
  4. Try a bullet journal. Let's say, each time you are tempted to make an impulsive purchase, write it down. At the end of the week or month, colour your impulse-spending restraints and watch in delight as your journal lights up with your victories