Saving for a big-ticket item can be one of the toughest financial challenges because between the Black Fridays, Prime and After Pay Days, there are so many opportunities to spend it can be really distracting.
But one clever trick promises to help you make smarter spending – and saving – decisions and it only takes one month to see the results.
The 30 day rule is aimed at breaking the habit of impulse buying and changing the way you manage your finances for the better.
What is the 30 day savings rule?
The 30 day savings rule – sometimes called the 30 day delay – is a simple financial trick that can help anyone improve their money management.
The next time you’re tempted to make an impulse purchase or buy something you don’t need, simply close your browser window or walk out of the store, then take 30 days to mull the item over in your mind.
Wealth coach Lisa Barber told news.com.au that this helps resist non-essential or impulse purchases that are often driven by our subconscious brain.
“The purpose of the 30 day rule is to delay the instant gratification that comes with our subconscious purchases as they either bring us joy or distract us from something horrible that is happening in our lives,” she said.
“The rule helps us shift our emotional state of mind as when we want something and we immediately buy it, that can distract us from our saving money.”
If, when the 30 days are up, you still really want the item Lisa says you can purchase it guilt free.
If you forgot about it entirely, you’ll have saved money that can go towards your overall savings goals instead.
“The 30 day rule is all about putting the pause button on our spending, only buying what matters and not derailing our savings goals,” she said.
“It’s not about not spending, but only buying what’s important and what you need.”
How can you benefit from the 30 day savings plan
Ms Barber said anyone can benefit from trying the 30 day rule as nine out of 10 of her clients are directly affected by instant gratification purchases that detract from their savings goals.
“The purpose is to change the force of habit of downward spending while not compromising on the essentials,” she said.
The money expert adds that she has found once people applied the rule they ended up not purchasing the item they coveted when their month-long wait was up.
“The buzz of the item dissipates and you’re not in the same emotional state from when you first saw that new dress or new phone in the shops,” she said.
Ms Barber believes the 30 day rule encourages people to continue saving their dollars instead of spending.
“When you see your savings increase you realise that if you saved that money you were going to spend for another month your financial goals will become closer to a reality,” she said.
What to do with the money you’ve saved from the 30 day rule
Ms Barber believes that people have the potential to save hundreds of dollars by using the 30 day rule saving trick.
“What you want to do with the extra money saved comes down to you as an individual and what’s important to you,” she said.
“The delay is great as it tells people it’s not about going without something but rather knowing how much you can spend on it.”