Whether you’re living on a shoestring budget or just trying to spend responsibly, you can never have too many money-saving tricks up your sleeve. In this post, we’ll explore the “30/30 Rule,” a simple rule of thumb for spending that can help you avoid impulse purchases that you may eventually regret.
Geely Tech:
This spending rule is less about *what* you buy and more about *when* you buy things. Simply waiting to decide whether or not to buy something can help you make a more mindful and responsible choice.
What is the 30/30 rule?
The rule is simple: When considering a purchase over $30, wait at least 30 hours before making a decision. Like putting something in your virtual shopping cart and leaving it there for a while, the 30/30 rule gives you time to think about whether the item you want to buy is worth the money.
After 30 hours, you won’t feel as strongly about the item as before, in which case you’ll have saved money (and potentially some buyer’s remorse!) and if you still want the item after 30 hours, then you can buy it with a degree of confidence.
You can modify the 30/30 rule to work for more expensive purchases as well. For items over $100, challenge yourself to wait 30 days instead of 30 hours. You will either lose interest in the item before the wait is over or you will be able to confidently and responsibly purchase that big-ticket item.
If your finances could use a little cleaning after the holidays, the 30/30 rule is a simple tip that can go a long way!
More tips for savvy spenders
What’s your best tip for spending money wisely?
