Saving is quick and easy. Said no one, ever.
But what if there was a way to make saving a little bit quicker and easier? Do we have your attention? Good. Now, no one likes rules that much but with the 30-day Savings Rule you might just learn to love them. Because this is a rule that has been proven to help you save. And it’s pretty easy to follow.
So what exactly is the 30-day Savings Rule and how do I use it ASAP?
The MAJORITY-approved method is a helpful financial trick to help us all with our money management. It’s designed to help stop you spending too much on things you don’t need – AKA those troublesome impulse purchases.
Looking at a new pair of shoes on Google? Browsing a cushion in your favorite store? Pause. Step away from the screen or from the cashier for just a minute. Well, for 30 days to be precise.
Allow yourself 30 days to think about the non-essential purchase. Make a list and revisit it at the end of the month if that helps.
When 30 days have passed, then you’re free to make a decision about that sneaker, subscription or speaker. Still obsessed and can’t imagine another 30 days without it? Then go ahead and treat yourself. A lot of the time, however, you will have forgotten all about the urge to spend. So you’ll have avoided too many large payments, have a higher balance in your MAJORITY account, and you’ll be that bit closer to your financial goals. Well done.
Why is it so effective? The 30-day Savings Rule lets you take emotions out of your spending habits. So you’re only buying what you really need right now – and waiting for the right time (if at all) to purchase that non-essential treat. Make sure you use the strategy correctly by sticking to the timeframe and reminding yourself of your longer term goals, whether that’s saving for a rainy day or a much larger project.
Remember, don’t be too hard on yourself. Setting realistic practices will allow you to stick to the plan long-term. While a candy bar isn’t necessarily an essential, you don’t want to be dreaming of one for 30 days! Smaller expenses like that are allowed now and again. But if you’re eyeing up a new computer, for example, that’s when the 30-day Savings Rule really comes in useful for larger splurges, which might not always be necessary.
Good luck!