Are you an expert in spending your money lavishly on your first day of getting your salary? Are you the one who has no or little money at the end of the month? Are you the one who has an idea of saving your money effectively but could not do that? Then this article is for you. Saving your income for the future is one of the best and a rewarding habit you can have. It can help you in ways that you have never imagined. So how can you save money? I’m going to give you a very simple technique as it seems but if you could follow this you can actually start saving money.
30 Day Rule – To Control Impulse Spending
When we have money we have a desire for impulse spending. Impulse spending for me is going to a restaurant to eat a regular dinner and suddenly spending more on the expensive dishes. For some, it may be going to a dress store or a shoe store and buying things out of an impulse. If we look around our house, our shopping bill there will always be many things that are bought by us with an impulse, thereby spending money with an impulse without a need for it actually.
How this works?
Let us imagine if you are going to a store to buy a shoe for your friend. When you look around you fell in love with a shoe at first sight. You take it and you are about to buy because your salary was credited yesterday. At that moment think about this rule. Note the price of the shoe and all its specifications and keep it there and walk out of the store without buying. You have completed the first step successfully.
When you get back home take a piece of paper or a sticky note and write down about the shoe and its specifications and then stick it somewhere you could see every day. Let it be there for 30 days. When you see that every day for thirty days your impulse will go down and you will start thinking whether you really need it. Most of the times the answer will be ‘no’ and you can throw that paper into a dustbin. This is a tough part put if you could do this you have already saved some money.
If the feeling to buy is still there you can go ahead and purchase it because it means that you really need that item and not just want it. There is a big difference between a need and a want and I hope you understand it. Moreover, 30 days is a huge time for you to reconsider your decision to buy better shoes and also to know if there are any offers where you can purchase it for a lesser price.
Is this effective?
This may seem simple to know but practising it can be much harder. When you could do this for everything you have far better results. This rule is effective because you are not denying your impulse but delaying your impulse. When you could delay your impulse you can actually start saving more. Only now I understand when I was a child and asked my father to buy me something out of an impulse my father told he would buy it during my school holidays or some other reasons until I forget about that thing. He never denied but delayed and both were same but in a different way.