Many of us want to save money, but oftentimes the most difficult part of this process is simply detecting where our spending is already going. A key factor in why you aren’t already saving as much money as you would like may be due to your impulse online purchases.
This is especially relevant to consider amid the pandemic, as in-person shopping has been limited. Even in areas where shops have reopened, the pandemic has shown us how easy making online purchases can be. Why would anyone take the effort and drive to the store when they can have the product delivered to their home overnight?
Although the convenience is impressive, having online shopping being so easy has one major drawback in that it encourages impulse spending. We buy products that we may otherwise would not simply because of the ease of the process.
As a result, many of us are spending much more money than we would like. You can fix this by being mindful of the “30 Day Rule” as you make all of your online purchases.
Simply put, the idea is to wait 30 days before buying anything online. This should give you more clarity as to whether you need the product or not and will steer you against any impulse or emotional decisions that could be costing you hundreds of dollars every month.
This rule should not apply if it is an item you need for more practical purposes before the next 30 days. In addition to helping people save money, the 30 Day Rule is also a great method to help stave off credit card debt. Many people put these types of impulse purchases on their credit cards telling themselves they will easily be able to pay them off later, only for their debt to pile up with an interest eventually being charged.
The 30 Day Rule is also just beneficial in creating good habits long-term with spending and saving. Even if you don’t have a problem-saving money or don’t make impulse purchases online frequently, implementing the 30 Day Rule can only lead to positives.