I’m not much of a rules kinda guy, but the 30 day spending rule is one that you should consider adopting. It is pretty simple – wait 30 days every time you want to make a purchase. If you still think it’s worth the cost after a month, then go buy it, but chances are good that your desire to spend faded by then.
In recent memory, I have, at one point or another, wanted to buy the following:
- Flip Mino Camcorder
- iPhone 3GS
- Golf Clubs (2 wedges to be exact)
- Laptop
- Study Course that’s More Hype than Anything Else
Luckily, none of these “toys” passed the 30-day test. Otherwise, I would be drowned in debt and be busy regretting my decisions instead of speaking with you.
Adding Some Spice to the Waiting Rule
Okay, that wasn’t really interesting. So many of us already know this rule. We either use it already, or we’ve decided that it’s not worth the effort. Either way, we don’t need to read this rule again.
In order to add a twist to the rule, how about paying someone else the amount when you want to buy a product? What would happen if I paid my wife $1,000 (or whatever the laptop cost) if I wanted to buy it? After 30 days, if I still want it, my wife and I can go buy it. If 30 days go by and I decide that it’s not necessary anymore, my wife can give me back the money.
A little complicated and cumbersome? That’s the point. It’s probably a good thing for spending to be difficult since it will slow down that itchiness to buy buy buy. Other advantages include:
- You Must Have the Means – Unless the person you send the money to owns a credit card processing company, chances are great that she doesn’t want to accept your visa card. If you want to buy something, you better already have the funds.
- You Feel the Lost – For 30 days, you are missing that chunk of cash and you can get a sense of how it feels emotionally without that amount of money. While it’s never the same as permanently losing it, at least it’s better than just buying with your credit card and not really knowing how much it stings until your bill arrives.
- You Get a Reward – If you don’t end up buying the product, you get money. It can almost pass as a reward for not buying something.
This idea just came to me so I can’t say that I’ve thought through the pros and cons. Am I a genius or is it going to be a big waste of time? Have you tried it? Let’s us here what you think by commenting below.
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{ 10 comments… read them below or add one }
Very good idea David. I love the 30 day rule because it really allows you enough time to do the research to actually determine if that expensive item is really worth it. You get the time to compare features, read expert reviews, and read customer reviews. In addition for hot new items that are just released (like the new iPhone) you get to see if there are any glitches or unexpected problems with the item.
I like the 30 day rule that’s similar to yours but with a small twist. You make your own layaway plan. Set $20, $30 or $50 a week aside into your savings account. When you have the money saved you evaluate whether you still want the item or not. Often when compared to the new money that you’ve forced yourself to save the shiny new toy looks less shiny and the “new found” money looks more tempting than the potential purchase.
Solid advice. A self-imposed “cooling off” period is well advised to anyone, including those with the means to make a snap purchase.
Interesting idea. It definitely allows for some accountability as well. It gives your spouse an opportunity to talk you out of it. I think I’ll have to try this out with my wife and see how it goes.
I like the idea, especially how you get a “bonus” of money back. I’ve been deferring big expenditures because I get too busy to research and shop. Often that causes the urge to buy to subside. Another thing that happens to me is that unexpected expenditures come up and then I realize I’m glad I didn’t buy what I originally wanted. All that being said though, you can wait forever to buy things you want, but life is finite. Waiting around to buy things to see if you’ll want them in the future just reduces the amount of time you get to enjoy the things.
This is a great idea!
Nope. 30 days is nothing. Should be 6 months minimum – a year is even better. By that time, you’ll either really decide it’s a good thing, or will have forgotten all about it. Works like a charm.
Mine get written on a list inside the kitchen cupboard – with a date. A year later, if it hasn’t been crossed off as a fad wish, then and only then will I buy it. If it’s not worth waiting for, then it’s probably not something I really need.
I think with your plan it might be a good idea to set up a CD with the “purchase” amount in it. Technically you are spending the money, or will have no access to it for 6 months, a year, or what not. Then at that point you can spend it or not, even get a little bit of interest while you are at it.
Good rule on waiting 30 days. It’s an excellent rule actually. I have my own spin on resisting the urge to splurge, which is to actually go buy the thing, but return!
Rgds,
RB
Rich By 30 Retire By 40
Ning, what you’re trying to say here is we have to against the desire face to face. See if we can win over it or not. If we did, then the items/stuffs that we’re wanting are not so important to us!
I have since adopted my wife’s philosophy on if you don’t spend now, you may die tomorrow without enjoying what you want.
I was once like you and probably still am in certain ways, but it really is true if you think about it. If you die tomorrow or get into a serious injury or health problem, the stuff you wanted to enjoy goes away.
-Mike