Comments on: Kicking the 30 Day Spending Rule Up a Notch

By: kemet

kemet — Mon, 19 Mar 2012 22:32:41 +0000

I like the idea and I actually follow it. But nowadays with the return policies on big ticket items being 30-6o days depending on the time of year, one can buy say a stereo system and decide it was not worth the money and return it. Thereby spending the time without the money and with the item. I do that in addition to waiting. 30 days I think. Then 30 days I test. So far I have returned a BOSE 3-2-1 and kept an Apple iMac.

By: Lee Nichols

Lee Nichols — Mon, 19 Mar 2012 00:11:45 +0000

Bam! You hit it right on the head. I am soooooooooo happy when I delay my decisions at least a few weeks, because I’ve ended up CONSUMING so much less, and investing more. 30 years laters, what a relief! Well said.

By: Ludwig

Ludwig — Thu, 15 Mar 2012 09:48:12 +0000

Sounds like a great common sense approach to saving. Now can we teach it to our wives/significant others? That is the real money saver!! Any ideas or proven methods?

By: Julie the Jarhead

Julie the Jarhead — Mon, 24 Oct 2011 19:32:37 +0000

I saw a case on ‘The People’s Court’ that dealt with this very ‘system’.

By: Steve

Steve — Sun, 14 Aug 2011 23:07:40 +0000

Another simple rule – If the only way you can afford something is to put it on your credit card, then you can’t afford it.

By: Cynthia

Cynthia — Sun, 03 Jul 2011 21:24:28 +0000

And regarding the post: I like the idea of paying it down to a friend. It’s kind of like what latinos do with a “tanda” system. A group of friends (say 5 people) pay into a pool of money every week (usually $100-200) and then take turns getting the lump sum. It’s like a joint savings account. No one makes any more money than if they had just saved the money themselves for a month and then took it out, but it helps with discipline and community building. Also when you’re in, it’s hard to get out, so it encourages continuing habits of saving.

By: Cynthia

Cynthia — Sun, 03 Jul 2011 21:21:44 +0000

I get your point that you don’t want to just hoard money and NEVER have fun or get what you want/need, but keep in mind that you are essentially betting on your early death… how fun is that?

What if you take good care of yourself and live to a ripe old age, but since you spent all your money in your youth, your old age is broke and miserable?

Another thing to keep in mind if you are cynical regarding an early death: think of who else will benefit or be hurt by your fiscal habits. Are you leaving family with debt and a lack of security or might you die and leave your son/brother/cousin a nice little nest egg to help them out?

I get that some extreme frugality sucks the joy out of life, but have a little balance and don’t bet against your health and longevity as a spending philosophy!

By: Witty Artist

Witty Artist — Mon, 13 Jun 2011 13:56:13 +0000

Interesting idea. When I want something badly I wait only if I don’t have all the money. Otherwise I go grab it. I’m not a compulsive buyer, since I usually have a “must have” and a “nice to have” list. Yet, I might try your idea to see how it works for me.

By: Jay

Jay — Fri, 07 Aug 2009 16:32:09 +0000

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.

By: Free Arcade Games

Free Arcade Games — Wed, 22 Jul 2009 21:56:11 +0000

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