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

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

By: Wilson Pon

Wilson Pon — Wed, 22 Jul 2009 05:34:48 +0000

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!

By: RichBy30RetireBy40

RichBy30RetireBy40 — Tue, 21 Jul 2009 05:39:21 +0000

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,

Rich By 30 Retire By 40

By: marci

marci — Tue, 21 Jul 2009 03:47:13 +0000

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.

By: Journey

Journey — Mon, 20 Jul 2009 22:04:24 +0000

This is a great idea!

By: UH2L

UH2L — Mon, 20 Jul 2009 19:55:21 +0000

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.

By: CJ Perry

CJ Perry — Mon, 20 Jul 2009 15:27:06 +0000

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.

By: DDFD @ DivorcedDadFrugalDad

DDFD @ DivorcedDadFrugalDad — Mon, 20 Jul 2009 14:26:15 +0000

Solid advice. A self-imposed “cooling off” period is well advised to anyone, including those with the means to make a snap purchase.

By: Charlie-paylessforfood.com

Charlie-paylessforfood.com — Mon, 20 Jul 2009 12:46:37 +0000

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.