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

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

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.