Do you have a problem with impulse buying? Then you're not alone. A recent survey found that 9 in 10 millennials admit to making impulse buys. Though most of these impulse buys are small, half of the millennial respondents spent over $100 on an impulse buy. 17% have spent at least $1,000!
How to stop overspending with the 30-day rule
Fortunately, there's something you can do to curb your impulsive spending for good. Called the 30-Day Rule, this simple method is your best friend when it comes to keeping your spending in check.
How does it work? According to the Get Rich Slowly blog, it's simple.
- Whenever you feel the urge to splurge — whether it’s for new shoes, a new videogame, or a new car — force yourself to stop. If you’re already holding the item, put it back. Leave the store.
- When you get home, take a piece of paper and write down the name of the item, the store where you found it, and the price. Also write down the date.
- Now post this note someplace obvious: a calendar, the fridge, a bulletin board. (I use a text file on my computer.)
- For the next thirty days, think whether you really want the item, but do not buy it.
- If, at the end of a month, the urge is still there, then consider purchasing it. (But do not use credit to do so.)
In other words, you only make big purchases after thinking it over for a month.
It might seem ridiculously simple, but it's pretty darn effective. Why?
You're not actually denying yourself of anything, just taking some time to think if you really want something or not. In the 30 days you take before making a purchase, you can do more research and figure out if it's really a good buy.
Sometimes, after a month, you realize that you don't really want that object. Sometimes, the urge to buy something completely disappears by the time you get home. Be less trigger-happy with your spending and see your spending habits evolve!
What do you think about this method on how to stop overspending?
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