An Introduction to the 30-Day Savings Rule

Saving money might not seem easy but having a detailed plan and a set timeframe in mind can help. If thinking in terms of years or even decades seems impossible or intimidating, there’s an easy trick you can use to start saving right away, in bite-sized, manageable chunks. This is called the 30-day savings rule, and it can help you reduce unnecessary spending and bulk up your savings account after just one month. If you’re curious about this little-known financial trick, here’s an introduction to help you get acquainted with this useful savings method. 
 

First, Identify Your Impulse Spending Habits 

The way the 30-day rule works is by taking money that you otherwise would have spent in a spur-of-the-moment impulse purchase and putting it directly into a savings account for thirty days. In other words, when you're tempted to buy something on the spot, transfer that money to savings instead and wait a month. At the end of the 30 days, you can reconsider your purchase and buy the item if you wish. However, there's an interesting psychological effect that tends to occur after this waiting period, where many find that they are no longer interested in the purchase but would rather have the savings. This method has several advantages, including: 
 

• Preventing you from accumulating items you don’t really want 

• Starting to get you into the habit of saving money 

• Building up savings a little bit at a time 
   

Consider What Your Finance Goals Are 

An advantage of the 30-day rule is that it allows you to start saving for long-term financial goals without having the pressure and emotional effects of a long-term commitment. As you start implementing this method, think about what your goals are in terms of finance and otherwise. For example, thinking about that dream vacation that you’ve wanted for a long time could help you continue to follow the 30-day method to gather the money you need for a lifelong goal. 
 

Look for Other Ways To Save Money, Too 

You don't have to stop at the impulse spending rule but can implement other money-saving measures alongside it to maximize your results. For instance, you can challenge yourself to cut back on eating out, and instead put that money into savings. 

If long-term plans make you nervous or it's difficult to envision how you'll be able to save money over a long period of time, you can still get a head start on saving money away with the handy 30-day savings rule. Every little bit helps, so putting away what you can in one month rather than spending it on impulse purchases can start to add up over time. By using this method, you can build up a hefty savings account completely stress and worry-free. Consider implementing it today.