Many people make impulse purchases out of boredom, insecurity, and lack of self-control. Ultimately, these purchases end up causing a financial drain and make it more difficult to save and grow wealth. Consider how you would feel if you had $5,000 in your checking account and now it’s $4,500. What would you do now? Now how do you feel about those impulse buys that left you with less money at the end of the month?
After looking into the disadvantages of not following a monthly savings plan, this article will now show you how becoming more organized with your savings.
Here is a simple and effective goal-saving technique.
This practice can help you save for long term goals while cutting back on your spending in order to buy things we don’t really need.
This practice is called the 30 day spending rule.
You should put off non-essential purchases for 30 days instead of spending time, effort and money on something you might not need later.
Setting away a portion of your monthly earnings to put toward savings might be difficult to say the least.
I understand how tough it is to resist the new shiny object and how you will try to justify why you can afford it, but there comes a moment when you must consider the long term.
It can be unpleasant to live paycheck to paycheck, which is why you should do everything you can to save and avoid that worry month after month. The 30 day savings rule solved my stress of being hard pressed with bills every month.
When you are tempted to shop online, close the browser window and go do something else. If you’re at the mall and you’re about purchase something you’re in desperate need of leave the store walk out of the mall. All you have to do is stick to this easy guideline for the next 30 days.
Don’t buy things that aren’t necessities. The only essentials you should be buying are food and the stuff we need to survive like clothes and soap. That new iPad isn’t necessary, even though its fun!
You’ll be astonished to learn that 30 days later, you’ll be glad you didn’t buy that thing and that you now have money in your bank account, or don’t have a credit card balance.
Most people want the item for a while, but after 30 days they lose interest and do not find it worth buying.
But mastering the 30 day rule does take discipline and life can be much better if you do. Having money, is good. All those things you thought would make your life better or much happier turns out not to be so beneficial after all.
This is only true if you continue to wait, but for 30 days at least. If you do this though, chances are that nearly every time your funds will be less strained with the use this technique.
That’s because the 30-day savings rule simply prevents us from spending too much money on things that don’t make us happy and serve no real function.
Make a list of all of your monthly bills. Then make a list of your necessary needs, knowing that your new 30 day savings plan will approve all of them right now. Everything else is a “desire” that will be granted if you reach certain savings milestones.
There are still ways to buy things, your not strictly banned from purchasing anything. The purpose of this rule though is to make you consider the implications before doing so, and ask if that item was something worth buying in retrospect.
If you follow the rule of saving all your money, then surprisingly enough it does really add up. This way you can rationally decide what to spend your hard earned dollars on-with confidence that each dollar went towards something worthwhile. You will feel great when you look at your savings account and there is a nice amount of money sitting there for your future.
