Here’s how it works:
- Whenever you feel the urge to splurge — whether it’s for new gadgets, a new TV, or a new car — force yourself to stop. If you’re already about to buy 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. (Or use a text file on phablet or 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 buying it. Never buy impulsive items on credit.
This rule also comes in handy when you want a New product so bad it hurts but decide to wait.
Then all your friends’ start randomly shutting down and you’re glad you did.
Control Impulse Spending with the 30-Day Rule