The offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.

How the 30-day savings rule can help you stop impulse spending and save more money

Ivana Pino · Senior Writer

Tue, Oct 15, 2024 4 min read

According to research by Capital One Shopping, the average consumer spends $281.75 per month on impulse buys. That’s money that could be put toward paying off debt, building an emergency fund, or even funding a vacation.

Sure, a last-minute pack of gum at the register may not put a dent in your budget. But impulsive spending can add up, especially if you’re not taking the time to think through more expensive purchases.

If you struggle with impulsive spending, there’s a strategy that may help. It’s called the 30-day savings rule. Here’s how it works.

What is the 30-day savings rule?

The 30-day savings rule is a simple strategy to cut down on overspending. It works like this: When you’re tempted to make an impulse purchase, you commit to waiting 30 days before going through with it.

Of course, at the end of those 30 days, you may decide that you do, in fact, want to make the purchase. The 30-day rule isn’t necessarily going to stop you from spending money completely. But it will force you to slow down, be more mindful about your purchases, and prevent you from buying items that you don’t really need or want.

Extra time can give you the perspective you need to determine whether or not your purchase is necessary. It can also give you a chance to comparison shop, dig for coupons, or wait for the item to go on sale.

How to implement the 30-day savings rule

Let’s say you’re shopping, and an item catches your eye that wasn’t actually on your shopping list — or even on your radar until this very moment. Before you commit to the purchase, open up your phone and make a note of the item, along with where it can be purchased, the price information, and any relevant links (if it’s online).

Then leave the item and plan to revisit that note in 30 days. In the meantime, ask yourself a few key questions:

How would this purchase impact my budget and savings goals? First, it’s important to consider whether you can truly afford the purchase. You should have enough disposable income to cover the cost without impacting your short-term budget or long-term goals.
Can I get this item for a lower price somewhere else? Comparison shopping is a great way to save, but it isn’t possible when you make a purchase impulsively. By adopting the 30-day rule, you give yourself enough time to browse online and hit a few different stores to see if the item you want is available for a lower price somewhere else.
Are there any upcoming sales or discounts? Do some research to see if the particular store you’re shopping with has an upcoming sale or if there’s a coupon available that can help you save.
Are there more affordable alternatives? Maybe there’s a similar or off-brand version that doesn’t cost as much. It can be easy to get swayed by high-end labels sometimes, but there are often generic alternatives to most items that cost a fraction of the price for the same end result.
How many hours would I have to work to pay for this item? Thinking about purchases in terms of your time can help put things into perspective. For example, if something costs $100 and you have the money to pay for it, you may not think twice. But what if, instead, you thought about pricing in terms of how long you would need to work to earn that money? Say you earn $15 per hour — six hours of work to pay for an impulse buy may not seem worth it after all.

Bottom line

When faced with the opportunity to buy something that catches your eye, it can be hard to say no — especially, if you have the money in your bank account to cover the splurge. But giving yourself time and space from an unplanned purchase might actually help you decide if you need it or if it was just a momentary lapse in judgment.

Depending on the price tag, taking this pause can save you from making a significant dent in your budget.