How To Stick To The 30 Day Rule For Saving Money
It’s no secret that saving money is hard. Whether you’re trying to save for a specific goal, like a down payment on a house or a new car, or you’re just trying to beef up your emergency fund, it can be tough to keep your savings account growing. That’s why a lot of financial experts recommend the 30 day rule for saving money.
The 30 day rule is simple: when you get paid, you wait 30 days before you spend any of the money. This gives you time to think about your purchases, and it also forces you to save some of your money automatically.
Of course, the 30 day rule won’t work for everyone. If you have a lot of debt, you might need to focus on paying that off first. And if you have a very low income, you might not be able to save much no matter how long you wait to spend your money. But if you’re reasonably debt-free and you’re bringing in a decent paycheck, the 30 day rule could help you reach your saving goals.
To make the 30 day rule work for you, start by setting up a separate savings account. This will be your “30 day account,” and you won’t be allowed to touch the money in it for at least 30 days. When you get paid, transfer enough money into your 30 day account to cover your basic expenses, like rent, food, and utilities. Then, resist the urge to dip into that account for anything else.
If you have a hard time leaving your 30 day account alone, set up automatic transfers to move money into it as soon as you get paid. This way, you won’t even be tempted to spend the money before it hits your savings account.
The key to making the 30 day rule work is to be patient. It can be tough to wait a month to spend your money, but if you can stick it out, you’ll be surprised at how much you can save.
Saving money can be hard, especially when you have so many other things to spend your money on. But if you can stick to the 30 day rule, you’ll be well on your way to saving up for what you really want.
The 30 day rule is simple: whenever you want to buy something, wait 30 days before you actually make the purchase. This gives you time to really think about whether you need or even want the item, and it also gives you time to save up for it if you do decide you want it.
Of course, the 30 day rule isn’t always possible or practical. If you need to buy something right away, or if you just can’t wait 30 days, then go ahead and make the purchase. But for most things, taking a little time to think about it first can save you a lot of money in the long run.