The "24-Hour Rule" for Non-Essential Purchases
It's easy to overspend if you are an impulsive shopper - especially if you like to shop online. That's why, if you need to stick to a budget, you should always follow the 24-Hour Rule when considering non-essential purchases.
What is the 24-Hour Rule regarding non-essential purchases? It is exactly what it sounds like - before making any non-essential purchases (especially costly ones), take 24 hours to decide if you really need the product or service in question. Also, take the opportunity to consider if the purchase will fit within your budget.
If it turns out that you don't really need the product or service and making the purchase will put you beyond your set spending limit, then consider putting off the purchase until a later time. If the purchase won't exceed your set spending limit and you still want to buy the product or service after 24 hours have passed, then it's probably okay to splurge.
By setting aside 24 hours to really consider any non-essential purchases, you can stop yourself from impulsively buying products or services you may not really want or need. So, the next time you're about to make a non-essential purchase, keep the 24-Hour Rule in mind and ask yourself if you really need the product or service in question and if now is the most appropriate time to be making a purchase.
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Thursday, October 3, 2019
Save money with the 24-hour rule
Posted by Staff at 10:09 PM
Labels: Life skills, Money tips, Personal finance, Saving money, Shopping
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