30 Day Rule to control expenses
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Personal Finance: Purchasing without thinking is called impulse buying. This is very harmful for our budget. Due to this, not only do you buy things which you do not need but you also end up spending more money than necessary. If you want to avoid impulse buying, then it is very important for you to know about the 30 day rule. This rule will save you from unnecessary expenses.
What is 30 day rule?
According to this rule, you have to wait for 30 days to buy any item. In the 30 day rule, you postpone buying anything that you do not need. For this, you get enough time to think whether you really need something or not. If after completion of 30 days you still feel that you need it, then you can buy it.
Also Read: Personal Finance: If you want better returns from savings account, then these are some easy solutions for you.
Why is 30 day rule beneficial?
30 Day Rule is beneficial because by following this rule you are able to differentiate between essential and unnecessary things, you avoid spending more than necessary and you are able to save your money. Impulse buying is often done emotionally. When we force ourselves to stop for 30 days, we are able to let go of these feelings.
Use these tips to use the 30 day rule correctly
Learn to distinguish between your needs and wants
Make a list of essential and non-essential items, out of which non-essential items are those items for which you need to follow the 30 day rule.
Deposit your money in your savings account
Whatever money you save by avoiding impulse buying, you can deposit it in your savings account, this will help you keep your money safe for the future.
Don’t forget to reward yourself
You don’t need to avoid making every purchase. To reward yourself from time to time, you can spend as per your wish. This will encourage you to save. Input: Anus Condulla
Also Read: Personal Finance: These mistakes should not prove costly while making the budget.
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