Here’s how it works:
- Whenever you feel the urge to spend — whether it’s for new shoes a new car or new golf clubs, put the item back on the shelf and go home.
- When you get home, take a piece of paper write down the name of the item, the name of the shop or showroom where you found it and the price. Also note the date you had the urge to buy the item.
- Now post this note in the home, somewhere obvious: a calendar, the fridge or, a bulletin board.
- For the next thirty days, think whether you really want the item, but be sure not buy it.
- If, at the end of a month, the urge is still there to buy the item then consider purchasing it.
That’s all there is to it. But it’s surprisingly effective. I suppose it’s about delayed gratification.
The 30-day rule works especially well because you aren’t actually denying yourself; you’re simply delaying gratification. This rule has another advantage: it gives you a chance to research the item you want to purchase. This can save you from grief of buying something that you later regret.