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In 2017, there were 9.79 million households in the UK with no savings to their name. This number is a result of debt, low earnings, but also not knowing how to manage personal finances.
Whether you're good with money or need help to revise your spending and purchases, it can be tricky to start if you're used to impulse buying. Living on a budget or trying to save doesn't mean you'll miss out on all the fun.
The way you spend your money is a habit and one you can control. For some people, this is easy and they know exactly when to stop. For others, uncontrolled spending can lead to more serious financial troubles.
Read on to learn all about the 30-day rule for saving money and how you can start implementing it into your life.
The 30-day rule is a money-saving method designed to help you curb your spending impulses and only buy the most necessary items. This saving rule is meant to help you build new habits and quickly decide whether you need something or you're buying it just because you can.
This is equally true for clothing items, electronics, beauty, dining out and grocery shopping. For example, if you see something on sale at the supermarket and don't really need it, but it's cheap, resist the urge to get it. It takes a lot of self-control and willpower, but that's also the point of the experiment.
If you follow the 30-day rule and make a real effort, you'll have more money in the bank, learn to control your finances, and live a happier life.
The 30-day rule isn't a bunch of 'save money' tips - it's a new mindset you'll develop that can turn into a way of life. To start, choose a beginning and end date for the challenge. Next time you're at the store and want to buy something you don't need, leave it and move on. If it's in your shopping trolley, put it back on the shelf.
Write down the item you wanted to buy, the date, the store, and the price. Then, deposit the money you would spend into your savings account. If you still need the item after the 30-day period, you can go and get it.
People are used to instant gratification and this is the main culprit for impulse purchases. Willpower and commitment are the keys to saving money during this time.
The human brain is wired to want what it can't have, so for some people, the 30-day rule will be challenging. The more you resist your urges, the more you'll want to cave in and buy it. To avoid this, make the rule a fun challenge.
Throw in other saving techniques in the mix such as saving spare change, buying things in bulk, using promo codes, and not eating or drinking out.
Write down how much you would've spent if you got that Starbucks latte or that taco for lunch. At the end of the month, you'll be surprised at how much you could save if you ate homecooked meals and made your own coffee.
Whether you're new to saving money or you've been living frugally for a while, the 30-day rule can change the way you buy and save in the long run.
Can you practice the 30-day rule for 30 more days? Read this article to learn the best tips on keeping more money in your pocket throughout the year.