The 30/30 Rule: How To Use This Mindful Trick To Save Money While Holiday Shopping
Written by
Heather Altamirano
Edited by
Rebekah Evans
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The holiday shopping season is here and despite mega savings on almost everything, it’s easy to overspend, but there is a simple way to help you stay on track financially — the Minimalists’ 30/30 rule. Created to help minimize clutter, the rule can also apply to finances and is easy to follow. If something is over $30, wait 30 hours to see if you can live without it. If something is over $100, wait 30 days to decide. Here are four ways this mindful trick can help you save money during the holidays.
Reduces Impulse Buys
With sales galore this time of year and relentless social media ads constantly showing up on news feeds, pushing products, it’s hard to avoid the temptation of instant gratification. However, following the 30/30 can help cut back on needless spending.
“The 30/30 rule can help curb impulse spending because it forces you to stop and think about whether you will get real use out of a purchase and if it’s worth the cost,” said Mark Henry, founder and CEO of Alloy Wealth Management.
“Whether you’re shopping in person or online,” he said, “leaving items in your cart overnight will give you time to come back to reality and consider whether a purchase is intentional or you’re just buying it because it feels good in the moment.”
Purchase Things You Really Want
The 30/30 rule is designed to help eliminate mindless purchases that end up forgotten about and stashed away in a closet or drawer.
“Consistently utilizing the 30/30 rule helps protect us from these slick sales pitches, which often require a quick response to get the best pricing,” said Jonda Lowe, fintech app creator, author and financial guru. “Being intentional with your purchases safeguards your budget, which should be a top priority so that you can afford the things that matter most.”
Better Financial Decisions
By taking time in between purchases, the 30/30 rule allows consumers to reasonably assess if the item is worth buying and encourages more thoughtful spending.
“The 30/30 rule can help you save throughout the holiday season because it reminds you to slow down and decide whether a purchase fits in your budget,” Henry explained.
“Even if a deal seems too good to pass up, making multiple purchases during big sales will still add up,” he added. “At best, impulse buys will eat away at your budget for other holiday festivities and at worst, they’ll lead to high-interest credit card debt.”
Intentional Buying
According to Lowe, the 30/30 rule encourages intentional buying, another way to save during the holidays.
“Make a list, clip the coupons and shop the sales with blinders on. I know first-hand how easy it is to get sucked into that great deal,” she explained. In addition, Lowe suggested taking the rule a step further and asking yourself, ‘Is this deal more important than the vacation, car or house you are saving for?’ Because once you spend the money, it’s gone and you have to make more to replace it which puts you behind schedule with your financial goals.”
The Exception to the Rule
The 30/30 rule is meant to help keep finances on track, but according to Henry, there is an exception. He said you should go for it, “if you have been waiting and saving up for a big purchase, like a new TV or a car and it’s on sale for the holidays.”
Some deals go lightning fast. Henry said if a sale only lasts for a limited time and you’ve been saving for it: “Pull the trigger and get it for less while you can.”
When you’re on a tight budget, every dollar counts and overspending on unnecessary items will blow through your savings. The 30/30 rule is a useful tactic that can help you save during your holiday shopping while simultaneously helping you declutter and stay organized.
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