Everyone has experience buying on impulse. It’s one of the main causes of bad credit rating. When you see something you like, the thought that goes over your head is that you NEED it, but you need to take your time to really think whether you REALLY need it or if it’s merely a want.
Have you ever experienced a food urge that vanished as soon as you took a stroll or were distracted by a phone call? The desire to shop occurs in a similar manner. By allowing yourself time to consider, you remove the emotional feeling of the purchasing decision from the equation. You may discover that your buying was motivated by fear, worry, or uncertainty rather than real necessity.
One of the ways to avoid unnecessary expenses is the 3-Day Spending Rule. What is the 3-Day Spending Rule? This technique is for you if you’ve ever regretted a purchase or gone into debt to purchase something you didn’t truly need. The idea is straightforward. When you’re thinking about buying anything, put it down, put your wallet away, and leave the store. Three days later, if you still want it, go and buy it.
The money you can save on impulse purchases could be used to fulfill savings goals or to pay off credit cards. We do not suggest you have to split up with your favorite fast food chain, but in reality, you could have holes in your pockets when you purchase coffees, lunches and snacks. The Three-Day Rule also applies to food and beverage spending. If you truly want that burger, give it three days, and if that quarter-pounder is still screaming your name, consider it yours.
Keep yourself away from your bad spending habit with the 3-Day Spending Rule and instead, invest in building a healthy credit rating for yourself and live with sustainable spending.
