It can feel like a struggle to save money. Sometimes, getting creative with your strategies can help. If you’ve ever heard of the 30 day rule, you might be wondering just how it works. What is the 30 day rule, and how can you use it to your advantage?

The 30 day rule is pretty simple. Here’s how it works. Any time you are about to make a non-essential purchase, you instead pause for 30 days. 

After the 30 day wait, you can reassess. Do you still want the item or service you were going to purchase? If so, you can buy it guilt-free, knowing that you took the time to think it through. If you no longer want or need to make the purchase, you can simply save that money instead — or use it for something that does align more with your current wants and needs. 

You head out for some back-to-school shopping for your children. You pick out all the essentials — new clothes, school supplies, and whatever else was on your list. And you spot a new pair of earbuds that would be perfect for your workouts. The problem is, new earbuds weren’t on your list. So, you’re looking at an unplanned purchase of a new item for yourself.

With the 30-day rule in mind, you can mindfully pause. You can move forward with the planned purchases for your children and put the optional purchase on the back burner. 

30 days later, if you still want the earbuds, you can return to the store to buy them. You could even set a reminder on your phone to check in after a month. 

The 30 day rule enables you to spend with more intention. By inserting a pause into your optional spending decisions, you can take time to think about what you really want. 

It’s also a way to remove guilt from purchases. We all make unplanned purchases — and that’s totally okay. But if you find yourself feeling guilty after buying something, the 30 day rule might be a good option for you.

After all, if we can have the self-control to wait 30 days before buying something, and we still want it after that wait, then we can fully enjoy that purchase without guilt. 

How to Maximize Your Money Using the 30 Day Rule

The 30 day rule can help you improve your spending habits, which can result in more intentional purchases, more money saved, and less financial stress. But it’s not all about saving money. It’s really about being intentional, and thinking through your spending decisions. Here’s how to maximize your success with the 30 day rule. 

The 30 day rule can be a powerful boost to help you save more money. After pausing for 30 days, you’ll have had time to think about whether you truly want or need that purchase. And in many cases, the answer will be no.

If you decide not to make the purchase, what should you actually do with the money? Well, you have several options:

Use it to pay down debt or invest (see below)

Open a high-yield savings account to earn more interest

You could choose to make small transfers to your savings every time you decide not to make a purchase. Or, you could transfer once a month based on your spending habits for the previous month. 

For an even bigger boost to your personal finances, consider using your new savings to invest or pay down debt. 

Paying off debt should generally be your top priority, particularly if it’s high-interest debt. This can help you save money on interest, lower your total debt, and even improve your credit score. 

Investing for the future should also be a top financial goal. You can start a brokerage account to buy stocks, or contribute money to your workplace retirement account. 

Remember, money can’t buy happiness — so if you truly do want that purchase, and it might bring you joy or satisfaction, be sure to enjoy it guilt-free.

The 30 day rule isn’t about being a stickler and never spending money. It’s just about pausing to intentionally think about your purchases before making them. If after a month of waiting you still want the item or service, go ahead and buy it — and enjoy. 

Spending decisions don’t have to be all-or-nothing. You can also choose to split the difference, so to speak. 

For instance, let’s say you are thinking about buying a new patio furniture set, but you decide to use the 30 day rule to wait it out. After 30 days, you decide that you really do want some outdoor furniture — but you realize that you really only need a few chairs to enjoy your porch. Instead of opting for the expensive set, you can choose to purchase some inexpensive chairs — and save the rest of the money for a rainy day. 

If you’re on the fence, you can simply keep the money in a sinking fund. You can later use the money to make the purchase, or repurpose it for one of your other financial goals (like paying off debt or saving for retirement).

See What the 30 Day Savings Rule can do for You

The 30 day rule is a unique approach to spending decisions that can encourage more intentional spending. It can help you develop a savings mindset, while also enjoying the purchases you do make with less guilt. Give it a try and see how it works for you. 

The 30 day rule asks you to pause for one month before making an impulse purchase. Learn how the 30 day rule can give your savings a boost.

What Is the 30 Day Rule for Personal Finance? | Happy Money

What Is the 30 Day Rule for Personal Finance?

Welcome to Member Money Moments – a Q&A series sharing the wisdom, struggles, success, and goals of our Happy Money Members as they navigate their journey to financial freedom.

How does money and or debt affect your mental health?

What do you find is the most difficult challenge you face when it comes to money?

💰Saving Money
✍️ Creating A Budget
🤑 Impulse Spending

What do you wish you knew about money growing up?

I wish I knew effective ways to save money, not only by saving a certain amount but also by not wasting money on unnecessary things, less splurging.

What topics would you most like to learn about when it comes to money?

💸 Learning good spending habits
💳 How to manage debt
💰 How to save + achieve financial freedom
😊 Healthy budgeting techniques
🧘 Tools to assist with financial wellness & money

What is one piece of advice you would give to others on their personal finance journey?

Don't use a credit card unless absolutely necessary. Create a monthly budget and stick to it. Put some money to the side, even if it's just a few dollars each month.

What’s your first financial goal when you become debt free?

In what way did Happy Money assist you in your personal finance journey?

I'm quickly able to pay off credit card debt at a lower interest rate, improve my credit score immediately, and feel better organized by having only one payment.

Member Money Moments – A Q&A series with Happy Money Member Luisa

💰Saving Money
✍️ Creating A Budget

I wish I knew more about debt to income - how to build a better credit score.

I promise you, no matter how stuck you feel and no matter how much debt you're drowning in, YOU CAN get it under control if you take it one small step at a time!

Do not bite off more than you can chew.  And to make more than the minimum payment or you'll never get out.

As a single mom, things were tight even with the child support. It was easy, too easy to put things on a credit card and make the minimum payment. When my ex got hurt and the child support stopped I found myself upside down. I had been trying to start small and pay off cards - I took a chance with Happy Money to consolidate all these cards with a way cheaper rate. And actually have things paid off. I am able to breath again and not live check to check.

Member Money Moments – A Q&A series with Happy Money Member Joyce L.

💰Saving Money
💳 Managing my debt
🤑 Impulse Spending

So much! I wish I knew about budgeting and how to do it properly, and I definitely wish I knew about the importance of saving when I was growing up.

How to save better, the dangers of credit card debt (still kind of learning this one) & how/where to invest money for best future financial outcome.

🚘 + 🏡 Purchase a car and continuing saving with a long term goal of owning a home.

The Payoff Loan helped me pay off all of my credit card debt, which almost immediately caused my credit score to sky rocket. Because of this I was able to move in to a new apartment and restart my savings journey. Happy money has given me the tools I needed, a financial restart button.

Member Money Moments – A Q&A series with Happy Money Member Patricia J.

I wish I understood how hard it would be to save money. I would've tried harder when I was younger!

💰 How to save + achieve financial freedom
😊 Healthy budgeting techniques

If you're trying to get ahead of your debt and interest rates are the only thing holding you back, consolidate! I can't even begin to explain how much I've saved and how much it changed my everyday budgeting!

🏡 As of April 2022, I am credit card debt free. Thank you, Happy Money! I still have my student loans to tackle, but I desperately want to save and buy a home. 

Trying to get established in a new city is difficult, so I ran up a lot of debt when I moved. With high interest rates keeping me behind, I felt like I would never climb out of it! Even my above minimum monthly payments seemed like they were just paying the interests. The Payoff Loan saved me--it gave me a way to consolidate that debt at a much lower interest rate. After years of struggling, I paid off a huge amount of debt in just two years. Happy Money helped me manage my money in a healthier and more effective way by saving me thousands in interest fees.

Member Money Moments – A Q&A series with Happy Money Member Cara C.

When growing up, I wish I would have had a better understanding of interest and how it accrues over time. Swiping a card makes it easy to get out of control fast. If you can't afford to pay it off next month, then you really should not be swiping your card today.

😊 Healthy budgeting techniques
🧘 Tools to assist with financial wellness & money

Not all financial institutions are the same. Review the APR on your cards regularly and try to eliminate those with higher interest rates. If you are buried in debt like I was, it may be overwhelming but write everything down or build a spreadsheet with all of you finances. Focus on paying off loans/credit cards with the largest interest first. This will allow you to only accrue interest at the lower rates. As you pay off balances and increase your credit, look to consolidate debt with The Payoff Loan to lower your payments even further. If you pay the same amount as you did when your payments were higher, you'll pay off your full debt sooner!

🏡 My dream has always been to purchase a home. I was just pre-approved today and will begin the process of not only purchasing, but building my first home!

The Payoff Loan took a chance on me when no other financial institution would. It allowed me to reduce my interest to a third of what credit cards were charging. This allowed me the ability to pay more toward principal and ultimately eliminate my debt. Now, I am debt free and working to buy my first home. It feels like a huge weight has been lifted off of my shoulders. Happy Money gave me that opportunity!

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