Sometimes you can read all the ways to save money and still not have funds leftover in your budget. For most people, the underlying problem is that they don’t know about money saving tips – it’s that they’re just unable implement them.
The idea behind these two rules address the real issue of spending: it forces a choice and it fights instant gratification. Even adopting one of these rules can make a difference in your finances.
Rule #1: Buy One, Sell One
This is a good rule to implement if you are fighting an uphill battle of spending. Here’s the rule: before you buy something, you must sell something of equal value that you own. For some, this might be difficult, but it’s a good way to challenge yourself to save money and not to clutter your home with things that go unused.
Rule #2: The 30 Day Rule
Want the latest gadget? Sorry, you have to wait 30 days. This trick keeps you from having impulse shopping sprees and curbs your spending. Before you can buy the thing on your list, write it down and revisit the idea 30 days later. If you are still excited about the purchase and have the money to do it, they it might be something worth purchasing.
Of course, no rule is ‘hard-and-fast’ so be flexible when necessary and use common sense. If something is a life-threatening emergency, obviously the 30 day rule shouldn’t be applied.
Have you ever tried either of these money saving rules?