Impulse purchases are not good for a budget. This is when you see something relatively new and buy it right away, without much thought. Basically, you buy on impulse. This might be driven by a new product release, general FOMO, or maybe you saw a neighbor or friend with the item and wanted it right then and there. Everyone does it. Impulsive purchases can certainly hamper a budget, but they can also cause buyer’s remorse. To avoid regrets, balance the scales and avoid impulse purchases, especially with expensive technologies and new gadgets, you must follow the 30-day rule. It’s a behavioral technique that helps ensure you only spend on things you really want or need, rather than acting on an urge.
This is a 30-day waiting period before purchasing, to help filter out non-essential products. Following the rule is pretty simple, in theory, you just need to stay consistent. When you see a new gadget you want, like a new phone, a major appliance, or even an expensive new car, step back and take a pause. Acknowledge the impulse, write down the product, do a little research, and create a list of pros and cons. Then just wait 30 days, a month or so, before spending any money.
This does two things. This prevents you from spending frivolously and ruining a planned budget, and it gives you more time to make a decision and put money aside. Waiting can also allow you to take advantage of a good deal, promotion or discount that drops later. After 30 days, re-evaluate your purchase. Ask yourself if you still want it, if it will bring value to your life or if you can live without it – or if you already have.
The 30-day rule is actually a common financial technique
The 30-day rule actually doesn’t have much to do with gadgets or modern technology, at least not originally. It is a respected method for controlling impulsive spending of all kinds. This is precisely why you will often find discussions of it in news and media outlets. It’s not only about stopping impulse purchases and avoiding remorse over bad purchases, but also helping to reduce overspending on things like big-ticket items, dining out, upgrading technology, and more.
This is incredibly prescient for big tech and gadget purchases, which can be costly and, if unplanned, could put a damper on things. Taking some time and waiting on big purchases as long as you can could save you some much-needed time, allow you to focus on what really matters like rent or utilities, and perhaps extend the time it takes for prices to drop a bit. It also helps you identify what you actually need and will use often, versus gadgets that might be gathering dust on a shelf or getting thrown away. There are some tech products you should never pay full price for if you can help it.
Additionally, with many gadgets, soon after their release, newer devices such as phones, gaming consoles, and other digital items receive software updates for security and bug fixes. This is the time you would have spent dealing with potential issues, instead of coming later once they are all resolved. This is called the early adopter tax. Waiting also means there are usually more user reviews and experiences to reference. Look at the most popular Amazon gadgets that users think are worth the price, what do they have in common? Thousands of reviews so you can form a reliable opinion on their value.
Are there any downsides to the 30 day rule?
Even though the pros seem to outweigh the cons, there are some things you should keep in mind when adopting the 30-day rule. The first is that waiting for an item could lead to the exact opposite, lower prices later. It is always possible that the price of the technology or item in question will increase. Even more so with the shortage of computer hardware like RAM, GPUs and hard drives. There are many gadgets that will increase in price due to shortages, or have already done so.
Additionally, depending on how long you wait, the item could sell out and, in the worst case, become unavailable indefinitely or require very long restock waits. This would mean that when your 30 days are up and you are ready to purchase, the item is no longer available. There is a counterargument here that your budget and essential spending always matter more than impulse purchases and unexpected expenses. It is therefore entirely possible that this warning will save you trouble in the long term.
Finally, the 30 day rule is probably overkill for small purchases, under $100 or so. Instead, you may want to use a 72-hour rule, which is plenty of time to evaluate the purchase before making an impulsive decision. Additionally, if you share a budget or finances with a spouse or partner, you might consider speaking to them and having a conversation about the purchase, to get additional help, advice and opinions on the situation.
