Pro Tips For Saving Money Using the 24 Hour Rule
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What is the 24 Hour Rule?
The 24 hour shopping rule is recommended for impulse or unplanned buys. It’s a cooling off period where you give yourself time to pause and think about a purchases before going through with it.
You can use this time to consider whether the item is something you really need or want, or you might forget about the item altogether after a few hours.
How can you benefit the most from this rule? Here’s are five pro tips for saving money using the 24 hour rule.
1. Don’t add the item to your online cart (or set a reminder)
One common tip when using this rule is to add items to an online cart, and then set a reminder to revisit the item in 24 hours.
But while this can delay gratification and give you time to mindfully think about the purchase – it can also increase the temptation to buy.
If you’re signed into your account with that retailer, you’ll likely receive multiple emails reminding you to complete your purchase. So instead of putting distance between you and the purchase, these reminders keep the temptation front and center.
Therefore, if you’re using the 24 hour rule, don’t add items to your online cart and don’t set a reminder.
For the rule to work, you want the item to be out of sight. Once your initial excitement for it settles down, you might realize that you didn’t really want it. In which case, you just saved yourself from making an impulse buy.
2. Consider opportunity cost
It’s also important to think about what else you could do with that money. So take a moment to ask yourself if there’s a better way to use that money. Maybe you could save it, pay off debt, or do something fun that makes you happy.
For example, let’s say a pair of shoes catches your eye and you decide to implement the 24 hour rule. Over the next day, seriously consider other things that might be of greater importance. For instance, maybe you’ve always wanted to try jet skiing or another activity, or perhaps you need some organizational items for the house.
If these expenses are about the same as the shoes, instead of buying another pair that you probably don’t need, put your money toward something you’ve been looking forward to.
3. Calculate cost per use
Take a moment to think about how often you’ll actually use the item in question and then calculate the cost per use. You can do this by dividing the purchase price by the estimated number of uses.
For example, let’s say you’re thinking about buying a $100 sweater. If you expect to wear it at least 20 times in a year, the cost per wear would be $5. From here, you can decide if the purchase is worth it.
Additionally, you can price items in terms of hours worked and estimate how many hours you’d have to work to pay for it. So if your salary breaks down to $35 an hour and an impulse item is $350, you’d have to work 10 hours to pay for it.
4. Sleep on it – literally
During this 24 hour period, make sure you get a good night’s sleep.
Research shows that sleep enhances cognitive function and decision-making abilities, meaning you might wake up with a clearer mind and a better perspective on whether the purchase is worth it.
On the other hand, sleep deprivation can sometimes impair judgment and increase impulsivity, so there’s a greater chance of making hasty or regrettable decisions.
To ensure a better night’s sleep, try these tips:
- Go to bed and wake up at the same time every day, even on weekends.
- Create a relaxing bedtime routine, winding down with activities like reading, gentle stretching, or taking a warm bath before bed.
- Make your sleep environment comfortable. Keep your bedroom dark, quiet, and cool, and invest in a comfortable mattress and pillows.
- Limit screen time before bed – no phones, tablets, or computers at least an hour before bedtime.
- Watch your caffeine intake in the afternoon and evening.
- Manage stress by practicing relaxation techniques like deep breathing to promote better sleep.
5. Seek alternatives
Use this 24 hour period to think about other alternatives or options to buying this item.
One approach is to look for similar products from different brands – comparing features, quality, and prices to find the best value. Additionally, consider exploring the option of buying used or refurbished items, which can often be more affordable and environmentally friendly compared to buying new.
Another avenue to explore is DIY solutions. Whether it’s repairing or repurposing existing items or making something from scratch, DIY projects can offer a cost-effective and personalized alternative to store-bought products.
24 Hour Rule FAQ
What is the 24 hour rule?
The 24-hour shopping rule means waiting a full day before buying something you want but don’t need. This helps you avoid impulse purchases. If after 24 hours you still want it, go ahead and buy it – if you can afford to.
What is the benefit of the 24 hour rule?
The benefit of the 24-hour rule is that it helps you avoid impulse buys and encourages mindful spending. By giving yourself a day to consider a purchase, you can determine if you truly need or want the item. This waiting period often leads to realizing that an item isn’t necessary, which saves money and reduces clutter. It also helps you stick to your budget, ultimately leading to better financial decisions.
How does the 24 hour rule stop impulse spending?
The 24-hour rule stops impulse spending by creating a pause between wanting an item and actually buying it. This delay allows your initial excitement to fade, giving you time to think more rationally about the purchase. It helps you assess whether you truly need or want the item, often leading to the decision not to buy it. This pause reduces the likelihood of making spontaneous, regrettable purchases and encourages more mindful spending habits.