The 24-hour rule is a tested and trusted recipe for wise decision making. In this day when everything happens at breakneck speed, it is not unusual for people to react to situations without giving it a thought. This only creates undue tension for all parties involved.
So, how can the 24-hour rule help you improve your financial decision-making process? How can it positively impact your savings and help you scale through today’s ultra-fast life?
Delay the Purchase
Holding off purchases, especially when it comes to large purchases, can help you decide your needs and wants. The media will do everything they can to convince you that you need an item, and that your life will massively improve if you make that purchase, but you must be cautious.
Give it 24 hours. Avoid making impulse purchases and see how quickly that extra dollar can quickly become an emergency fund.
Search for a Better Deal
If that item is not on sale this week, it could be next week. If not, you may want to reconsider your options. Will buying the item at its full price prove to be a smart move?
Also beware of impulse purchases. Planning a purchase gives you a chance to weigh its pros and cons, and make a balanced decision.
Hold on to what you own
Can you stitch that piece of clothing? Can you use that smartphone a bit more?
Before making that purchase to replace an item, give yourself some time to re-evaluate your priorities. It may be wise to delay that purchase until what you have is no longer working as it should; this is an effective long-term money saving strategy.
For instance, buying a new smartphone every three years instead of every two years will bring massive rewards for you over a period of time. Over a ten-year period, you’d be getting that phone at almost no cost.
Pay in Cash
Another smart way to save money is to delay your purchase until you can pay for the item (s) in cash. This will cause you to save up more, and when it is time to finally make that purchase, you may realize that the item is not worth the effort you invested into saving up the money.
24 hours is more than enough time for a lot of things to happen. Delaying key financial decisions for 24 hours will allow you better craft a plan that will be productive going forward.