The $25/24hr rule of Monthly Budgeting

The 25/24 rule

If it costs more than twenty five dollars, wait twenty four hours.  It’s that simple, but I’ll go on.

Twice a week or more we are tempted by an impulse buy that is between $25 and $75.  A pair of rad shoes, a sick MAC book cover, a book that will make you feel smart just by buying it, a fancy dinner or slick sunglasses…whatever it is.  If you survived yesterday without it, you can survive today and tomorrow and the rest of your life without it.

Here are a few reasons to use the 25/24 rule.

  • “Sleep on it” - Acting in the moment has gotten lots of people in trouble.  Lots of dumb decisions have been made in the moment without thinking; I’ve made a few, how about you?  How many crimes would have never happened if cooler heads where allowed to prevail?  Waiting a full day will give your emotions a chance to re-set.  When we wait a full day, we are no longer acting out of pure emotions.  The chemicals that are affecting our brains decision making flush out in a matter of minutes allowing the real you to take back over the decision making process.
  • “Let me think about it.” -  An impulse buy is just that, NOT thinking about it.  Letting a day go by allows you to think about the purchase from multiple different angles.  You might end up realizing that you really don’t need the item.  (you don’t)
  • Talking about it with others. – Over the course of a full day, you can talk with a few people about it and get other people’s opinions.  Get mine –
  • Buyer’s remorse. – Been there, done that.  I bought a year-long gym membership once for hundreds of dollars.  I knew the second I bought it that it was a mistake.  I went to that gym about 12 times during the first two months and then never went back.  That sucks.  It’s very hard to experience buyer’s remorse over buying something that was well planned and thought out.
  • The money stays in your pocket – The bottom line, the money stays with you instead of with the store.