Do you have trouble saving money? If so, you are not by yourself. Making the habit of saving money demands dedication. Even then, unforeseen expenses and events in life pose a threat to your progress.

What can you do, then, to make it simpler to save money? As a starting point, you might wish to think about the 30 day savings rule, a well-liked strategy for assisting you in saving extra money. This is how it goes: You decide to put off the possible purchase for 30 days and put the money into your savings account instead of acting on an impulsive thought. After the 30-day window has passed, you are free to purchase the item if you still want to. If not, the money is kept.

30-Day Rule With Money: What it is and Does it Work?

Impulse buying is a temptation we all experience. You might enter a store and come upon something you want to purchase. Or perhaps you see an intriguing advertisement for a fresh good or service that interests you.

It’s simple to make an impulse purchase if you start making financial decisions based on your feelings rather than your budget.

Impulsive purchases can easily derail your spending plan or, if you overspend, even lead to further debt accumulation. The 30-day rule on impulse purchases can be helpful in this situation.

Make a promise to yourself that you’ll think about it for 30 days to help you resist making an impulse buy. Write the name of the person on a piece of paper.

After 30 days, if you’re still on the fence about buying it, go ahead and do it. You will have saved that money if you neglected the item or decided it wasn’t really that vital.

Start putting money into a savings account as you consider the 30-day period’s impulsive buy. You would have used this money to make the purchase.

You can withdraw the funds if you choose to make the transaction. But since it will be taken out of your savings account, it won’t be available to utilize for future savings objectives. You now have a simple opportunity to practice regular saving and reap the rewards of doing so. Additionally, it encourages you to expand your savings. Why? Because it might be challenging to touch money you’ve worked hard to save for a purchase that isn’t truly necessary.

The money you set aside over the course of 30 days might give you a sense of security to cover future crises or assist you in paying for that summer vacation when you take into account all of your other savings and financial goals.

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How the rule works

The simple rule is to wait 30 days before buying anything you see and want. If you still want to buy the item after 30 days, go ahead and do so. You will wind up saving the expense if you overlook it or realize that you don’t need it. Savings come from not spending money.

The 30-Day Rule can teach you delayed gratification and help you make wise financial decisions if you frequently make impulsive purchases.

If you want to go a step further, put aside the cash necessary to purchase the item in a savings account or a 30-day fixed deposit. You are setting aside money that you may or may not need in the future. You’ll end up creating a budget for the buy. If you decide not to buy the item, put that money toward your objectives.

Why the 30 day savings rule really does work

If anything about this sounds too good to be true, reconsider. You can actually save money by following the 30 day savings guideline.

The 30 day savings guideline is unique in that it is so straightforward. You can maximize your savings by forcing yourself to put off all of your unnecessary purchases. This will remove emotions from your purchasing decisions.

Of course, the rule only applies if you remain steadfast and wait the full 30 days. However, you’ll usually always find that you save money with this tactic if you’re able to carry out the plan.

That’s because the 30-day savings rule merely prevents us from impulsively spending money on items that don’t genuinely make us happy or accomplish anything meaningful. Although we frequently believe that in order to increase our savings, we must have a complicated, multi-tiered investing strategy, sometimes all we need to do is set a spending ceiling for ourselves.

You’ll be surprised at how much simpler it is to live within your means when you wait 30 days before making impulse purchases, even though you’ll still want to stick to a reasonable budget and monitor your spending habits by using the KOHO app.

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How to use the 30 day savings rule to build your savings

Identify needs vs wants

Starting with essential and non-essential items will help newcomers to the 30 day savings guideline determine what is and isn’t actually necessary.

Make a list of your monthly spending in a few minutes. Then, remind yourself in your head that all of these purchases are immediately approved under your new savings strategy. Every other item may be classified as a “desire” and be subject to the 30-day savings requirement.

Later, when you’re out shopping, you’ll need to decide how much money to spend by considering if the item you’re considering buying is a need or a want. Simply put your wallet away and save your money for another purchase if you’re thinking about making an impulse buy.

Have a savings account

The ability to build your savings (and collect interest!) while you wait to decide whether that new pair of shoes or smartphone is genuinely worth your hard-earned money is one of the best features of the 30-day savings rule.

Even though you could just leave your money in your standard bank account while you decide, saving it in a TFSA, RRSP, or other high-interest savings account will allow you to earn interest while you wait.

It will soon be possible to set up KOHO Save and convert your entire KOHO account into an interest-generating machine, which will make things even easier. In this manner, you can actually make money in the near run with all of the money you don’t spend.

Create a fund for entertainment.

We comprehend if the idea of needing to wait 30 days before making any non-essential purchases seems a little intimidating.

Actually, waiting a month before making a decision is a good idea for bigger purchases like a new computer or a trip, but not for little ones like a night out to the movies.

It may be more difficult to keep your spending resolutions if you place too many restrictions on your behavior. Although the 30-day guideline is helpful for big-ticket things, you might think about creating an amusement fund for smaller expenses that you may draw from whenever you want, guilt-free.

Your entertainment budget can be as large or as small as you wish, but to make sure that your enjoyment doesn’t deplete your funds, we advise budgeting only a small amount each week.

Try setting aside some of your cash back earnings and RoundUps for amusement if your monthly budget doesn’t quite have enough place for one. Although it might not seem like much now, you’ll be surprised at how much you can save if you use the cash back features that come with your KOHO account.

How to use the 30 days effectively

  • Comparing prices of similar brands/models
  • Research the product – read reviews, compare different brands of similar items and see which one is best for you
  • Looking for coupon codes or seeing if there’s a sale coming up
  • Shopping around at different stores so you can get the best price for the item
  • Checking whether you can you buy a used version of the item
  • Saving up to buy the item

Most of the time you’ll forget you wanted to splurge in the first place. And if you don’t forget, you go in with a better understanding of whether or not this is something you truly want and can afford.

Ways to Stick With the 30-Day Rule 

Unfortunately, creating a financial plan or having the intention to change your spending habits doesn’t always lead to success. It’s not that easy! I hear you, so here are some ways to help stick to the 30-Day Rule: 

Have a goal and track your progress

In business, those who set goals and track progress report hitting their goal 96% of the time, which is almost double the success rate of businesses who don’t track at all.

This is reflected in personal savings too, so having a regular check-in to work out how well you are moving towards a no impulse-spending goal could be beneficial to the overall saving process.

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Involve your friends or family

Everybody loves a challenge! Why not compete against family and friends to see who can save the most money in a month or stop spending? This way, you can keep each other accountable and turn the 30-Day rule into a game against impulse spending. 

Remember that a purchase every once in awhile is okay

The thing about this rule is that it doesn’t prevent shopping altogether. So once those 30-Days are complete, don’t feel guilty if you still want to buy after all.

It’s just a tool to help you get rid of those regretful purchases and put more value onto the items that you DO want and need. Plus, it serves to help boost your savings account along the way!

Give it some time to stick

Although I alluded to this a bit earlier, you might fail at your first 30-Day challenge. And that’s okay!

This should be a learning experience to either help you make smarter purchasing decisions, to stop impulse buying, or a combo of things.

Breaking bad habits is not always easy and takes time. So cut yourself some slack if you find it more challenging than you expected!

Try different budgeting techniques

What might be interesting or work for you, might be completely different for someone else.

For example, I always enjoyed simple spreadsheets and doing the math myself when doing my budget or any challenges, like the 30-Day rule. I found it kept me more focus and gave me a better understanding of my expenses.

Some might find the cash envelope system better for them, where physical envelopes with organized cash helps.

And others may look to various personal finance platforms and apps. Here a few that could help:

  • Personal Capital: see all your expenses in one place, manage your net worth, investments, budget, and more. And you can use it for free.
  • Savology: A new budgeting platform, Savology can make it easy to keep track of your expenses, spending, and savings.
  • Tiller Money: Automatic spreadsheets and templates created for you to help with your budgeting and savings needs. So if you like cool spreadsheets, Tiller is for you.
  • Mint: One of the more popular and recognizable names in the finance space is Mint. Keep track of all your finances in one place for free.


The 30-day rule with money is just a fun motivational strategy that ultimately trains you to make saving money a habit. By being forced to make do for 30 days on one small thing, you begin to recognize your value in saving money. If you can do it with one thing, you can continue to practice the same habits with other things that are deemed necessary in your life. And since most of us will spend the majority of our adult lives gathering, spending, and saving money, this is an effective and proven method to improve long-term financial health.

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