The 30/30 Rule also known as The Wait For It rule. One way to stop impulsive purchase. By now you probably felt that minimalism is a numbers game because of all the different rules I’ve introduced and all of them are related to numbers. For today let us check out the 30/30 rule, probably the last rule that is related to numbers. While the 20/20 rule helps us remove unwanted just in case items. The 30/30 rule on the other hand helps us to slow down the process of bringing new things in and act as a filter for us to make sure it is done deliberately. Same thing, it’s a rule created by the minimalists and the rule says that if the things we want to buy cost more than $30, we shall wait for 30 hours before we make the decision to purchase. In short, wait for it and make an intentional purchase or totally forget about it. Duration: 30 hours. If we want to be extreme or if the item is costly let say $100, we can have a longer waiting time of 30 days. The time we set for ourselves to wait for it allows us to reflect whether this particular thing can truly bring value to us or will it be another burden to our life. Price: $30. As for the amount, my guess is it’s just a figure for us to remember this rule easily. Personally, the amount doesn’t matter to me because as long as is a physical item that I’ll hold on to quite a while and it costs me money, I’ll take some time to reflect if I truly need that in my life. As I’m trying to live a meaningful life with meaningful things, most of the time this rule works perfectly for me, as I wait for it, it stops me from making another redundant purchase based on my emotion or due to impulse. Most of our impulsive purchases involved taking advantage of deals or discounts and I’ve talked about sale events on my black Friday video. If you slow down and notice, sales are almost every now and then, we have our recent black Friday sale and year of end sale happening, and without us noticing, back to school sale, new year sale, mid-year sale can pop up anytime soon. They can have a fancy name for the sale accompanied with a holiday, that’s the best way for companies to part us from our money. And according to Harvard Business School professor Gerald Zaltman, 95% of our purchase decision takes place subconsciously, and a lot of time it’s based on our emotion, which makes everything so unpredictable. What we can always do is to have the awareness of our impulsive habit and the best way to stop this impulse is to have a rule that can hold back whenever we feel like buying something. Looking at the 5 top impulsive purchases. Just by us applying the 30/30 rule and wait for it, we can avoid making random purchases and save us a lot of money. Of course this 30/30 rule might not be effective when it comes to food and takeout. That’s probably is another whole new topic on personal finance. But this rule can definitely control our impulsive habit of buying things like clothing, shoes and household items. No doubt I was guilty for that. Just because these sneakers are on sale, suddenly I need a new running sneakers. Buying a new trendy clothing just because I saw it on Instagram. And we all been to IKEA, and right at that moment we become an interior designer, curating what we should get to make my room to look like it’s fresh out of the magazine, and there’s always something we can buy. During this 30 hours wait, it’s the time to question ourselves: “Will it add value?” Maybe it will make your life slightly easier. “Will it bring joy?” Probably a slight ephemeral joy from the retail therapy. But after asking these questions, we might feel that we really need these items. But do note that we often make purchases based on our emotion and we can justify anything we want to buy with logic, or picturing a false scenario that is suitable for the purchase. One good example for me will be watches, some of you might know I like watches and I have something in mind that I want to get a few months ago. I know that getting a new watch won’t bring me more value because I already have a watch. Despite knowing that this kind of happiness is ephemeral, I justify by saying “recently I’m not feeling happy, maybe this watch will help.”
And we all know it doesn’t work like this. Okay maybe it does bring joy and value to us, but we still have to question ourselves “is it the best use for this $30?” Back to the watch example, maybe I can spend $500 on that watch. But that also means that I’m $500 less on paying off my school loan. $500 more to earn, another 32 hours on working on stuff I don’t like, just so I can have a watch, that’s a no for me. The longer I delay the purchase the more time I have to reflect on the pros and cons of purchasing these items. By waiting, the impulse fades off and I can identify those aren’t the things that I truly need. It helps me to gain clarity in mind and recognize the fact that subconsciously I’m just searching for ephemeral happiness and the feeling that of saving 20% from the sale. Okay maybe we’ve decided that we would still like to go ahead with the purchase after the wait, personally, I’ll still take some time to research about the product because I want it to to be sustainable, it should be something that can last with me for a long period of time instead of having it on the landfill after a few weeks of use. I’ll also make the effort to find the cheapest price I can get. If I do end up purchasing it, at least I know it is intentional and purposefully added into my life after much consideration and not because of the impulse. As I’ve mentioned in my other simple minimalism rule video, all of these rules are not be a one size fit all rule, they can be altered based on what suits you more, the number of days or the price of the product. The figures is just a numbers for us to measure, what’s truly important is the purpose behind the wait. That’s how we reduce the chances of us making an impulsive purchase. and that’s the 30/30 rule and I hope that this can help you out when you are tempted to buy something new into your life. Lastly if you like to support to this channel, you can always like this video, subscribe to this channel and follow me on my social media and I also have a patreon page. Any of these supports can help me to make more videos like this. I’m grateful to have you guys and I’ll see you soon.