PICTURE: PEXELS/COTTONBRO
We’ve all been there: you see something you love online, add it to your basket and convince yourself you need it. Whether it’s a new outfit, a gadget or something that simply catches your eye, an impulse purchase can feel satisfying in the moment but less appealing when you check your bank balance later.
Also see: Why Gen Z is saving money differently in South Africa
One simple habit that can help is the 24-hour rule — waiting a full day before making a non-essential purchase.
What is the 24-hour rule?
The idea is straightforward: when you want to buy something you don’t immediately need, wait 24 hours before paying for it.
During that time, you can think about whether the item is genuinely useful, whether you can afford it and whether you would still want it once the initial excitement has passed.
The rule isn’t about never spending money. Instead, it creates some distance between the urge to buy and the decision to actually spend.
Why waiting can help
The American Psychological Association describes self-control as the ability to delay gratification and resist short-term temptations in favour of longer-term goals. Research discussed by the APA also links impulse spending to situations where self-control is reduced.
Waiting allows you to move from an emotional reaction — “I want this now” — to a more considered question: “Do I actually want to spend my money on this?”
That extra time can be particularly useful when you’re shopping because of a sale, social media trend or sudden desire for something new.
Ask yourself these questions
Before purchasing after your 24-hour waiting period, ask:
- Do I actually need this?
- Do I already own something similar?
- Can I comfortably afford it?
- Will buying it affect my ability to pay bills or save?
- Would I still buy it if it weren’t on sale?
- Where will I use it?
- Am I buying it because I need it or because I’m bored, stressed or influenced by social media?
The Consumer Financial Protection Bureau recommends distinguishing between needs and wants when making spending decisions, as doing so can help consumers make choices that better fit their financial goals.
Add the item to your budget
A 24-hour pause works even better when you consider the purchase alongside your budget.
The CFPB’s research on managing spending found that consumers often struggle to use budgets when making decisions at the point of purchase. It also found strong interest in tools that provide immediate feedback about how a purchase would affect the amount of money available in a budget.
Before buying, check your account and ask: “If I spend this money today, what does that leave me with?”
Seeing the impact in actual numbers can make it easier to decide whether the purchase is worthwhile.
Also see: Why your savings aren’t growing: Habits you can change
Make the rule longer for bigger purchases
The 24-hour rule doesn’t have to apply to everything.
For a small purchase, 24 hours may be enough. For something expensive, consider waiting several days or even a week.
A longer cooling-off period gives you more time to compare prices, read reviews, consider alternatives and decide whether the purchase belongs in your financial plans.
Don’t let a sale rush you
Sales can make waiting difficult because retailers often use limited-time offers to create a sense of urgency.
Instead of automatically assuming that you have to buy immediately, pause and consider whether the discount is actually saving you money.
If you weren’t planning to buy the item before seeing the discount, spending money on it isn’t necessarily a saving.
Remove easy temptations
Make the 24-hour rule easier by removing triggers that encourage impulse purchases.
You could unsubscribe from promotional emails, turn off shopping-app notifications, remove saved card details from websites or unfollow accounts that constantly encourage you to shop.
The APA recommends avoiding temptation and planning as strategies that can help people maintain greater control over spending.
Turn waiting into a money habit
The biggest benefit of the 24-hour rule isn’t necessarily the money saved on one purchase. It’s the habit of pausing before spending.
If you decide not to make a purchase, transfer the amount you would have spent into your savings account. Over time, those small decisions can add up.
The next time you feel the urge to buy something you don’t need, put down your phone, close the shopping app and give yourself 24 hours.
Also see: National Savings Month: Why even the best intentions can fail
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