Saving money is a goal to which many people aspire, but it can be tricky to achieve. This is especially the case when spending can often rack up quickly, leaving Britons with a drained bank balance. As the festive season reaches its peak today, people can choose to put bad money habits behind them.
By putting money away and waiting to make a decision, people can eliminate the idea of instant gratification.
This is a concept which prompts many people to buy as soon as they see an item they like, which can lead to massive overspending.
Instead, saving regularly can help people with budgeting, discipline with their money, and better financial decisions.
The 30 day rule is likely to be difficult to keep up with to begin with as Britons adjust their expectations.
According to a study from the European Journal of Social Psychology, it takes an average 66 days for a person’s new behaviour to become automatic.
Therefore, it could mean people could quickly get used to this new method for their finances.
The more occasions an individual actively decides to put money aside, the better they could feel.
However, there are ways Britons could improve their chances of success when it comes to the 30 day rule.
One of these is including friends or family members in the challenge, to encourage each other to take action.
People could even compete against one another to see who manages to save the most money, or stop unnecessary spending altogether.
Instead of saving in a bank account, some individuals could find putting money into envelopes or a jar may work better for them.
But they should also be aware money is protected in the bank, whereas money kept at home isn’t always safe.
It is equally important to remember that not all spending is a bad thing. Individuals do need essentials, and a treat every once in a while should not make people feel guilty.