323. Transform Your Spending Habits with the 24-Hour Rule

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In this episode, Brad Nelson, founder of Debt Free Dad, introduces the powerful 24-hour rule to help you avoid impulsive purchases and save money. By waiting just one day before buying non-essential items, you give yourself time to reflect on whether the purchase aligns with your needs and budget. Brad explains the benefits of this technique, such as reducing emotional spending, sticking to your budget, building better spending habits, reducing clutter, and saving money. He also provides practical tips to implement the 24-hour rule effectively. Ready to take control of your finances, reduce stress, and finally pay off debt? Tune in for actionable advice and discover free resources to help you simplify your financial life. 

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Episode Transcript

Brad Nelson (00:00):
Hey.
So imagine standing in a storeholding an item that caught your
eye.
It feels like a must-have inthe moment, but what if you
paused before pulling out yourwallet?
Now, the 24-hour rule is asimple yet powerful technique
that can help you avoid a lot ofimpulsive, regretful purchases
and keep more money in yourpocket.
And by waiting just one daybefore buying anything that

(00:20):
isn't essential, you giveyourself time to reflect and
decide if the purchase trulyaligns with your needs and your
budget.
I'm going to be sharing sometips about how you can use the
24-hour rule in today's episode.
Hey guys, welcome to today'sshow.
I am Brad Nelson, founder ofDebt-Free Dad.
I paid off about $45,000 indebt.
I've been debt-free now formore than 12 years.
I've also been fortunate tohelp thousands of other people

(00:43):
save and pay off tens ofmillions of dollars with the
work that we do here atDebt-Free Dad.
Now, guys, after listening tothis episode, if you're ready to
take things to the next level,you're ready to break free from
living paycheck to paycheck, youwant to reduce financial stress
, build your savings and finallypay off your debt for good, but
maybe you're just not quitesure where to get started.
We've created some incrediblefree resources here at Defridad,
and I'll be sharing some ofthose later on in today's

(01:05):
episode.
Now, have you ever made apurchase only to regret it later
?
Maybe it was a gadget, clothingor something that seemed like a
great idea in the moment, untilyou get home and you realize
you didn't really need it.
If that sounds familiar, let metell you you're not alone.
Impulsive spending is one ofthe biggest budget busters out

(01:26):
there.
In fact, they say 40 to 80% ofall purchases are made on
impulse.
But the good news is there is asimple strategy that can help
you, and it's called the 24-hourrule.
Now here's how it works.
Whenever you feel the urge tobuy something that isn't a
necessity, I want you to pause,walk away from the store or
close the browser tab and giveyourself 24 hours before making

(01:48):
the purchase.
Now, during that time, think itover.
Ask yourself do I really needthis?
Will it add value to my life?
Can I afford it without goinginto debt?
Often, that short pause isenough to prevent a lot of
unnecessary purchases.
Now you might be thinking howcan waiting just one day, heck,
and even, some cases, a fewhours make such a big difference

(02:11):
?
Let's break down the benefits.
Number one it reduces a lot ofthe emotion in the transaction.
You see, we often spend moneybased on emotions, stress,
boredom by the way, boredom forme is a big one Excitement,
something great happened in yourlife, or maybe even peer
pressure, waiting 24 hours itgives those emotions time to

(02:34):
settle down.
When the excitement fades,guess what?
You can make more rationaldecisions.
Number two is it helps youstick to your budget and to your
overall plan.
It also allows you to actuallythink about like what are you
working towards?
Number two is it helps youstick to your budget and to your
overall plan.
It also allows you to actuallythink about like what are you
working towards, because I'mguessing the purchase that you
want has nothing to do with that.
Impulsive buys add up real quick, making it harder to stick to

(02:55):
your budget.
By waiting, you're more likelyto stay on track and prioritize
what truly matters in your life.
Number three is that it buildsbetter spending habits Now,
every time you pause beforebuying what truly matters in
your life.
Number three is that it buildsbetter spending habits Now,
every time you pause beforebuying, you're strengthening
your self-control.
Over time, this habit helps youbecome more mindful and more
intentional with your money.
And number four it reduces alot of clutter and buyer's

(03:23):
remorse.
I mean, how many things do youown that you rarely use?
The 24-hour rule is going tohelp you avoid adding more
clutter to your life and reducethe regret that comes with
buying something that you reallydon't need.
And, by the way, if you want areminder of all the stuff you
don't need and the stuff thatyou don't use on a regular basis
, just take a few minutes andwalk around your house and see
how much stuff you have thatjust sits there and nobody
touches it.
It's eye-opening.

(03:49):
Number five is it's going tosave you money.
This one's obvious, but it'sworth mentioning Now.
The less you spend on impulsivepurchases, the more money you
keep in your pocket.
Now it might not seem like muchat first, but those savings can
add up very, very quickly.
Now some people worry andthey'll miss out on deals if
they wait.
But here's the thing Mostlimited time sales, they come
around again and even if you domiss a discount, you're still

(04:12):
going to win because you avoidedspending money on something you
didn't truly need.
So how do you put this 24-hourrule into practice?
Well, here are a few tips.
Number one make it a rule forany non-essential purchase,
whether it's clothes, gadgets,dining out, technology.
Wait a day before buyinganything.

(04:35):
Use a shopping list also.
When you shop with a list,you're less likely to buy things
that you don't need.
By the way, an extra tip onthat list use cash.
Cash is an excellentaccountability tool.
Also, avoid browsing andshopping for fun.
Window shopping or scrollingthrough online stores often
leads to impulsive spendingbecause you're bored.
If you don't see it, you're notgoing to be tempted.

(04:58):
Also, get in the habit.
We talk about this a lot onthis podcast and also here at
Deferredad is tracking yoursuccess.
Keep a journal or a note onyour phone where you list the
items that you wanted to buy butdidn't, or how much savings
that you've had because youdidn't make those purchases.
Seeing how much money you savedis a great motivator.
And finally, remember this the24-hour rule isn't about

(05:18):
depriving yourself.
It's about making smarterchoices.
If depriving yourself it'sabout making smarter choices, if
you wait a day and still feelcomfortable about buying the
purchase, maybe you go ahead andbuy it, but the difference is
is that you're going to knowthat you actually made a
thoughtful, intentional decisionand you didn't let the emotions
get the best of you.
So the next time that you feelthat urge to buy something, I

(05:39):
want to encourage you hit pause,give yourself 24 hours.
You might be surprised howoften that must-have item
suddenly it doesn't even seem soessential and, honestly, the
next day in a lot of cases in myown situation is that I'm not
even thinking about that thingany longer.
All right, guys, if you're readyto break free from living

(05:59):
paycheck to paycheck and youwant to reduce stress, you want
to build savings, finally payoff debt for good, but you're
not sure where to get started.
Don't worry, we've got youcovered here at Debt Free Dad,
simplify my Money is sent eachSunday to your email.
Now, simplify my Money is yourstep-by-step roadmap to better
financial control.
You're also going to learneasy-to-follow strategies to
help you manage your money moreeffectively.

(06:20):
You're going to also havestress-free money decisions by
what you're gonna learn.
These are gonna help yousimplify your financial life
with proven tips that actuallywork, and you're gonna gain the
tools and the confidence totackle your financial goals head
on.
Sign up for Simplify my Moneyby clicking the link at the top
of the show notes.
Hey guys, that's it for today'sshow.
Thanks for joining us and wewill see you guys on the next

(06:41):
episode.