The 7 Day Rule is a great strategy to prevent impulse spending and buyers remorse. The principle is very simple. You give yourself a “cooling-off period” of 7 days before making purchases above a certain threshold, say €100. The idea is that by having a delay before making a larger purchase you avoid getting swept up in the excitement of things.
This principle works great before making a purchase such as a new phone, TV, booking a holiday, a new watch, an expensive outfit for a special occasion, a new kitchen table or new set of pots and pans. Always do your research as you would anyway. Make sure to compare prices and when you select your product, make sure you are getting the best possible deal (always try negotiate!). I like to use Price Spy as a tool for price comparison, I also have a post on the best comparison websites in Ireland, you can find it here.
After you have made your selection, now WAIT for a minimum of 7 days. After this time period has elapsed, ask yourself the following questions. Do you still feeling the same about it? If it is aligned to your budget and you are still satisfied with your product selection, go ahead a make the purchase.
You could adjust this principle, by implementing the rule for 7 days for purchases between €100 and €1,000. And then increase to 14 days for purchases above €1,000. If you are worried about losing a good deal, remember, there will always be another one. It’s more important to stay aligned to your values and your budget.
So there you have it, a simple principle to keep your budget on track – The 7 Day Rule.