What is the 48 hour spending rule?
The contents provided on this page are for informational purposes only and do not constitute financial advice. Consider your personal circumstances and objectives before making any financial decisions.
Have you ever bought something you regret?
How long did it take? A few days? A week? The moment you clicked ‘pay now’ on the recommendation of a TikTok or Instagram influencer?
We’re all prone to making impulsive purchases, when our eyes and our imaginations balloon with the certainty that we NEED whatever it is right now. We’ve all probably sat there and thought about why the purchase just makes sense and how it would be silly to not buy it.
Impulse buying can be a slippery slope, right up there with these 6 financial mistakes, but with the 48 hour rule, you’ll be able to buy more mindfully and consciously.
So, what exactly is the 48 Hour Spending Rule?
This rule, not just applicable to spending, is an intentional delay that helps avoid impulsive decisions. You just wait 48 hours before buying something that isn’t necessary to your day-to-day life.
It’s a classic needs vs wants scenario.
And you may have a very different idea of what is a need vs a want. For some, having access to music or video streaming services is necessary because it’s how they relax, while for fitness lovers, a gym membership, bouldering group, or run club might be an essential expense.
The 48-Hour Rule isn’t a way to ban yourself from enjoying things, it’s simply another way to build smarter shopping habits, while increasing satisfaction with the things you do add to cart.
So, how do you get started with the 48 hour spending rule?
Decide what unnecessary means to you
No two sets of finances are the same; they’re like fingerprints. And the same is true for what people think is unnecessary.
This is where you need to be honest and open with yourself–maybe break out the budget and categorise your expenses into ‘essential’ and ‘non-essential’. This will look different for everyone but will likely have some things in common, such as groceries, transport, pet care, and a fitness membership.
Write or record your list somewhere you’ll see it; your notes app, Notion, voice memo, piece of paper on the fridge, mobile wallpaper; whatever and wherever works for you.
Yeah, that tracks
Give yourself visibility and accountability by tracking your potential purchases.
If you see, hear about, scroll past, or otherwise encounter, anything non-essential that you want to buy–stop.
If it falls into your essential category and fits within your budget, you’re free to do as you will.
If it doesn’t, close your wallet, put away the bank details, and write the item down (your phone works well for this). Take note of what it is, the price, and the date you saw it.
Start the clock, your 48 hours begin now.
Bonus Money Mindfulness Tip: Some items may fall into an essential category but be non-essential. A family pack of Tim-Tams may technically be considered ‘groceries’ but may not be what you’re going for. Keep things like this in mind.
What to do for the next 48 hours?
1. Think realistically
Stepping away from the emotion of the moment or the pressure to buy gives you the space to think about the purchase. Do you really want it? Or was it a spur of the moment impulse that you definitely shouldn’t back up with your back account. Two days and three nights gives you a lot of time to think realistically about its potential place in your life. You could even talk with people you trust. Your parents, group chat, work colleagues, etc, could offer insights into the purchase you’re making.
Just be careful it’s you that’s making the final decision and you aren’t getting pressure from another direction.
2. Research, compare, and shop for deals
Getting more info can help you really dial down into if you really want that particular thing or just the rush from buying a thing. Shop around and see if there are other retailers, sellers, or service providers that are offering the same or similar thing. Maybe there’s a brand that offers the same thing cheaper, better, or in a way that connects with you more. Hunt for the best deals on the item you’re considering, but don’t click ‘buy’ until your 48 hours are up (or ever).
Some great places to begin your research include websites like Finder Shopping (where you can scope out their deals and comparison articles), Product Review (to get reviews from real people), Facebook Marketplace (preowned treasures), and eBay (private and commercial sellers listed in a single place).
3. Do some budget and savings planning
We all love to get things right now. Express shipping, fast service, quick cash outs. Speed is super valuable in our busy lives. But, if something is non-essential, do you really need to outlay a hefty sum right now or can you wait a bit and make it fit into your budget?
Seeing your expenses and available funds arrayed on paper (or your preferred digital equivalent) can provide the additional insights to put your purchase into perspective.
Instead of paying to have something now, maybe you’ve got the room in your budget to put a little away until you can buy the thing without creating extra financial stress.
You may find that running the numbers during your 48 hours lessens the burning desire to slam that ‘buy now’ button, especially when the potential purchase gets compared to your existing expenses.
Did you know?: The Beforepay app offers personalised spending insights and budgeting tools to help you stay on top of your finances.
4. Fight FOMO
Limited. While stocks last. Last chance. Don’t miss out.
Fear of Missing Out is everywhere, putting pressure on people to buy immediately, lest they miss out forever. It’s a powerful marketing and sales technique that has convinced many to buy, only for the magic to fade shortly after the money leaves the account.
FOMO plays on emotion, that’s part of what makes it so tough to resist. But it’s often an illusion. That’s why taking 48 hours to step away and really consider a prospective buy is so valuable.
This removes you from the conditions that create FOMO and lets you truly consider–pros and cons and all–if you want something. If you’re genuinely still keen on buying and can reasonably afford it, you can go back and buy with no regrets in sight.
Don’t miss this note: FOMO is one of the strongest rivals of the 48 hour spending rule–in fact, they are almost directly-opposed. So it’s important to be aware that, yes, there is a chance you might miss out by waiting. But who’s to say that there won’t be a later release, a restock, or a similar item that comes onto the market from a competitor? It may not be the be-all-end-all.
5. Consider how the purchase connects to your values
What do you care about?
That’s at the heart of what is known as ‘values-based spending’. It involves sitting down and thinking about what really matters to you and buying things in line with your values/priorities.
If you haven’t already, this 48 hours is a perfect time to consider what matters to you and if a particular purchase aligns. These values don’t have to make sense to anyone else, they just have to be honest and realistic to your circumstances.
The 48 hours helps you determine if a potential purchase ties into your values or not, and can help stop money being spent on things you ultimately don’t care about.
And if all that doesn’t help, you can always read this blog about how sticking to the 48 hour rule saved the writer $550 in a month.
Does the 48 hour rule work?
The 48 hour rule can be effective if you use it honestly and hold yourself to it.
By waiting two full days for every purchase and considering whether you truly want to buy, you may find yourself discarding purchases you otherwise would have made. It’s a great tool for overcoming impulse purchases, much like the similar ‘No-Spending Weekend’ that first gained traction on TikTok.
In your 48 hours, you might talk to people to get more insight, spend time researching, shop around, consider how it ties in with your values, incorporate it into your budget and overall savings plan, or create a vision board of how your life will look once you buy (or don’t).
The benefits of the 48 hour spending rule are many, but it’s not here to give you a definitive answer. If it works or not depends on you. It’s just another tool to help you practice mindful spending.
To buy or not to buy is the question.
But the choice is yours.
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