Enacting this rule could help you when looking at certain items to buy
Shoppers are being urged to enforced what is known as the “24 hour rule” in a bid to save money and curb unnecessary spending in the run up to Christmas.
Recent national research by VoucherCodes.co.uk found the nation makes around 2.4 billion impulse purchases each year. Which equates to the average person in the UK spending a whopping £605 on unplanned purchases each year, and 56% report regretting the decision.
So, how can you prevent that post-purchase guilt this Christmas? Anita Naik, leading saving expert and budget at VoucherCodes.co.uk recommends practising the 24-hour rule. The idea is that you give yourself a day to think about whether you really want or need the item, in case it was an impulse buy.
She said: “The 24-hour rule is a simple psychological trick that helps you evaluate your impulse purchases to avoid unnecessary spending. When you are ready to hit purchase, leave your item in the basket for a minimum of 24 hours, and once the time is up, re-evaluate if you’d still like to make the purchase.
“Nine times out of ten, the rush of dopamine will have reduced, and you will have probably changed your mind. Plus, when you are shopping online, if you leave your item in the cart for a few hours, you may find you get an email with an incentive to purchase – such as a money-off discount.
“So, it is well worth taking the time to reconsider, as you may well be able to get the present for cheaper, too.”
Anita also advised spreading the cost of big occasions like birthdays and Christmas, recommending people start buying Christmas gifts early and even purchasing some festive food.
She said: “The ultimate trick to save money on your holiday feast is to buy your Christmas food early and freeze it before prices shoot up. Stock up on freezable foods and non-perishables now to avoid the holiday price hikes, and store them safely away until the decorations come out.
“You’ll be surprised just how many foods you can freeze ahead of the big day, everything from roast potatoes and gravy to pigs in blankets and even cheese. It’s also a great idea to make a wish list of all of the drinks, snacks, and treats you’d love to indulge in this Christmas, and keep an eye out over the autumn months for supermarket sales or discounts.
“That way, you can complete your shopping for far less money – then all you need to do is resist the temptation of opening them early.”
