Millionaire Librarian

I read about an interesting spending rule the other day that helps limit how much you spend on spontaneous purchases.

You could call it the “$10 a day rule.” It is fairly simple but quite powerful. The rule states that when making a purchase, you must wait $10 worth of days toward that purchase until you have saved enough to buy it.

For example, if you want to buy a widget for $100, you must wait 10 days, thereby delaying gratification and potentially postponing the purchase further—or deciding it’s not worth the money at all.

If you find yourself overspending on unneeded items, decreasing your spontaneity will likely help.

Also, there’s flexibility with the rule. You could increase it to $20 a day or lower it to $5 a day depending on your budget. When deciding on a number, pick one that you could spend every day without destroying your budget.