Home Talk to Tboy Dear Heather The 24, 48 and 72 Hour Rule

The 24, 48 and 72 Hour Rule

6 min read

Heather Kobler

Young people are not taught today about the importance of earning and spending money and most of the decisions they make are just not sound and can cause terrible problems.  It’s hard to stay in love when your pay check is spent before you receive it.  And, then there’s the bumps that life can send your way that can disrupt any couple or family.

Spending too much on a car, housing, a wedding, a Honeymoon or buying a house full of furniture on credit can be costly.  If there isn’t enough money in your budget to pay your bills, you are cheating yourself by not managing your money well.

Everyone starts out struggling, but there are ways to have fun on a budget like hosting a Pot Luck.  Each person brings something to share and you spend an afternoon or evening with friends or family and everyone leaves feeling great and not in debt.

Impulse spending and overspending on things that we actually don’t need has been known to destroy relationships.  Asking yourself if you want it or need it makes perfect sense.  And then, there’s the 24, 48, & 72 hour rule that my father taught my husband and I.

If you are thinking about purchasing something that is under $500.00, you have to discuss the purchase and think about it for at least 24 hours.  If the item is over $1,000.00, you must consider buying it for at least 48 hours before moving forward.  And, if it’s over $1,500.00, you must consider the purchase for at least 72 hours.   If you stop and think about what you are considering to purchase things can change dramatically.

Consulting with people who are debt free and have made sound financial decisions all of their lives is the most sensible thing you can do.   If you use a credit card, you should plan on paying the bill in full when you receive it.  The interest rates are up to 28% on most cards!  So, just because something is ON SALE, doesn’t mean you should buy it because paying 28% extra in interest is just plain crazy.

My father also taught us the importance of saving.  When we had a few extra dollars we saved money.  And, once it went in the bank – it stayed there.  Life is too complicated today to waste money and every dollar you earn should be doing something that makes sense.

Retirement is right around the corner whether you realize it or not!  And, unless you’re planning on living under a bridge in a warm climate, you need to start saving NOW.  If your employer matches your 401K contribution, put in as much as you can spare because you are saving money on taxes now PLUS, you are receiving FREE money from your employer.

Today, it costs $340.00 a month to smoke and $70.00 a month to drink Starbucks Coffee.  Just those two items equals $410.00 a month or $4,920.00 a year!  I didn’t mention eating fast foods or drinking in a bar but if I had, I think the number would more than double!  This amount of money can make a car payment and pay your car insurance too!

A short time sacrifice for a long term goal is a winner every time!  Think about it!

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