SUMMARY
- The 24-hour rule helps reduce impulse spending
- It encourages more thoughtful, intentional purchases
- Small, frequent expenses can add up faster than you expect
- The rule can be adjusted to fit your lifestyle and budget
- Mindful spending supports both short- and long-term financial goals
Spending money has never been easier, thanks to online shopping, mobile apps, and digital wallets. A few taps on your phone or tablet, or clicks on your laptop day or night, and you’ve made a purchase. While that convenience saves time, it can also make impulse spending harder to notice.
Over time, these unplanned purchases, especially small ones, can quietly chip away at your budget. In fact, recent research estimates that the average consumer spends $282 per month on impulse purchases, totaling $3,381 per year!* Imagine what you could do with that money. Impulse spending is why many financial experts recommend a simple strategy known as the 24-hour rule for spending.
What is the 24-hour rule?
The 24-hour rule is a personal finance strategy that involves waiting one full day before purchasing non-essential items. Instead of buying something immediately, you pause to think about whether the purchase is truly necessary.
This short waiting period creates space between temptation and decision. Often, once the initial excitement fades, the desire to buy does too, making it easier to tell the difference between something you want and something you really need.
How the 24-hour rule helps reduce impulse spending.
Impulse purchases are easy to justify in the moment, especially when they don’t seem expensive. But frequent small purchases, online orders, upgrades, or spontaneous shopping can add up to hundreds or even thousands of dollars over time.
Using the 24-hour rule can help you:
- Reduce impulse buying
- Avoid regret purchases
- Cut back on unnecessary expenses
- Improve everyday budgeting habits
- Keep more money available for savings and future goals
How to customize the 24-hour rule.
The 24-hour rule is flexible and works best when tailored to your spending habits. Some people choose to:
- Wait longer for higher-cost purchases
- Apply the rule only to online shopping
- Use different waiting periods based on price
- Remove saved payment methods to make checkout less automatic
The goal isn’t to stop spending, it’s to spend intentionally.
Putting your money to better use.
When you pause on a purchase, you also create an opportunity to put that money to work for you. Instead of spending it right away, you could put those dollars into a FIGFCU Online Savings account to earn up to 2.75% APY** with Direct Deposit. Or consider opening a Flex-Term Certificate to earn 4.25% APY† with a 3-, 6-, 9-, or 12-month term. Some members choose to apply the money toward paying down their credit card or loan balance, helping reduce interest and improve cash flow. Even small amounts redirected consistently can support emergency savings, future purchases, or long-term financial goals, often with far more lasting value than an impulse buy.
If you need help with spending, saving, and budgeting, visit our Financial Education page for ideas and actions that can help you take control of your finances. Or make an appointment to meet with one of our free Certified Financial Counselors for a deeper look at your budget and tips to regain control of your balance.
Final thoughts.
Whether you’re building savings, managing a household budget, or planning for retirement, small money habits can have a big impact. Pausing before purchases helps you stay in control of your spending and make choices that align with your priorities.
The 24-hour rule is a simple change that can support better financial decisions today and greater confidence in the future.
At FIGFCU, we’re here to help you build smart money habits at every stage of life. If you have questions about any of our accounts or are ready to open one, please call 800.877.2345. You don’t have to wait 24 hours to do so.
*Capital One Shopping Research. “Impulse Buying Statistics,” 10 November 2025. Accessed 9 February 2026.
**APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month.
Rate bonus is for a minimum of $1,000 monthly ACH Direct Deposit or Agent Net Check into a Farmers Insurance Federal Credit Union Checking Account. Rates are subject to change at any time. No branch or call center access with this account. The national average for this type of account is 0.42% APY, based on rates published in the FDIC Monthly National Rates and Rate Caps accurate as of 01/21/2025.
†Promotion Effective 02/01/2026 Flex-Term Certificate 4.25% APY. Limited Time Offer Flex-Term Certificate available on new Certificates the following terms are available: 3 months, 6 months, 9 months, 12 months. Yields are subject to change without notice. This is a promotional yield of 4.25% APY. “Flex Term” Bonus Dividend may not be combined with any other dividend increase/bonus; i.e. “Direct Deposit Bonus” and “Jumbo Certificate” increased rates. Annual Percentage Yield (APY) is calculated on a 4.17% base rate, $1,000 minimum balance, regular share Certificate requirement on a 365 day basis compounding monthly or at account closure. IRA share Certificates only available for the 12 month term for this promotion. Deposit must be new funds to the Credit Union and may not be transferred or withdrawn and deposited back into the Credit Union from any existing Credit Union account. No additional deposits accepted (other than dividends) during Certificate term. There is a substantial penalty for early withdrawal of Certificate funds. Fees and other conditions may reduce earnings. Unless the Member informs the Credit Union otherwise, at maturity the Flex-Term Certificate will automatically renew into a new Flex-Term Certificate of the same term at the Flex-Term rate in effect on the maturity date. Federal regulations require dividends be paid from available earnings; dividends are contingent upon this regulation. Refer to our TISA Disclosure for terms and conditions.
APY = Annual Percentage Yield. Yields are subject to change at any time. Early withdrawal penalty and fees could reduce the earnings on an account.
