What technique can be employed to reduce impulse spending?

The technique of employing the 24-hour rule to evaluate necessity is effective in reducing impulse spending because it encourages individuals to pause and reflect on their potential purchases. This waiting period often helps to differentiate between wants and needs, enabling a more thoughtful decision-making process. By taking the time to consider whether the item is truly necessary or simply a fleeting desire, individuals can often reduce the urge to make impulsive purchases that may lead to buyer's remorse.

This approach fosters better self-discipline and can lead to a healthier financial outlook over time, as it minimizes unplanned spending and supports budgeting goals. The process of reflection can help consumers realize that they may not want the item as much after a day of consideration, thus effectively curbing impulsive financial habits.