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Yahoo
16-05-2025
- Business
- Yahoo
I Tried the '48' Rule to Curb My Spending — And Saved $550 in a Month
This article may contain affiliate links that Yahoo and/or the publisher may receive a commission from if you buy a product or service through those links. I go through phases with spending. Some weeks, I'm a model of frugality, proudly meal-prepping and resisting every urge to impulse shop. Other times, I'm rationalizing a $90 serum because a beauty influencer with impossibly dewy skin swears it changed her life. Emotional spending is my Achilles' heel — especially after a stressful workday or when I'm excited for an upcoming trip. I'm also a victim of my social media algorithm and how well it knows me. There are at least five items in my home right now that felt like 'meant to be' purchases at the time — like the chic, retro lava lamp that now lives in a dusty bedroom corner because, plot twist, it overheats and makes me nervous. Or the much-hyped $98 Lululemon yoga mat that, while stunning, weighs 5 pounds and is wildly impractical for my NYC commute. So when I came across the 48-hour spending rule — a technique where you wait two full days before buying something nonessential — I figured it was worth a shot. I was hopeful it would not only help me save but also encourage a shift toward more values-based, mindful spending. The 48-hour rule is simple: Any time you want to buy something that isn't essential (so not groceries, toiletries, or subscriptions you already use), you add it to a list and then wait 48 hours. No clicking 'Add to Cart,' no swiping Apple Pay. Just … wait. Financial adviser and fractional CFO Joe DiSanto explains the appeal: 'When you're buying things, you get a rush. And when you're online, the feedback loop is so fast, it's even more addictive.' The 48-hour rule, he says, breaks that cycle, giving your brain time to catch up with your bank account. 'We often make impulsive purchases when our central nervous systems aren't regulated,' says Jen Lawrence, an expert in both finance and the psychology of money. 'Waiting 48 hours gives you the space to see if you're buying something because you truly want it or because you're hungry, angry, lonely, or tired.' Plus, it nudges you toward values-based spending, which is all about making purchases that align with your priorities, not just your passing moods. I decided to try the 48-hour rule for a full month. I tracked each 'want' in my Notes app with the item name, price, and why I wanted it. (Essentials — groceries, toiletries, Netflix, my beloved Adobe subscription — were off the table.) One of the first things I jotted down was a $50 Yeti water bottle. I had convinced myself I needed it because I'd lost the straw for my old Owala bottle and, in the absence of said straw, mold had begun to grow where it used to sit. Gross, yes — but was it enough to justify buying yet another water bottle? I already had several bottles collecting dust. Still, I rationalized the purchase in my head. It was a health thing. It was a self-care thing. But after 48 hours, the urgency faded, and I saw the situation for what it was: a fixable problem, not a reason to spend. Instead of checking out my cart, I ordered a replacement straw (for a few bucks) and gave my Owala a proper scrub. Crisis averted. Funny enough, this water bottle dilemma ended up prompting a whole conversation in my group chat. Apparently, I wasn't alone. Two of my friends were also dealing with moldy Owalas and had been debating buying new ones, too. We traded cleaning hacks, shared where to get spare parts, and had a good laugh over how we all wanted to buy another in their new colorway. That moment made me realize how often spending can be reactive. But when you press pause, you give yourself a chance to make a more grounded decision. I went through a similar thought process when considering a trendy, office-appropriate top I found at a discount store. Although it fit well and I adored the pattern, I work remotely, so I didn't really need it. Two days later, I was over it. In total, I logged about a dozen 'almost' purchases, ranging from home decor to workout gear. Some, I still thought about after the waiting period. But in most cases, the urge faded. The 48-hour rule didn't erase my wants, but it helped me zoom out and ask: Do I really need this? Will I use it? Is it worth the cost and the clutter? One of the most unexpected parts of this experiment was how it changed the way I shopped. Online shopping is so solitary these days — you see, you click, it shows up. But waiting 48 hours gave me time to ask for second opinions. I texted friends. I called my mom. I turned purchases into conversations, and those conversations often became my reality check. Because I was waiting to make purchases, I naturally started talking about them more. I'd mention things to friends in group chats ('Do I need this nightstand that looks like a mushroom or am I spiraling?') or ask my parents whether a certain gadget actually seemed useful. These casual check-ins brought back the communal feel of going to the mall with your friends and getting their take before buying anything. Coming off a recent weight-loss journey (I started walking 20,000 steps a day!), my 'want' list was full of fitness and wellness products. My TikTok 'For You' page was feeding me nonstop home gym content. Suddenly, I felt like I needed a $250 Apple Watch to track my steps and heart rate. Normally, I'd just go for it, justify it as a fitness investment, and hit 'Buy Now.' But instead, I brought it up to my dad in passing. He told me he had an old Fitbit collecting dust that he could pass on to me. And just like that, I saved $250, gained a tool that I actually use daily, and shared a moment that felt much richer than a two-day shipping confirmation ever could. The 48-hour rule reminded me that sometimes I shop to feel connected, seen, or cared for. Talking through my spending impulses with people who know me made me feel those things without ever opening my wallet. This experience reminded me that spending mindfully doesn't mean never spending. It means spending better. I didn't feel deprived — I felt in control. My apartment stayed a little tidier, and I started appreciating things I already owned (like the lava lamp, which I now use occasionally and safely). I'll definitely keep using the 48-hour rule — maybe not with every single purchase, but definitely for anything over $40. It's a low-effort, high-impact way to build more intention into a part of life that can so easily run on autopilot. We Tested (and Rated!) 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Yahoo
12-04-2025
- Business
- Yahoo
Tax Day Countdown: 4 Reasons Retirees Should Use Accountants for Their Taxes in 2025
There is no shortage of tax filing software available for a pretty decent price (at least when compared to the price of hiring an accountant, for an average of $37 per hour, depending on location). Though this software generally gets the job done, it's likely to do so in a bare minimum way — and costly errors can occur. Discover More: Read Next: Everyone filing their taxes should consider enlisting the help of a living, breathing certified public accountant (CPA), but retirees should be even more keen on getting human-expert help. Why? Financial experts discussed the four reasons retirees should use accountants in 2025. Tax laws are always changing, and retirees need to stay in the loop. If you don't understand these laws, you could accidentally break one. 'Retirees might spend the extra money on a CPA to ensure they fully understand the tax laws around withdrawing from retirement accounts and the potential implications,' said Joe DiSanto, a financial advisor, fractional chief financial officer (CFO) and founder of Play Louder. 'This includes managing Social Security in combination with other withdrawals, understanding combined income limits, tax brackets and optimizing withdrawals from retirement accounts or taxable brokerage accounts for living expenses.' Find Out: Accountants can help retirees stay safe from bad actors looking to scam you via your tax filings. 'CPAs have access to technology-driven solutions that integrate directly with the IRS to monitor a retiree's account activity in real time,' said Kevin Knull, certified financial planner (CFP) and president at TaxStatus. 'With this active monitoring, the advisor can promptly identify suspicious behavior and address potential threats before they escalate into serious issues.' Mistakes are never made on purpose (that would defy the definition of 'mistake'), but the IRS doesn't care. It'll penalize you for an error, however innocent it is. An accountant has the intellect and know-how to help you avoid messing up important information. 'CPAs play a crucial role in helping retirees avoid costly mistakes in filing taxes, and in finding additional financial and tax planning opportunities,' Knull said. 'CPAs are equipped to avoid errors in tax planning that can lead to unexpected tax liabilities, penalties and audit risks. 'Examples of tax planning mistakes from a lack of data include: missed tax deductions and credits; overlooking unreported income; failure to adjust for tax liabilities on past earnings; incorrect Roth conversion recommendations; non-compliance with IRS reporting requirements and delayed filing deadlines due to missing information.' Think of hiring an accountant as an investment if only because they can help you lower your tax liability and claim money-saving deductions. 'Accountants play a critical role in ensuring retirees take full advantage of all tax deductions, credits and strategies to minimize taxable income,' said Melissa Murphy Pavone, founder at Mindful Financial Partners. We've highlighted the four reasons retirees should use accountants, but what if money is really tight? If that's the case, you might be able to safely skip this expense. Emphasis on the word 'might.' It depends on how complicated your finances are — and how much money you're reeling in. 'The complexity of a retiree's financial situation often determines whether they need a CPA,' DiSanto said. 'If someone's pretax retirement income is in the range of $4,000 to $5,000 per month, their tax liability might be minimal, and their situation might not be overly complicated. 'However, for retirees with higher income — say $100,000, $200,000 or $300,000 per year from sources like IRAs, 401(k)s, Roth accounts, life insurance, Social Security or taxable brokerage accounts — it might make sense to seek professional advice,' DiSanto said. 'A CPA can help navigate capital gains, dividends and other considerations to maximize efficiency.' If you do go the route of hiring a CPA, it's crucial to verify their credentials before commencing work. 'If you're going to pay someone, I'd recommend at least an enrolled agent who can represent you in case of an audit,' DiSanto said. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on Tax Day Countdown: 4 Reasons Retirees Should Use Accountants for Their Taxes in 2025 Sign in to access your portfolio
