Questions You Should Ask Before Any Purchase

Many of us struggle with money in one very common way…our purchasing decisions. Some of us struggle with being an impulse buyer, buying excess amounts of something that we never end up using, or even just purchasing something as a way to cheer ourselves up. So I have put together some questions you should ask yourself before each and every purchase and if you practice this enough, it becomes second nature. When I’m at the grocery store and I see something NOT on my list, I automatically go through these questions in my head.

Do I really need it? Like….REALLY NEED IT?

Is this something that you absolutely must have because it’s going to solve a major problem for you? Is this $20 candle you picked up really needed or do you have candles already at home? And if you tell yourself you DO need something then ask why you need it.. Because often times, we will say to ourselves that of course we need it because it’s really cool and it’ll make us happy.

Can I afford this?

Do you have the money in your budget set aside for this purchase? If so, do you need that money for something else? And If you don’t have money in your budget set aside for this purchase, how is it going to impact the rest of your finances? Are you about to go into debt with your credit card to purchase this? Are you tapping into a savings fund? Are you using the last of your spending money until your next payday? Will you have to make do with NO spending money until the next paycheck?

Is it worth the price?

Are you debating purchasing something that is overpriced and even possibly something you can make yourself? Do you really wanna pay someone else for something you can do for free or get for less? Is it a well crafted item that will stand strong? Is this something you know will break or fall apart in a few months, leaving you angry and regretting your purchase?

Am I buying this to improve my mood?

Is this an emotionally charged purchase? Did you have a rough day, a breakup, or are you tired and hungry? Your judgement is often very off in these circumstances so perhaps refrain from the purchase today, and re-evaluate the need when you’re not in a fragile state.

Do I really not have anything already to do this job?

Are you sure you aren’t buying duplicate of something or maybe even something unnecessary because instead of an expensive cleaning tool, you can actually craft yours yourself in a matter of 10 seconds and using two existing items already?

Hopefully these questions can prevent you from impulse buys and other purchase decisions that can hinder your progress on your financial goals.

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