Have you ever purchase something with absolute certainty that you “need” it, only to discover that it is not something that you use, or that we genuinely need?
Yea, we’ve been there too. Hopefully, yours didn’t as much as mine.
Before you purchase something, it is a fantastic idea to determine whether you really need it, and whether it fits in with your long-term financial budget.
Before you purchase something which you “want,” take a step back and determine whether you should really buy that item.
Here are 5 questions to ask yourself answer honestly:
1. Can I Afford It?
Before anything else, if you can’t even afford it- don’t talk about anything else. You don’t want to end up in debt and you certainly don’t want to be arrested as a criminal. You will need to be certain that the purchase is not likely to land you in debt. Moreover, make sure the money spent on this thing doesn’t detract from something else you may want to purchase; or something which you truly do want. Be sure the item is, in fact, affordable before you purchase.
2. What Can I Do With It?
What are your plans for your purchase? Really consider what it will accomplish in your lifetime. Will it push forward a particular goal you have? Will contribute to your wellbeing? Consider your plans for the product, and think about a realistic strategy for its use.
3. How Often Will I Use It?
Then determine how often you will use the product. If you’re buying something which you’re not likely to use more than once or twice, it doesn’t often make sense to complete the purchase. There are different ways you can get exactly what you want for a one-time usage.
Be honest about how often you will probably use something.
You may realistically use a coffee maker daily, so it makes more sense to purchase one as opposed to purchasing a blender that you may just use a couple of times and then put aside. From a treadmill to luxury cross-trainers to a different book, consider how often it’ll be used. Do not purchase items that you probably won’t really use much.
4. Do “I” Really Want It?
Figure out why you need to create that purchase. Examine your motives. Do you want to get the item as you want it? Or are you trying to impress somebody? A lot of people believe we need something, when actually what we want is to look good in front of friends and loved ones. Before you purchase something, do some serious consideration.
If you’re making a purchase primarily because you feel you “should” have it and not because you truly want this, or you think it’ll make your life simpler, then reconsider.
5. Can I Borrow It?
If the product is something you won’t use much, and something which you don’t especially care to get, it may be worth it to borrow it. If it is possible to borrow something you rarely use, it doesn’t make sense to purchase it; especially if you’re able to borrow it for free, or for a very low price. If you are not sure whether you will like a book, check it from the library. Borrow power tools that you don’t use much. When something has to be hauled (which is not often), we borrow my parents’ van.
Take some opportunity to reconsider before you purchase something. You might just realize that you don’t have to get it after all.