Ready to put some money back in your bank account? You've come to the right place.
How many times have bought something on impulse or worse – for the wrong reasons? One of the simplest and most effective changes you can make is to stop and think before you make a purchase.
If you can break the cycle of thoughtless purchasing and consumption you can take control of your spending and work towards affording the things in life you’re truly trying to save for.
Here are 7 things to ask yourself, so you can be certain that you’re making a smart decision.
- Do I need this? Can I live without it?
- Can I afford what I’m buying?
- Is there a cheaper more cost-effective solution?
- If you’re buying something new – is there a used or refurbished item available?
- Am I throwing money at a something, rather than fixing the real problem?
- Why am I buying this? Is it for me, or am I trying to keep up or fit in with someone else?
- BE HONEST WITH YOURSELF! Don’t lie to yourself just to get a new toy or do something extravagant.
If you can get through these questions and you still feel comfortable making your purchase then it must be a good decision. But even now, if one of these questions is still bouncing around in your head, you might want to take a day or even an hour and think about it. It pays to think before you buy.
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One more idea…
Add up how many hours it takes you to earn the money you are about to spend.
Good point, Sue. I used to think about that all the time when I was younger and didn’t own a credit card. Credit cards are an enabler!
@Sue – That’s a great point. Time is money after all and since you earn money by the hour, translating your purchases into a measure of your time can be a powerful tool.