Ask Yourself: Should I Buy It?
Learn to Manage Your Money with Smart Shopping
Many of us are guilty of spending money on unnecessary purchases, and this can do a lot more harm than good. It is important to step back and think about managing your money responsibly. Going into debt for things you don’t really need can cause unnecessary long term financial stress! If you’re overcome by the desire to buy something, go through this logical flowchart to help decide if buying that item is a good idea or not, and stay debt free!
Do I need it?
In today’s world of social media, it can be hard not to compare what you have, to what other people have. It’s important to remember that if you can live without it, you probably don’t need it. You might have something similar already that you’ve forgotten about, and ‘keeping up with the Jones'” is never worth going into debt!
Can I afford it?
If you can afford it, you can pay for it in cash. If you will incur more debt buying it, you should definitely reconsider. Spending money on superfluous material goods that you can’t afford is always a recipe for disaster. If you really want something, use that desire to save up a little each month so that you don’t have to put it on credit.
Are there any alternatives?
Are there competitors with the same item, or used version you can buy at a lower price? Always shop around, and see if you can get a discount.
Is this one the best deal?
Did you find a better alternative? Did one brand have more perks than the other?
Is it high quality?
Just because something is expensive, doesn’t mean it’s high quality. Check reviews and research materials and warranty policies. The longer it lasts; the more value you get for your dollar.
Does high quality matter?
When buying household items such as bleach and detergent, there isn’t much difference between the brands.
And remember, material possessions do not define you. You may feel like you need something but you’ve gone this long without it, haven’t you?
Learn more about managing your money responsibly.
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