Whether you work your behind off to maintain a modest savings account or you live comfortably and have plenty of disposable income, you still need to watch your pointless spending. Money doesn’t grow on trees and even those with plenty of it need to ensure that they are saving plenty and spending wisely. One of the worst habits most people have is their inane ability to make completely unnecessary purchases. You don’t need what you’re about to buy, but you buy it anyways. Come on ladies, how many items do you have in your closet that still have tags on them? Make smart money decisions by asking a few mental questions next time you start to make a purchase you aren’t sure is entirely worthwhile.
Why Do I Want This?
If you ask yourself this question you will get to the bottom of your desire for this item. If you need it for work, your children’s school or to fix something you need then it’s probably not a wasteful purchase. However, if you want it just because it’s 80 percent off the retail price – even though you aren’t sure what you’d wear it with/use it for – walk away.
When Will I Use This Item?
If it is something you will use on a regular basis you will get your money’s worth. If it is only something you will use once or twice, or you aren’t even sure when you’ll use it at all, put it down.
Am I Being Pressured to Make This Purchase?
If the sales associate or a friend is urging you to spend $800 on a pair of Louboutins and you just aren’t comfortable spending that kind of money on shoes you won’t wear because you’re more of a flip flops and shorts kind of girl, don’t buy it.
Can I Afford This?
If you want to make a purchase and can’t see yourself living without it, fine. However, if you also can’t see how you will make your mortgage payment on time or put gas in your car this week, put it down. Nothing is more important than making sure your bills are paid.
By asking these questions before making a purchase you might save yourself a lot of money or prevent yourself from suffering from buyer’s remorse. It’s fine to spend your money as long as you have enough of it; but even then, it’s better to save it if the item isn’t worth it.