Can I Really Afford It?
It’s so easy to spend money because we all do it all the time. But the problem is that people don’t save enough money for the things they want to buy because they spend it on things that they don’t really need.
If your main goal is to buy things that you want. You need to spend money even if you don’t have it. But if your main goal is to buy the things that you need, then you need to save up for them.
If you want to buy something, ask yourself these 5 questions first.
- When was the last time I bought something?
- If I buy this, what do I plan to do with the money that I save?
- Do I have the money for this now?
- Can I afford this if I include it in my budget?
- How long will it take me to save this amount?
If you answered yes to all 5 questions, then buy the item. If you know you won’t be able to save the money any time soon, then save the money for it and forget about it.
What Will I Do With It?
One of the questions I have heard during the sales and you probably have, ask yourself would be “where would I put it?” and I am not asking just that so that you can say that you don’t have room. I am asking, Where will you use it? Do you have a plan as to how it will be used?
You will be surprised at how often people purchase items for their home or office and then have no clue how it will be used. Don’t let that be you! Here are a few key questions to ask yourself before you purchase anything for your home or office.
Why do I need this item?
What does this item do for me?
How will it make my life easier?
How Often Will I Use It?
If you’re buying something that you’ll only use once or twice, you probably won’t want to invest a lot of money. However, if you’re planning to use something on a regular basis, it’s a good idea to buy something that’s built to last. Many companies have quality lines that are specifically geared towards regular users.
What are the Alternatives?
Asking yourself what’s available on the market will help you figure out what’s reasonable to expect. If you’re choosing from one or two brands, that’s a lot easier than considering multiple brands.
How Often Will I Have to Think About It?
Some products require more maintenance than others. If you’re shopping for a food processor, for example, you’re going to have to think about how often you’ll have to keep it clean. This is where the alternatives will help you … you can think about how they rate in terms of maintenance.
How Will I Benefit From Owning It?
Do I Really Even Want It?
Before you buy something, try to get a good sense of whether or not it’s something you really want. Question your purchase with these five questions and see if it passes the test.
Will you actually use it?
It’s too easy to say you’re going to use a piece of equipment once or that you’ll wear your new jacket one time before you’ll let it sit in your closet. Being realistic about how much you’re going to use something will help you determine whether it’s worth spending that money.
What’s the one thing it can do better than anything else?
When buying anything, consider what it does best and compare it to other products on the market. Is it cutting edge in a certain area? Incorporate that into your decision.
Could you replace it with a different piece of equipment that would do the same thing?
A question like this can keep you from spending money on something you don’t need. If you’ve already purchased a weights bench can you turn it into a full-size workout bench by adding a barbell rack or do you need to get a different bench?
Can I Borrow It?
This is the simplest way to give a tried and true product a try before taking the leap and making a purchase. You’ve probably seen those fun videos of people testing out products by giving them silly tasks to do. Maybe you’ve even tried it on your own.
This doesn’t mean that you should only borrow products that you wouldn’t buy already. If you really can’t bear the thought of not having a product, it confirms that you really need it. However, that doesn’t mean it’s the same as just borrowing a product to bring it home. It’s time to admit that you need it.
There is always the chance that you may get so into it that you wouldn’t want to give it back. In this case, you can try an extended test drive. You could ask a friend to use it for a week. At the end of the week, you will get to see how they feel about it. You can even come up with an agreement for return conditions.