Questions To Ask Yourself Before Making A Purchase
In todays economy, it is no wonder why we find ourselves overwhelmed with debt, and often times wonder if we even needed the item(s) we bought to begin with. It can be important to use scrutiny in your purchasing decisions, but sometimes it’s hard to decide what to buy and what to leave on the shelf. Here are some questions to ask yourself before making large or small purchases to avoid this mental turmoil in future.
Is this an item(s) I want or need?
Often times we deceive ourselves that an item we want is something we need. This relates to the instant gratification which is so prevalent in our society. Upscale marketing is geared to circumvent the base line psychology so we are stimulated to purchase items not deciphering the difference between the two. So instead of being taken in by the product or item take a moment before pulling out your wallet and get real with yourself. If you have to convince yourself of a definitive reason to have this item or product, chances are you’re just in want and not in need.
Can this be considered an investable item?
If you make a purchase for an item it is a good option to consider it an investment on a large or small scale. You are choosing to spend your money on this purchase so it should be in your best interest to know it will be of use to you in a rewarding and financial beneficial way. If you feel as if the purchase gives you more loss than gain in the long run, consider it a bad investment in some facet and reevaluate your future purchases from the perspective of financial investment.
What is the ultimate reason for this purchase?
Be aware of you mental and emotional state when faced with a decision for a purchase that could impact you in any financial way. Your choice can be greatly skewed with these factors and can contribute to how impulsive or how rational your reasoning is at the moment of a transaction. If your ultimate reason is not very foundational chances are that you really aren’t in the state of mind to make this decision and will possibly regret any haste choice. Take a night to “sleep on it” and if you still feel as if this purchase is important than you will feel better about your choice knowing you gave it a second thought.
Can I afford it?
Be honest. If you have to put things on credit, chances are no. This all leads back to the important realism of want or need. If you can’t have it debited from your account immediately without over drafting, then the purchase may be best left alone until the finances are in order. Credit cards should be used only if you know you will be able to make your credit payments without issue.
As with many things in life, preventative measures can be a good thing, especially when it comes to personal finances. How you choose to operate with money is an individual responsibility, and you make the decision on the overall outcome of where your money is going. Be aware that marketing is designed to appeal to your senses and stimulate you to be a consumer. So long as you are a conscious consumer, you will have what you need while feeling in balance with what you spend, and will be able to enjoy luxury within your financial limits.