How you spend your money is as important as how you earn it. If you are going to end up being a financially successful individual, then you must learn to make wise buying decisions. The best place to start is by knowing the right questions to ask yourself before buying anything.
When I was still struggling to become debt-free years ago, I drastically reduced my spending so I could pay down the debts faster. But to do this intentionally, I made sure to always question myself before purchasing anything.
Do I need it? How important is it to me? Can I get it cheaper elsewhere? These are relevant questions that helped me curb my spending habits and save more money.
You too can become more cautious with your expenses, as it remains a vital step to financial freedom. Thankfully, this post will serve as a shopping guide by providing essential questions to ask yourself before buying anything. I know you can’t wait to dive in!
Why Should You Ask Yourself Questions Before Buying Something?
Asking yourself the right questions before buying anything is the only way you can prevent impulse buying. A lot of people often spend too much money and run into debt because they buy things impulsively.
That’s certainly not the way to handle your hard-earned money if you want to hit your financial goals on time. You must have valid reasons before purchasing any item when you walk into a store. This way, you won’t allow emotions to influence your buying decision.
15 Essential Questions To Ask Yourself Before Buying Anything
Asking questions about anything can be eye-opening. When you take a step back and question your line of action sometimes, you may get to see the things you have been doing wrongly. This is why we are about to discuss several important questions to ask yourself before making a purchase.
Let’s check them out below:
1. Is It A Need Or A Want?
This is actually one of the best questions to ask yourself before buying anything. It’s a fundamental question that helps you to establish your priorities—deciding what’s important and what isn’t.
Is the product you’re thinking about something you truly need, or is it just something you want? No matter how much you want to be delusional, you know the right answer to this question.
So if the purchase is a need, you can go ahead and get it. If it’s a want, you can decide to be smart by forgetting about the purchase and just save the money instead.
However, you should know that marketers and salespersons put a lot of effort into persuading customers to think that they “need” the products being sold. In some cases, even when something isn’t a need, you may be tempted to assume it is because of how persuasive the marketers are. Keep this in mind so you won’t be compelled to spend on your “wants” all the time.
2. Can I Borrow It?
If the item you’re trying to purchase is something you need temporarily, then maybe you should consider borrowing instead. This way, you won’t have to spend a dollar.
Ask yourself if you can get a friend or neighbor to lend you the item. Of course, it’s not every item you can borrow from someone. Some things are just off-limits. However, if you are sure your neighbor or friend can lend you something, then there’s no shame in asking.
3. Can I Barter For It?
This is one of the wise questions to ask yourself before buying anything if you’re broke. When you don’t have money to give in exchange for a product or service, what do you do? There’s one brilliant option—barter for it. Although it’s not every business owner or individual that would accept this, you should consider offering your skill sometimes as payment for something.
To barter, you don’t even need to be exceptionally skilled. For example, you can consider volunteering to watch over someone’s kids in exchange for your neighbor power-washing your driveway, fixing your car, painting your guest room, or performing any other task that needs their expertise.
4. Does It Have To Be Brand New?
Let’s address one of the most common mistakes people make when purchasing something. You don’t have to always buy things brand new except if you’re wealthy and can conveniently afford anything you want. But if you are still trying to get your finances on track, don’t try to keep up with the Joneses by buying brand-new items every time.
Whether it’s a car or a lawn mower, getting a fairly used item will help you save a ton of money. However, ensure that whatever fairly used item you’re purchasing is durable and holds value for your money. Don’t buy shabby things just because you are desperate to save money.
5. Am I Fine Without It?
A lot of people don’t think about this, but it remains one of the best things to ask yourself before buying something.
Many of the things you believe to be necessities are things you can live without. For example, you don’t need to regularly pay for a gym membership to stay fit. While it’s not a bad idea to visit the gym, there are various ways you can improve your physical health from home by doing certain types of exercises.
Before you take out your credit card to pay for anything next time, ask yourself if you can get by without it.
6. Can I Pay Cash For It?
Using credit cards to pay for anything is one of the easiest ways to be in debt. If you don’t have enough cash in your wallet or debit card to pay for an item, then maybe you can’t afford it.
It appears easy to buy anything you want with a line of credit, but that’s just a funny way of pulling down your finances. Besides, paying with cash when shopping is a great way to curb your spending and stick to a budget.
Whenever I’m buying groceries, for example, I’m not tempted to purchase anything impulsively because I know I have to live within my means by spending only in cash.
7. Is It In My Budget?
Creating a budget for your monthly expenses is a great way to control your spending and manage your income effectively. Let’s assume you have a budget already and you plan to stick to it. But while scrolling on Facebook on Saturday evening, you found this beautiful multi-purpose blender. Do you buy it immediately or just scroll to the next post on the feed?
Here’s the thing—if you never budgeted money to get a new blender, then you shouldn’t make that purchase. It’s simple. Don’t spend on anything that you haven’t planned for in your budget.
8. Do I Need It Urgently?
This is one of the key questions to ask yourself before buying anything. Whenever I’m trying to drastically cut down on my expenses, I intentionally delay certain expenses. What this means is that if I see something I really like, I don’t pay for it immediately. Instead, I wait a little longer. After some time has passed, I realize that I don’t even need that item.
So before buying something, ensure you ask yourself if it’s urgent. Is it a necessity? Is it an emergency expense? If it’s not, simply add it to your “purchase pause list”. Eventually, you may lose interest in the product and end up saving your money.
9. Why Do I Want To Purchase This?
When there’s an urge to buy something, ask yourself why you need to make the purchase. What value would it bring to you? Do you want to buy it simply because your friend or neighbor has it? If your “why” can’t justify the purchase, then that’s a sign you shouldn’t go ahead.
Stash away that money in your savings account instead of spending it on something you probably don’t need at all. It may look simple, but this is one of the tough questions to ask yourself before buying anything.
10. How Much Work Did I Have To Put In To Be Able To Afford This?
I once told someone that if you earn $25 per hour, and you spend $50 on something, that’s two hours of work right there to make that purchase possible. When you think in this direction, it helps you to value your income and the amount of work you put in to get it. If you are going to spend $70 on sneakers, you have to ask how many hours of your life you’re about to give.
This may look extreme, but it’s a brilliant way to avoid splurging too much money on things you don’t need. Always reconsider your purchases by thinking about the number of hours of work you have put in to get that amount of money. It’s one of the best questions to ask before you buy anything.
11. Does This Purchase Support My Goals?
Let me tell you why this is one of the best questions to ask yourself before making that purchase. I began writing professionally in college. But the laptop I used at the time for work had a very slow processor. I needed to get a new one that would make writing easier and faster. It took me about two months before I could gather enough money to afford a new PC.
What I’m saying is this—purchasing a new computer significantly supported my goals. It wasn’t just some random impulse purchase that I didn’t need. It was an essential item that I needed to get to the next level in my career.
When making any major purchase, don’t forget to ask how it supports your long-term or short-term goals. If it does support your goals, then it’s not just a regular purchase—it’s an investment for your future.
12. Do I Have A Similar Item?
Buying a chest freezer when you already have a refrigerator could be a waste of money. You could say you need it to preserve more food, and that’s totally fine. But if you don’t have enough money to purchase it, why break the bank? It’s best you manage the refrigerator you have been using while you make plans to get another one without going overboard with the expense.
This principle applies to other scenarios. Don’t buy an item if you have something similar already. It’s one of the key questions to ask yourself before spending money.
13. How Long Will This Purchase Last Me?
You might waste money on that next purchase if you don’t understand this basic concept. It’s one of the essential questions to ask yourself before buying anything.
You shouldn’t be compelled to buy anything if it’s going to serve a very temporary purpose. For example, if you want to get married, you have to decide to either rent a banquet hall or wed on a beachside.
Renting a banquet hall would cost you a substantial amount of money and would only last for a couple of hours. So if you really want to save money, you’ll forget about it and find a much cheaper option.
14. Can I Get This For A Better Price Elsewhere?
I don’t care how rich I get, I’m always interested in getting a better bargain. This is one of the best questions to ask yourself before buying anything.
The same gallon of milk you buy for $6.25 is being sold for $5.89 elsewhere. Of course, it may be a different brand, but the quality of the product could be the same.
Before making any purchase, make sure you try to find a less expensive option. If you continue with this, you’ll realize how much you’ve saved over time.
15. Am Buying This Because Of A Promo?
On our list of questions to ask yourself before buying anything, this is the one people often overlook.
One of the simple marketing strategies that companies rely on to boost sales is promo. They advertise a product and slash the fee a bit, hoping prospects would be convinced it’s cheap enough to buy. This works most times, especially for people who aren’t cautious with their spending habits.
Just because you’re being offered 15% off doesn’t mean it’s wise to make that purchase. You may think you are trying to save money by getting it at a cheaper price, but the question is, how important is that item to you? Are you buying it simply because of the promo or because it’s a need? If the promo is your only motivation, don’t worry about buying it. Save your money!
Final Thoughts On Questions To Ask Yourself Before Buying Anything
Have you sat down to wonder if you are living above your means because your expenses keep getting bigger? The problem may not be inflation or the size of your income. The problem could be your spending habits. This is why you need to know the right questions to ask yourself before buying anything.
Always assess your buying decisions. Don’t spend money based on your emotions. You’ll go broke if you do that. Instead, you must learn to spend money logically.
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