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?
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.