Skip to main content
15 answers
15
Asked 680 views

What are some questions you ask yourself before you buy something??

I am struggling with buying things that are not beneficial to me and end up buying items I don't use at all. I need to ask myself if I really need these items but I don't know where to start.

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you

15

15 answers


1
Updated
Share a link to this answer
Share a link to this answer

Paul’s Answer

I look at two economic elements when it comes to answering this question. They are Cost-Benefit Analysis and Oppportunity Costs.

When I look at a purchase using Cost-Benefit Analysis I review how much the item will cost and the benefits I will receive from that item. If I purchase a car, what will the benefit be in regards to my life. Will it save me money as far as transportation costs? Will it allow me to get to work easier and save money on family expenses? So, looking at the cost and the eventual benefit is something to review.

Another is Oppportunity Cost. If I purchase that item, what am I potentially giving up or losing if I do purchase it? If I purchase a Rolex watch, am I giving up the chance of purchasing several months of good, or being able to pay the rent, or purchasing my girlfriend a birthday gift? So, these elements must also be reviewed every time you want to purchase something.

Are the costs you expending causing you to lose other opportunities in other areas of your life? These are the questions you must answer every time you make a future purchase.
1
1
Updated
Share a link to this answer
Share a link to this answer

Trudi’s Answer

Do I need it?
Do I want it?
Can I afford it?
1
1
Updated
Share a link to this answer
Share a link to this answer

VINOTHRAJA’s Answer

Everyone experienced this in our life and over a period this will improve with perfect planning and experience.

1. Yes, First you need to ask yourself , if I really need these items? if Yes go second
2. Are you able to afford this purchase ? Eg if you already running with loans again going for new loan will put extra financial stress. If Yes go third.
3. What is the benefit ? To determine how necessary this is for you! If Yes!!!

Finally, Just postpone the purchase a day/ a week this will give you more room to rethink.
1
0
Updated
Share a link to this answer
Share a link to this answer

David’s Answer

Do I really need it or want it?

Can I afford it?

Is it long term or short term?
0
0
Updated
Share a link to this answer
Share a link to this answer

Amanda’s Answer

Hello Israel,

It's critical to just really ask yourself "do I really need this item?" There's more that goes into this question other than "needing" it. Can you afford it? Is it something you'll use daily/weekly/monthly/etc? Ask yourself what the full benefit of having the item is. Is what you're looking to get out of the product something that can be achieved with something you already have at home or could get at a lower price?

For example: If you're purchasing a bicycle, ask yourself "how often will I use this"? If it's daily, because you need to commute to and from work with it, purchasing a more expensive bicycle is worth it because you will be using it on a daily basis. If it's weekly or bi-weekly, to use the bicycle leisurely, you could perhaps find an alternate option with a thrift shop or on Marketplace/Craigslist.

Weighing the pros/cons and analyzing the benefits the item has to your life is crucial when making purchases.
0
0
Updated
Share a link to this answer
Share a link to this answer

Traci’s Answer

Hi Israel! I love this question!

I tend to be an over spender - especially when I hyper-focus on something new.

I've found if I first ask myself, can I afford this, if the answer is yes I continue my self-questioning but if the answer is no, I save the item on my computer for a possible future purchase.

If I answer yes, I can afford it, then I ask myself, do I really need this right now? Like buying a heavy sweater in the summer just doesn't make sense. For me the answer is usually yes :) but sometimes I answer no and I just move on and keep the item bookmarked for a possible future purchase.

If the answer is yes, I can afford it, as much as I want to impulse buy right at that moment I make myself wait a day or two. When that time has passed (and I haven't forgotten about the potential purchase already!) then I go back to it and buy it.

These steps have helped me save a lot of money - especially that last step. It is AMAZING how often the next day you ask yourself, why did I even want to buy that!?

Good luck to you!
0
0
Updated
Share a link to this answer
Share a link to this answer

Stephanie’s Answer

I have a pattern that I do every time that I want to buy something.
1-How much do I need that?
2-Can I afford it?
3-Can I wait to buy it later?

if you're not sure about it, just wait a little bit and think more if you really need it
0
0
Updated
Share a link to this answer
Share a link to this answer

hector’s Answer

You need to create a budget for your expenses, first track all your expenses to be aware of all your unnecessary items and make a plan to expend better your money.
0
0
Updated
Share a link to this answer
Share a link to this answer

Daniel’s Answer

Great Question Israel!

The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.

After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.

The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.

Hope some of the above provides insight. Good luck on the journey.
0
0
Updated
Share a link to this answer
Share a link to this answer

Carrie’s Answer

First, I think the important thing to remember is that you will need to buy things as you move through life. So, don't feel guilty about the act itself. Second, shifting your mindset from "I can't buy things" to "what things should I prioritise purchasing for a better life" will create a healthier mindset around money than simply trying to tell yourself you don't need something.

Mindset work never ends, so as you develop it, I find the checklist from Kai Brach's Dense Discovery newsletter very useful. Source: https://www.densediscovery.com/issues/85

Carrie recommends the following next steps:

Can I work around the problem with a repair, modification, or change in use?
If I buy this, what else am I not buying?
Can I afford this?
Will this item help me do things I can’t do now?
Will buying this item significantly increase my enjoyment of X?
0
0
Updated
Share a link to this answer
Share a link to this answer

Dave’s Answer

I can relate to your situation. When I was younger, I would do the same...buy things just because I can, but never end up using it. As I got older, I would see all the things I've bought lying around collecting dust and I just end up giving them away. These days, before I buy something, I make sure that I don't already have it or have something similar to it. Then, if I'm in the store, I may just walk around holding the item and then put it back later on. That helps me consider if I can afford it or if I even need it. Most of the time the answer is no.
0
0
Updated
Share a link to this answer
Share a link to this answer

Yoseph’s Answer

Carry little or no cash and do not carry any cards. This way, you will not be able to make impulse purchases.
Plan shopping days and prepare a shopping list with the exact things that you plan to buy. Bring just enough money to buy the stuff on your list.
Think of stores as museums. Look, admire, say things like "ooh", "ahh", "that's really cool", and then you're done. It's okay to admire stuff without buying it.
0
0
Updated
Share a link to this answer
Share a link to this answer

Praisy’s Answer

Hey there! When you're about to buy something, it's a great idea to have a little chat with yourself and ask these five questions to make sure it's a smart purchase:

1. Do I really need this item, or is it just something I want? It's important to differentiate between necessities and luxuries, especially when you're working on saving money or setting priorities.

2. What are the environmental and ethical implications of purchasing this item? Let's try to be conscious consumers and consider the impact our choices have on the world around us.

3. Is this item worth the price tag, or can I find a better deal elsewhere? Sometimes, a little bit of research can save you a lot of money!

4. Will this item add value to my life, or serve a practical purpose? We all love nice things, but it's also important to make sure our purchases don't become unnecessary clutter.

By asking ourselves these questions, we can make sure the things we buy bring us joy and serve a useful purpose. Happy shopping!
0
0
Updated
Share a link to this answer
Share a link to this answer

Aaron’s Answer

You need to put purpose behind your purchases. What brings balance to life? Maybe split your purchases into 4 categories (physical wellbeing, spiritual/emotional wellbeing, intellectual wellbeing, Financial wellbeing). Just an example.

For example, I bought a music subscription license for my video editing company. It was expensive BUT....Physically, I'll save time not have to find random royalty and license free music; Emotionally, I'll be less stressed about finding lots of music without copyright infringements; Financially, It will help me always have better quality products and I'll turn over videos faster and make more money. Boom...

An example where I decided not to buy....I can afford a new car after saving for 3 years. My current car has great gas mileage, uses regular gas (gas is expensive!) and I've paid less to maintain this car over 8 years than I have on my second car in the last 2 years. It's super reliable. Buying a new car could put me at financial risk because I can't guarantee it will be as reliable of a car (some cars just don't come out of the assembly line the same in my opinion), I'll be emotionally drained because cars cost a lot with inflation and to see 40k drop out of my savings account is a good chunk of cash. I'll be physically better off though since my current car is a little beat up and noisy....so I decided...the cons outweigh the pros. I have since gone back and forth on what to use my savings for and so far...I haven't. It's just building up for the better.
0
0
Updated
Share a link to this answer
Share a link to this answer

Kelli’s Answer

I often ask myself, am I buying this to make myself feel better or to impress people. If the answer is yes to either of those questions, don't buy it.
0