Welcome to the latest series on the wildly popular JosephSangl.com – 5 Questions To Ask Before Spending Money
It is my hope that this series will help provide you with practical questions to ask when preparing to spend a substantial amount of money. Practical questions that will help you truly understand the enormity of the decision and help you make the decision that is best for you and your family.
Question 1: “Do I need this?”
This can seem very basic, but as a “spender” I can get caught up in the “I WANT THIS!” moment and never stop to ask, “Do I need this?”
My garage is full of “I WANT THIS!” items that we never use. EVER! This includes a RC Airplane (it’s cool – but I don’t use it), bike (never ride it), tennis rackets (once every three years – not a priority), and many other items.
Pausing to ask, “Do I need this?”, can prevent a lot of poor spending decisions. I’m not saying that I never purchase things that are pure “wants” – I am saying that when I ask the key question, I make much smarter overall decisions.
BONUS: Wait overnight before answering the question! It is amazing the clarity that a good night of sleep will bring to a spending decision!