SERIES: 5 Questions To Ask Before Spending Money

Welcome to the latest series on the wildly popular – 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!

Read the entire series

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  1. Brigget on December 3, 2010 at 7:08 am

    One strategy I have learned is visualizing. I look at the item I am considering for purchase, and I try to visualize where it will live in my home. Picturing the clutter that already fills corners, closets, and countertops in an attempt to mentally find a place for prospective purchase
    — almost always results in that item keeping its home on the store shelve or Internet add.

  2. beverly Stadler on April 6, 2013 at 9:17 pm

    I’m working on the “clutter” problem daily which this comment strikes me at my heart. I’ve been struggling with this & I’m very well aware how this impacts mylife daily. So much so, that when I think of new purchase, it causes me to walk away from New expenses.I’ve even gone to a seminar on Hoarding. Learning that “Loses in I. Our life create the need to make us comfortable by buying things to replace the emptiness of that which was lost. What a revalation!

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