These days the lines between a "need" and a "want" are blurred. Credit cards and one-click checkout options online have made making a purchase so easy – even faster than you can say "impulse buy." I'm guilty as charged. Are you?
Really, everywhere we go there are ads or product placements that will push our "I want it!" button more than once. Sometimes these instant-gratification purchases leave us with some regret – either wishing we hadn't made the purchase at all, or had at least waited a little longer before taking the plunge. To avoid that uneasy feeling in the future, here are eight questions you should ask yourself before committing to making a purchase:
- What am I achieving by making this purchase?
- Do I need to have a brand-new model?
- What's the return policy on the item I want to buy?
- Can this purchase wait a month (or three)?
- Do I have the space for it?
- Is it better to borrow or rent the item (or repair an existing broken or damaged one)?
- How will my budget be affected if I make this purchase?
Lastly, ask yourself "How can my social network help me?" The saying "your network is your net worth" rings true. When planning a big purchase, ask your network for reviews, different product suggestions and any discounts that they might know of that you don't. You'd be surprised of how many times I've been able to just borrow a power tool or save money thanks to a friend.
By stopping that impulse purchase in its tracks you have taken the first step to being mindful of your money! Keep asking yourself those eight questions and answering them honestly and your bank account and wallet with thank you.
Yoly Mason, a blogger living in Orlando, Florida, wants to live in a world where Latinas can enjoy an abundant life with a small budget and where being in debt is as out of style as the rotary phone.
