This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Most of us are mindless spenders
People who take the time to mull over their purchases tend to make more prudent decisions about their money. I recommend taking 2–7 days to think through all purchases. Whenever you do this, you often forget about making the purchase in the first place. If you still desire the purchase after about a week, then, by all means, go for it – if you can afford it.
Most of the stuff we want to buy is not worth that much and will be a detriment to our bank accounts over the long haul. There are hundreds of thousands of dollars at stake when it comes to mindless spending; the less of it you do, the more dollars you will keep in the long run.
The Ten Questions
I’ve created a list of ten (plus two bonus) questions to ask yourself before making small, medium, and large purchases.
How will I fund this purchase?
How will this purchase affect my monthly budget?
Will this purchase affect my budget for more than a year?
Will this purchase add stress and strain to my monthly budget?
Will this purchase impact any of my relationships negatively?
Will this purchase add or detract from my monthly savings and investment rate?
Will my net worth experience a long-term negative or positive impact?
Does this purchase help my long-term financial goals?
Will this purchase gain or lose value over time?
What is my intention with this purchase; what do I hope to gain from it?
How much time have I invested into thinking about this purchase?
Do I need someone to help me make this purchase, and will I need someone to help me make the repayments (e.g., this could include having a roommate, spouse, friend, or family member living with you to cut your expenses)?
These twelve questions might spark some other questions you might want to consider before making a purchase – huge ones that will affect your budget in the long term. If you take nothing else from this article, remember to think through your purchases. Were you considering a purchase before seeing it or seeing someone else with it? Remember, most things we don’t need, and there are often better things to do with our money than spend it on materialistic items.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.