Think Before You Spend: 12 Essential Questions to Ask Yourself Before Buying Anything New

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If you’re trying to adopt minimalism and simple living, or working towards attaining financial freedom and accomplishing your long-term goals, you should be intentional with your money and always ask a few helpful questions to yourself before buying any new stuff and adding that to your material possession.

So often we buy things thinking we “need” that, only to find out later that it’s not really something that we use often, or that we truly need. We waste a lot of money on mindless purchases, and thus, also collect clutter in our homes.

While shopping, you should deliberately make sure that your motivation behind every purchase is to add value to your life and not just because you need to feel better or you have the extra money to burn. Therefore, before you choose to buy something that you need, or want, take a step back and determine whether you really should make that purchase, and that it fits in with your important financial goals or priorities.

Here are 12 essential questions to ask yourself before buying something new so you can be mindful and intentional about your spending. Answer honestly:

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1. Do I need it or just want this?

To me, this is one of the most important questions you should ask yourself before buying new things. If you’re thinking about buying a fancy new item, honestly ask yourself – “Why do I want to purchase this item?”

Is it something you truly need or you just want it? What do you think it will give you that you don’t have now? Will it make you feel happier, prettier, healthier, more accomplished, or make you feel like you fit in? Are you buying it just because you think your friends, neighbors, colleagues, or even strangers will be impressed by you because you own it?

Is purchasing a new expensive purse going to give you the status you have been longing for? Or are you buying a quality purse so you can use it for a long time? Make sure that you know the difference between needs and wants, and that your purchases are more mindful and intentional.

According to Psychology Today, people who identify with their future self will make better financial decisions. Try to weigh the pros and cons of why you want to buy an item and see how it can honestly benefit yourself in the future.

2. Do I already have something similar to this at home?

Before you purchase an item, try to remember if you have something similar at home that can do the work for you just fine. Not only will you save money, but not buying it will prevent clutter from piling up in your home. If something needs to be replaced, you can buy a similar item. But if you feel like you just want to go shopping to see what’s new in the market, it might be due to an addictive behavior.

According to WedMD, professor of applied health science Ruth Engs, EdD, said, “Individuals will get some kind of high from an addictive behavior like shopping. Meaning that endorphins and dopamine, naturally occurring opiate receptor sites in the brain, get switched on, and the person feels good, and if it feels good they are more likely to do it — it’s reinforced.”

3. Can I borrow this item or buy it used?

Before running out and buying something brand new, consider your options. If it’s something you need, maybe you can borrow it from a close friend or a neighbor, and save yourself the expense. Consider using your public library for books, audiobooks, and even movies. Borrow that power tool you only need to use once in a while from a friend or next door neighbor.

Also, many of the items that a person might consider buying to support his lifestyle can be found used at a great price if you shop around. Things like automobiles, books, video games, sports equipment, clothing, children’s toys, and even quality furniture can easily be found used if you look at consignment shops, used game stores, secondhand sporting goods stores, Craigslist, Facebook Marketplace and so forth.

Buying a used item significantly cuts back on the sticker price for you and saves you money. It often turns out that buying good quality used items are a better choice (money wise) than buying them new, especially considering how many used items are practically new and in a great shape when you take a little time to look around and find them.

4. How often do I plan to use this item?

Before making a purchase, one of the most important questions to ask yourself before buying anything is about the quality of the product. Always choose quality over quantity (especially if you’re planning to use something for a long time on everyday basis), and before parting with your hard earned money consider whether you should save your money now, do some research, and buy something a little more long lasting.

Consider how often you will use that item. Are you going to buy an expensive, trendy dress to wear to a wedding and never wear it again? Maybe it would be better to rent or borrow a dress instead and save yourself the money. You might realistically use an instant pot every day, so it makes more sense to buy a good quality one as opposed to buying a blender that you might only use a few times a year and then set aside.

From a treadmill to high-end kitchen appliances to a new luxurious bedding set, think about how often it will be used. Don’t buy items that you probably won’t actually use that often. That will be a total waste of your hard-earned money.

The next time something catches your eye, try to contemplate how often you will really be using that item in your everyday life.

5. Can I really afford this?

Sadly, 76% of Americans are living paycheck to paycheck. The average US household credit card debt stands at $15,191. If you’re one of those people and financially broke, then you shouldn’t be shopping unless something is truly a necessity. When you don’t have enough room in your budget to support such a purchase, or if you don’t have enough money to pay for your utilities or buy everything on your healthy grocery list, then you shouldn’t buy that.

You need to make sure that the purchase isn’t going to put you in debt, especially high interest credit card debt. If you know you will be more into debt in order to buy the item, it might be time to let it go and work on saving up for it. If you still go ahead with that purchase, you’re going to be putting a significant amount of strain on other areas of your life, strain that you won’t want to deal with in the coming days. If you really want the item, you’ll be happy to wait and save up for it.

Have credit card debt? Can’t pay off your credit card in full each month? Struggling to meet even the minimum monthly payment on your credit card balances? Difficulty buying the groceries or paying the regular bills? Missing out on retirement or emergency savings? Don’t have even $1,000 saved in an emergency fund to cover any sudden, unexpected expenses? Dealing with other financial stress?

None of these are good for your mental, physical, and financial well-being, and none of them are worth this purchase.

6. Am I buying this only because it’s on sale or clearance?

Yes, this is also one of the helpful questions you should be asking before buying something. Even though you think you’re getting a really good deal for a particular item, it doesn’t mean you should buy it just because it’s on sale. Believe me, sales are a good way to end up with inexpensive clutter in your home. If you don’t need the item, you aren’t saving any money when you buy it – even on good sale! You’re simply spending (wasting) money on something unnecessary. A bargain isn’t really a bargain if the item is never going to be used.

According to TIME, shoppers actually spend more money when multiple items are discounted. It’s a tactic that’s used by the store to persuade the shopper to buy more. Think about that the next time you see an item on sale.

7. Is this an impulse purchase?

If something isn’t on your list, or budgeted for, you shouldn’t buy it. So before you head to the cashier to pay for the stuff, ask yourself, “Is this an impulse purchase that can wait?” More often than not impulse purchases lead to regret and buyer’s remorse. So, instead of just impulsively buying something and dealing with buyer’s remorse later on, it might be a good idea to do a little bit of research and price comparison, especially before you purchase a big ticket item.

According to About Home, if you’re thinking of buying something, research the quality, price, and features, and figure out where exactly you want to spend your money. See if you’re getting the best deal for your bucks.

Also, don’t be afraid to take some time to think about your potential purchase, too. Allowing additional time to consider your purchase can be very helpful. During that waiting time, think about what it would replace and does that item really need to be replaced. It also gives you the opportunity to evaluate whether it’s something that would truly add value to your life. If you’re still pondering about it a week or two later, then it might be worth the buy.

8. Do I have room for this in my home?

This is one of the important questions you should be asking yourself before buying something if you want to keep the clutter at bay. After investing your precious time and energy to sort out your stuff and declutter your entire home, you don’t want to go back where you started.

To effectively manage clutter and keep your home organized and tidy, you have to find a room for everything you own. If you can’t think of a place for the item you’re going to purchase, it will only add to the cycle of clutter.

9. Am I buying this item for the right reason?

This is also one of the essential questions you need to ask before buying new stuff. For many people, accumulating material possessions is a mindless habit, a way to ease boredom – to achieve instant gratification, and a way to measure self-worth. But before you dip into your savings account or spend money you don’t have, ask yourself whether purchasing the item will really add any value to your life.

Here are some things to reflect on: Do you really love it? Is it an emotional spending? Do you want to buy this item simply to impress the wrong crowd? Will it truly make your life easier or better? Will using the item contribute to your overall quality of life?

By doing this exercise regularly while shopping, not only will you save your precious time and money, but you will better identify the things you really value and the items worth spending your money on.

10. Will a store brand suffice?

You don’t always need to buy expensive brand-name items if a store brand for that is available. So, before buying an item, ask yourself – “Would a store brand version work just as well?” In most cases, store brands work just as well as name brands at a much better price.

Even if you later find out that a store brand for a particular item wasn’t good enough, all you have to do is not purchase the store brand for that particular item next time. On the other hand, if the store brand works just fine most of the time (as it does in most cases), you’re going to consistently save money by going for that on a regular basis.

11. How many hours of my life am I trading to afford it?

There is this great book named Your Money or Your Life from where I learned this concept. It totally changes your perspective. The book advises you to think of your purchases in terms of hours of your life. Since money doesn’t come to us on its own, and almost all of us must work to earn money, you’re purchasing everything with hours of your life. And time is our greatest and most valuable resource – something that we can’t make more of, unlike money.

Think before you spend, and ask: “How many hours do I have to work to afford the item I want to buy?” If your job pays you $20 an hour and the item costs $300, you’re trading 15 hours of your precious lifetime just to afford the item. Since time isn’t an infinite commodity, are you really willing to trade precious hours of your life for that item? Once you become accustomed to looking at your purchases in this way, you’re less likely to waste both money and time on unnecessary stuff.

Add this to your reading list: Your Money or Your Life by Vicki Robin

12. Would I rather save the money and spend it on something else?

And perhaps this is the most important question of all the essential questions you should be asking before buying something. Before you make a new purchase, ask yourself – “Do I want this thing more than financial freedom or that dream vacation I so badly want?” As Dave Ramsey says, “Don’t give up what you want most for what you want right now.” In other words: Think before you spend, and ask yourself – would you rather spend the money on something more meaningful?

It’s well worth your time to consider the many other things you could do with the money you’re about to spend. I’m sure there are better uses out there for that money, and there is always something more in line with your life goals that you could do or accomplish with the cash.

So, what do I do?

I stand in front of the item I feel like buying for a long time 😂. Let’s say I go shopping at Hobby Lobby to get some scrapbook paper sheets for one of my kids’ school projects. At my local store, there are often some gorgeous home décor pieces that never fail to catch my eye (Here’s a lesser known fact about me – I’m a Certified Interior Decorator, too!). But before I make a purchase, I often stand there for 5-10 minutes (yes, that long), asking myself all these questions: Do I need this item? Like, really need it? Do I need it now? Okay, then where would I put it? Would that just be adding clutter to my home? What can I replace this with? What if I save this money and store it in my emergency fund, or put it away for my next vacation?

Most of the time, when I make it to asking myself that last question, I’m able to put it back down and only make the purchase I was initially at the store for. If I do end up buying the item (because I love it too much!), and it wasn’t something I really needed, then as soon as I get home I immediately start looking for things I can throw away that I don’t need/use anymore, or sometimes even end up returning that item after a few days of contemplation!

I save the receipt, and keep the item out of my sight for a week or two. Within that time period, if I don’t feel any need or desire to use that, I take that item back to the store and get my money back, and put it in my savings account.

I’m telling you, my friends – it’s a pure joy to watch your savings grow!

Here’s a wonderful book I recommend if you’re looking for more tips to help you improve your money management skills and achieve financial freedom sooner: Your Money or Your Life by Vicki Robin