There are many factors that determine whether a purchase is worth the expense in time and money. Some will push minimalism, encouraging people to purchase as little as possible and live as simply as possible. Others will try to persuade anyone within earshot that when it comes to health and well-being, no expense should be spared. Still others will push prioritizing experiences and supposedly life-changing events to maximize youth and minimize regret. With all of these different messages, we want to make it easier to determine whether a particular purchase might be prudent. While answering these questions will not guarantee that you will never regret another purchase again, they will hopefully contribute to more clearheaded spending decisions.
Starting with the most straightforward considerations that are likely already a reflex.
In a similar vein, articulating what you’re seeking before you pull out your wallet will prompt a degree of reflection that will limit impulse purchasing. Are you purchasing to save time? Make a certain task easier? Experience something unique that will stay with you for a long time? Whatever it is, getting into the habit of identifying the purpose for each expense will save time, money, and energy in the long run.
Even if you’re pretty sure you’ll be getting decent use out of a purchase, it’s also important to consider what happens to the purchase in between uses. What sort of physical space does the purchase take up, and can your living space accommodate in a way that you’re comfortable with?
Is the initial desire to purchase this good or service from a true belief that the result will be worth the price, in that it will lead to a result that you want, or from a belief that it will lead to a result that someone else says you should want?
Sometimes, a sense of urgency might make you hit the purchase button before you’ve had a chance to think harder about how much you truly need the good or service in question. You’ve survived up to this point without it; will your life improve significantly if you bought it this instant? Do you have time to look for cheaper alternatives that would fulfill the same function?
One, five, ten, twenty years later (depending how significant the purchase is), will you still think the decision was a good one? Of course, it’s not always possible to know for certain, but asking this question will ensure that you are thinking about each purchase in terms of instant versus delayed gratification. The question of whether instant versus delayed gratification is in your best interest is more context dependent than many will admit, but thinking a few steps ahead can help in the decision-making about whether some purchases are important now and whether they can wait.
No one is immune to missteps and unnecessary purchases, but hopefully these considerations will make it easier to gain an idea of whether a particular good or service is worth spending on at that moment. And of course, it’s always possible to adjust as necessary! At Hush, we know that part of healthy money habits is keeping in touch with what you’re truly paying and receiving with each purchase, and we hope that asking these questions will reduce the chances of financial regret.
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