When in Doubt, Do Without
When I was growing up I always heard my grandmother say, When in doubt, do without. She meant, of course, that if there was something I was not 100% committed to buying then I should pass it by, or at least delay the purchase for awhile to make sure it was something I really wanted to spend my hard-earned dollars on. I have not always lived this motto, but now seems like a good time to revisit it.
I love to go shopping, and I know I am not alone. Even today, when money is tight all around, the malls are still full. Most of us feel some gratification in shopping, whether it be for that new Xbox game, or a pair of jeans, or a sofa. I am not a psychiatrist, so I will not speculate what needs shopping might fill. But grandma was right That gratification I get from something I just bought usually does not last all that long, and then comes the bill.
But do we really need the latest and greatest? Before you reach for your wallet, there are a few questions you should ask yourself about that purchase you are about to make
Do I need this today? If you can put off the purchase until you have saved up enough money to buy the item outright without impacting your normal expenses, you should do that instead. Delaying your gratification a bit can also serve to help you decide if you really want the item.
Do I need this? If you are contemplating purchasing something that you truly need, then go ahead and buy it. If you dont need it however, you may want to reconsider.
Do I already own something like this? It is not uncommon to buy things that duplicate each other. If your cel phone can handle music, do you really need an iPod?
What is the items shelf life? Try to buy things that will last a while. Many times, upgrades to products come out within a short period of time after you have purchased the previous version. If you know an upgraded version is coming out in a month or two and you will want the upgrade, then it is probably a good idea to wait.
How well is it made? Repair and replacement costs can make even the best bargain a costly mistake. Sometimes it is better to do a little research and find out which models rate better before buying something. You want to look for the best quality you can afford.
How much will this cost me over the long run? If you have to use your credit card to buy the item in question and you cannot pay off your credit card bills monthly, then you should factor in the finance and interest charges associated with buying that item.
Another thing grandma always said is that if you cannot pay for something with cash, you should not buy it. So make sure you have covered all your budgeted expenses before moving on to buying non-essential items.
