9 Questions To Ask Yourself Before You Buy Anything

Our society is consumerist in nature, but this isn’t necessarily a bad thing. In order for our economy to thrive, people need to be supporting businesses. When businesses don’t generate enough money or revenue, that can feed into the possibility of a recession.

Check Out: 9 Easiest Ways To Maximize Your Savings in 2024

Consider This: 5 Unnecessary Bills You Should Stop Paying in 2024

But many of us overdo it; we shop too much. This often results in a lack of savings or credit card debt, which can quickly spiral out of control and put us in financial dire straits. So, it’s important to be somewhat interrogative with ourselves ahead of a purchase.

Ask yourself these nine questions below before buying anything new. You can also check out some everyday ways you’re wasting money .

Money mistakes the super wealthy never make - that you might be doing now.

Do I Need This?

This question is budgeting 101. You need to have a firm understanding of your needs versus your wants. Needs are things like housing, utilities, groceries, healthcare and transportation — things you literally can’t go without. Wants are most everything else: subscription services, travel, designer clothing, dining out, or that Starbucks latté.

When you’re considering a buy, ask yourself, “Do I really need this; or do I just really want it?” This question is particularly pertinent if you’re on a lean budget.

Learn More: I’m a Financial Advisor — 5 Things the Middle Class Wastes Money On

Is This a Good Investment?

Some buys may not be necessary, but they may be good investments. Stocks (provided you do your homework to ensure they’re solid), bonds and collectibles are fine examples of good investments.

A supplemental question to ask when discerning whether something is a good investment: Will it appreciate over time? If the answer is yes and you have ample room in your budget to cover it, it’s likely worth the money.

Could This Save Me Money in the Long Run?

Sometimes a purchase can save you money in the long run. For example, if your car has a little life left in it, but has already exceeded 200,000 miles, it could be wise to go ahead and buy a new (or used) car to save on costly auto repairs and get ahead of the inevitable.

Buying energy-efficient devices is another example of a purchase that can save you money in the long run by driving down energy bills.

Will I Still Use It a Year Later (at Least)?

Here’s a question that most commonly applies to items such as apparel, tech gadgets and home décor. You need to ask yourself whether you’ll still use it in, at minimum, a year.

A blouse may be in style now, but will it stand the test of time in terms of usability? This is also a smart question to ask yourself when taking inventory of your belongings. If you haven’t used it in the past year, you should consider reselling it, or if it has no value, donating it.

Can I Get It Used or Refurbished?

That shiny new iPhone or brand MacBook is oh-so-very appealing. It’s got all the latest and greatest features, and you can practically smell the newness of it just by looking at pictures! But do you really need this item in brand-spanking new condition?

You may be able to purchase it for significantly less used or refurbished (the latter of which is generally just as good as “new”). This is an especially smart question to ask yourself with tech, but you should ask yourself this when purchasing pretty much anything including major appliances or even a car.

Can I Borrow It?

Are you purchasing a new outfit for a wedding? Or perhaps a tool for a DIY home renovation project? See if you can’t borrow what you need instead of buying it, provided you are OK with returning it in excellent condition to its owner.

Tap your social media network (including Buy Nothing Groups) to see if any locals can lend — or even give — you what you need and save you money.

Am I Only Buying It Because It’s on Sale?

Asking yourself whether you’re primarily buying something because it’s on sale is crucial. Retailers are constantly rolling out discounts that are “limited time only.” It may be true that a specific deal won’t last forever, but don’t confuse a fleeting bargain with a genuine need or want.

If you see something on sale, either in person or online, take a step back and think about whether it’s something you’d buy even if it wasn’t on sale. If it’s not, walk away. You’ll forget about it soon enough.

Will It Be Costly To Maintain?

Some purchases are pretty much one and done (example, an office desk). Others, like a pellet stove, require regular maintenance.

Another example of something that requires maintenance? Clothing that is dry-clean only. If you need an item that requires upkeep that will cost you, ensure you have ongoing room in your budget for it.

Will I Take On Debt To Buy It?

Maybe the most important question to ask yourself when considering buying anything: “Will I take on debt to buy it?”

If you can’t afford to pay for something in cash, and it’s a “want” and not a “need,” don’t buy it. Nothing, no matter how fantastically discounted it may be, is worth digging yourself into a hole of credit card debt to get.

This article originally appeared on GOBankingRates.com : 9 Questions To Ask Yourself Before You Buy Anything