Questioning yourself is a must in times like these. People are stuck at home everyday buying things online throwing their money away because they are bored. Here are some questions to ask yourself before making any major purchase for sure:
- Can I Really Afford It?
- Can you? If you can’t pay cash for it, don’t buy it.
- What Will I Do With It?
- Are you buying this item because you are bored or because you actually have a plan? What is your plan?
- How Often Will I Use It?
- Is it going to just get shoved into a cupboard and be forgotten about?
- Do I Really Even Want It?
- Are you just bored? Is there an emotional trigger behind this purchase?
- Can I Borrow It?
- When ever I go to buy something I really want I check in with myself and make sure I don’t know anyone I can borrow this item from. Bartering or trading is a great way to be resourceful as well.
- Is This In My Budget?
- I always check in with my budget before making ANY purchase no matter how big or small. My budget is like a guiding light.
- Will I Have To Sacrifice Elsewhere?
- You never want to purchase something with money that’s supposed to be for something else that may be important. Use funds accordingly and make smart choices.
- Will I Have To Finance This?
- Using credit should never be an option unless you are fully prepared to pay the bill in full each month.
Setting yourself up for financial success means answering the easy money questions, as well as dealing with the harder ones. Being in this industry my entire life has enabled me to see different phases people go through when making money decisions. Even those who have financial advisors have their doubts about how trustworthy their advisor really is.
It seems like it should be simple: pay off debt, save money, live happily ever after, the end. But life tends to get in the way. The refrigerator breaks or an unexpected medical issue comes up. Taking those setbacks in stride isn’t easy. Especially when you don’t have anyone to answer your money questions. Most money questions tend to be very personal and specific. These questions above are baby steps in the right direction to keeping your finances under control. Getting personalized advice can be helpful, but it’s not the only way to set yourself up for long-term financial success. Answering these basic questions will go a long way toward making sure you’re on the right track.