If you’ve ever felt that instant twinge of regret after buying something, then this one’s for you. We’re giving you a checklist for the six things you need to ask yourself before you go for the big purchase.
Do I Need This?
The first question is also the most obvious: ask yourself if the thing you’re buying fixes or enhances something in your life. We often buy things because someone else has them, or even when we’re just kinda bored.
FOMO is a disease that will poison the healthiest bank account, so avoid it like the plague it is by being honest with yourself. And don’t just be clear about if you need it — know the why, too. Because if your “why” is “because I want it,” that doesn’t count.
Have I Considered Other Options?
Maybe you do want or need The Thing. But did you stop to consider alternatives?
We’re not just referring to more affordable options. We also mean considering what it would be like to go without or get creative with what you already have. Don’t get tunnel vision, especially with large purchases; take your time to compare prices and features.
Is This The Right Time?
Making a big purchase can be incredibly wise one minute and a terrible idea the next. If you have big expenses coming up or if your job situation is shaky at the moment, this is the time to wait a few extra weeks or months until things level out. This means you can buy The Thing stress-free (and maybe even with a hefty discount).
Have I Considered Hidden Costs?
Some large purchases, like a new appliance or car, come with hidden costs. You’ll want to factor these into whether you can afford The Thing or not, because the sticker price isn’t the whole story. Expenses like maintenance, insurance, batteries, or power usage add up and become a money suck you’ll feel like you didn’t sign up for, even if you totally did.
Can I Change My Mind?
Even if you’ve done The Work and decided to buy The Thing, it could still end up not meeting your expectations (or it shows up broken). Check the item’s return policy and warranty to see how much flexibility you have to return The Thing.
This won’t be a necessity for everything, but it’s massively important to give yourself peace of mind when making large purchases, especially if you feel uneasy about making them in general.
Have I Given Myself Enough Time?
You can’t just “speed run” asking yourself the other five questions and assume you have the full picture. You need time for reflection, even if you feel like you have all the answers.
Even waiting a day or two can still feel like an impulse buy if you haven’t given yourself enough space to fully think out your decision. And the more expensive The Thing, the more important it is to stretch this time as much as you think you need.
