Buying something can feel exciting, especially when you find a product you’ve wanted or discover a good-looking discount. But not every purchase is worth the money.
Before spending your hard-earned cash, taking a few minutes to think can help you avoid impulse purchases, unnecessary debt, and buyer’s regret.
You don’t need to ask yourself all 20 questions every time you buy something. For expensive or non-essential purchases, however, these questions can help you make a more thoughtful decision.
1. Do I Actually Need This?
Start with the simplest question.
Ask yourself whether the item solves a real problem or is simply something you want at the moment.
There’s nothing wrong with buying things you enjoy, but knowing the difference between a need and a want can help you prioritize your money.
2. Can I Afford It?
Don’t judge affordability only by whether you have enough money in your account today.
Consider your upcoming bills, savings goals, debt payments, and other planned expenses.
A purchase is more affordable when you can pay for it without creating financial stress.
3. Did I Plan to Buy This?
If you weren’t planning to purchase the item before seeing it, pause.
Unplanned purchases are more likely to be impulse purchases.
Add the item to a list and give yourself some time to decide.
4. Why Do I Want It?
Think about the reason behind the purchase.
Are you buying it because you need it, because it’s useful, or because you’re bored, stressed, or trying to impress someone?
Understanding your motivation can prevent emotional spending.
5. Will I Still Want It Tomorrow?
Temporary excitement can make a product seem more important than it really is.
For non-essential purchases, wait at least 24 hours before buying.
For expensive items, consider waiting several days or even weeks.
If you still want it after the waiting period, reconsider it with a clearer mind.
6. How Often Will I Use It?
Think about how frequently you’ll actually use the product.
An item that costs $100 but gets used hundreds of times may provide more value than a $30 product that sits unused.
Consider usefulness, not just price.
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7. Do I Already Own Something Similar?
Check what you already have before buying another version.
You may already own:
- Similar clothing
- Kitchen equipment
- Electronics
- Books
- Accessories
- Software
If the new item doesn’t provide a meaningful improvement, keeping your existing product may be the better choice.
8. Is This the Best Price?
Don’t assume the first price you see is the best one.
For larger purchases, compare prices from several legitimate sellers.
Check the total cost, including shipping, taxes, accessories, and other fees.
9. Is the Discount Actually Saving Me Money?
A discount can make unnecessary spending feel like saving.
Ask yourself:
“Would I buy this if it weren’t on sale?”
If you wouldn’t, the discount may simply be encouraging you to spend money you weren’t planning to spend.
10. Can I Buy It Used?
Some products don’t need to be purchased new.
Depending on the item, you might find a suitable secondhand option for less money.
Used furniture, books, clothing, tools, and certain electronics can sometimes offer good value.
Always check condition, authenticity, warranty, and return options where relevant.
11. Is There a Cheaper Alternative?
Before buying, look for alternatives that provide the same basic function.
You might be able to:
- Borrow it
- Rent it
- Buy a cheaper model
- Repair something you already own
- Use a free alternative
The goal isn’t always to choose the cheapest option, but to find the best value for your needs.
12. What Is the Cost Per Use?
For frequently used products, think about the cost each time you use them.
For example, a $120 pair of shoes worn 120 times costs roughly $1 per use.
This can help you compare products based on their actual value rather than their sticker price.
13. Will It Create Additional Expenses?
Some purchases come with ongoing costs.
A product might require:
- Accessories
- Maintenance
- Subscriptions
- Repairs
- Batteries
- Insurance
- Special supplies
Consider the total cost of owning the item, not just the initial purchase price.
14. Does It Fit My Budget?
Check the category where the purchase belongs.
If you’ve already spent your monthly clothing budget, for example, buying another item may mean taking money away from another financial goal.
A good purchase can still be a bad decision if it doesn’t fit your current budget.
15. Will I Have to Use Credit?
If you need high-cost borrowing to purchase a non-essential item, consider waiting.
Credit can make purchases feel smaller because the payment is delayed or divided into installments.
Look at the total repayment amount, interest, and fees before using financing.
16. Does It Support My Financial Goals?
Think about what you’re currently trying to accomplish.
Maybe you’re saving for:
- An emergency fund
- A car
- Education
- A home
- Travel
- Debt repayment
- Starting a business
Ask whether the purchase helps, has little effect, or moves you further away from your goal.
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17. Is This an Emotional Purchase?
Your emotions can strongly influence spending.
If you’re angry, stressed, bored, lonely, or celebrating, consider waiting before making a non-essential purchase.
Take some time to calm down and revisit the decision later.