When you’ve worked hard, it’s nice to spend a little money on a treat for yourself. However, it can be difficult to find the balance between responsible spending and indulgence. Here are a few questions you can ask yourself when you are out shopping and see something you want.
Has anything happened today that is making me feel emotional?
Many people have regrets about their spending when they shop while feeling emotional. ABC News verified that emotional shopping is a real problem for consumers. An article on their news site detailed a study on emotional spending that showed that when people watched a sad video they spent more money on products than people who had not watched a sad video. Before you spend your hard earned money, be sure your emotions aren’t clouding your judgment.
Is this an item I was interested in buying before today?
If the item you want is something you’ve been searching for, chances are you have put some serious thought into your purchase. If today is the first time you realized you wanted to purchase this item, then buying it could be impulsive. According to USA Today, when you think about buying something, your dopamine increases, which makes you feel excited. You might be responding more to the excitement of the prospect of making a purchase than you are the excitement of having this particular item.
Is there any reason this item needs to be purchased now?
Before you get out your wallet, consider the timing of your purchase. Is there a special sale happening right now? If you waited, could the item you want to purchase get cheaper? Sometimes, waiting to make a purchase gives you more time to research your options, or engage in some price comparisons.
Is this item a want or a need?
According to a bankruptcy lawyer in Edmonton, Faber Inc., people have to spend more of their money providing for their basic needs, and less money is available for “wants.” If this item is not a need, it doesn’t mean you can’t purchase it. Items we want instead of need can still be purchased if they fit into our financial plan or budget.
Spending responsibly is an important way to keep your finances on track. Hopefully, asking yourself these questions helps you spend wisely.