We could all use a little check point before we take the plunge on purchasing anything. Small things add up and big things can wreak havoc on your credit card or your savings plans if you're not careful. I've been there! Here are some questions I've learned along the way to ask myself.
#1 Can I afford this?
This should be check point numero uno. If you don't have the cash, save for it. It's a slippery slope with credit cards, so avoid using one unless you are super disciplined with paying off your bill each month and sticking to a monthly budget even on your credit card. Don't get me wrong, using credit cards can be advantageous to a disciplined saver/spender (ie travel rewards and cash back bonuses).
#2 How often will I use this?
I use this as a check point ESPECIALLY with clothing. If you know me or have read my "A Brief History of Me" post, you might be able to relate. When buying clothing, it is so important for me to buy timeless pieces that I LOVE and will want to wear over and over again. And because I will want to wear them over and over again, they need to be easy to wash and good quality. Natural fabrics like cotton and linen tend to be my go-to's.
So if all of these qualifiers are met, the check point here is, how much will in cost per use (CPU)? For example, if the piece is $200 but it is so trendy that it will only last one year and in a season I can only wear it 10 times, that's $20/wear. Maybe not such a good purchase. But if it's $400, say for a wool winter coat that is timeless and I can wear most days in the winter, I could expect to get 3 years out of it, with approximately 80 days a year. So the CPU calculation would be $400 / 240 days = $1.67. Now we're talking.
This same formula can be applied to anything. Like for example, how many of you actually use those Instant Pots? I personally did not use mine like I thought I would as I found it didn't shorten my cook time waiting for the pressure to build up and then release. In Canada, it cost about $170 and we maybe used it 15 times. This is your quick test to do the math....not a good CPU!
#3 Do I already have something similar?
How many times have you gone through your closet or drawer to realize, "oh, that's where that insert whatever it is you thought was gone went". The beauty of living minimally is that you can alway see your stuff and access it easily. It's not piled up in storage somewhere or in a cluttered closet or drawer.
So once you've evaluated everything in your home, you should be able to do a quick gut check...if you don't have something similar or that could substitute, then you may be able to justify your purchase.
#4 Could I find this second hand easily?
Full disclosure, I used to never even consider buying anything second hand. However, now, especially after seeing how quickly babies go through things, I am all for it. Especially the big ticket, brand name but high quality items that don't wear down easily. For example, I heard good things about the Baby Bjorn travel crib but there was no way I was going to pay $400 CAD for one. I noticed they regularly pop up on Facebook Marketplace for $150. I was able to get one easily and it IS the best one...but I saved $250! Also, when I'm done with it, I will be able to resell for the same price. There are many items like that out there (ie, Instant Pots, bikes, some furniture) that only depreciate so much and then they hold their value.
#5 Is there emotion attached to this purchase? If so, why?
There are many reasons behind why we purchase and most often is emotion. The high of finding the deal of the century, the excitement of owning the luxury item you thought you could never own, wanting to change your lifestyle and purchasing something expensive to catapult your good intentions...the list goes on but your money will run out if all your purchases are emotional. Listen to your emotions, acknowledge why you feel that way and decide if it is still a good purchase if your emotions were removed. This one is tricky and takes a lot of practice, control and planning.
#6 Could I borrow this from someone?
How many times have you needed that one tool for a job or that fancy dress for attending a wedding? It seems so wasteful to go and buy something that can be potentially very costly just for one occasion. Ask a friend if they have what you need. And if that fails there is likely a service near you that will rent it to you at a fraction of the cost.
If you have other questions or check points you ask yourself before letting your credit card tap away or money slip out of your hands, please share in the comments. If you like what you read here on fancyfreeyourself.com, please Like, Share or Comment on the post.
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