10 Questions to Ask Yourself Repeatedly Before Spending Much Money

Filed in Articles, Tutorials by on February 8, 2024

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Sometimes we find ourselves in a situation where we have to spend money. The trouble is that we frequently spend more than we need to, only to subsequently regret our decision. We’ve created a list of questions to ask yourself repeatedly before investing money.

10 Questions to Ask Yourself Repeatedly Before Spending Much Money

The need to spend money often comes during the holiday season and also when you are expecting your salary, you may plan on how to spend it when you receive it.

Questions to Ask Yourself Repeatedly Before Spending Money

Sometimes you feel like spending money when you are happy, even if it’s for a short while, and then maybe regret it later. So anytime you feel the need to spend money, ask yourself these 10 questions below:

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1. What Emotion am I Feeling Right Now?

Maybe you are an emotional spender; when you feel you are not in a good mood or when you just love life, going shopping sounds like the perfect option in your mind.

Just relax and ask yourself how you feel at the moment and it may surprise you how your mood influences your spending.

2. Do I Need This Item?

This is a necessary question: do you need extra bags? Maybe you do or maybe you don’t, you are the only person that can answer this question.

3. How Long did I Have to Work to Pay for this Item?

This question helps you put things in perspective. If you have an interest in an item, look at the price and think about how long you worked for the money and if it is worth spending on that item.

4. Can I Save Money by Purchasing an Item Elsewhere?

Don’t just settle for the first price. Go around and check. You might find it cheaper elsewhere and you will be able to save some money.

5. Do I Have Enough Money in my Account?

You need to ask yourself this question because if you don’t have enough money, you cannot purchase that item.

6. How Durable is this Item?

Before buying an item, you need to consider how long the item will last, especially considering the amount you are paying for it.

7. Where Else Could I Use this Money?

If you know you have bills such as rent, insurance, etc make sure it clears those bills before thinking of buying any other items.

8. Can I Borrow This Item from Someone Else Instead?

This is a question you should ask yourself, especially when the item you need is something you only use once. It would be best to ask your friends or family if they have it and can borrow it from you rather than purchasing it which will help you save money.

9. What Will My Partner Say?

If you are running a joint account with someone, you need to make them aware of your decision to purchase any item.

10. Which Food Should I Buy Instead?

A time comes when you have to at least enjoy the money you have earned, and when that time comes, you need to make wise decisions and enjoy your money responsibly.

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