Do You Need to Buy Something Now?Feb 01, 2023
There are a lot of things to consider before buying something. For example, do you need it? Will you use it often? Is the price fair? These are all critical questions to ask yourself before making a purchase. Unfortunately, sometimes, we get so caught up in the moment that we don't take the time to think about them. Instead, we want to buy now. This blog post will explore why you might not need to buy something now. Keep these in mind next time you become tempted to make an impulse buy.
Think first before spending your money.
Are you the type of person into impulse buying, meaning you don't think about the purchase you are about to make and buy it? Or perhaps you want to budget and save money but are having difficulties because of the many temptations pushing you to buy something right now. Unfortunately, the drive to consume and buy is strong in our society, and you can see how companies do various tactics to entice people to buy their products. For example, the presence of social media and the Internet can urge you to buy something after seeing others show what they have purchased or passed by through various online stores highlighting their latest offerings. It can be challenging to control yourself from buying something now. If you want to be wiser with your money, you can think and ask yourself before buying that next big purchase and see if it is worth buying.
1. Do I have the money to buy it?
The first thing you should ask yourself before buying something is whether you have the money to buy it. By money, we refer to cash you possess now, from your savings, in your bank account, or debit card, not your credit card. We emphasize not using credit because you may think your credit card is money you own, but credit card issuers like banks only allow you to borrow money from them; it's not yours. So if you want to buy something but are going to borrow money from somebody or use a credit card, it's better to think twice first before purchasing because you may only damage your finances and put yourself in a bad spot later.
2. Is it within your budget?
If you know how to budget your money, it becomes easier to determine if you should buy something now or not. First, look at what you have planned and see if the thing you want to buy still has a spot within your budget. Then, after allocating your money to cover all your needs, savings, and other purchases, ask yourself if you still have enough left to buy what you want. If there is enough money left, you can buy what you want while considering other factors why you may have to buy something. On the other hand, if there are insufficient funds left or none, you shouldn't buy something that is getting your attention.
3. Is it a need or want?
Identifying whether something is a need or want can help you make the right choice when trying to purchase items. For example, a need makes living difficult if you don't possess it, such as food, clothing, money for paying bills and rent, and work-related items. On the other hand, a want includes all things you can live without, primarily those involved in leisure, although they are still essential to a certain degree because we need to make ourselves happy. There can be cheaper alternatives for those that fall under the want category. Needs have a higher priority than wants, so if the item you want to buy now is a need, you will hardly question why you need to buy it, whereas if it is a want, you may hold yourself from buying or not buying at all.
4. Are you enticed by a sale or other promotional offer?
A good number of times, you are attracted to buy something because it is on sale or advertised with a reasonable offer, such as a buy one, take one promo. Often, these sales and promos last only for a short period, so people will think they have to buy before the discounts are gone. Other companies will use tactics like mentioning that the products they sell are only available in limited quantities, so many consumers will consider buying them before they disappear. These promotions make it look like you need to buy something now, even if it is something you don't necessarily need. So the next time you decide to buy something, pause and think about why you want to buy it. If the reason is a sale or other kind of promo, you may want to hold back before proceeding to purchase, as you may find better uses of your money for more necessary things.
5. Are you afraid of missing out?
Another reason why you may want to hold back from buying something is if you are only doing it to catch up with your friends and neighbors. Maybe there is this trending gadget that everybody has in their possession, and you are the only one without it. You may have also seen people on social media show this excellent item they have and look happy while using it. You may suddenly feel lacking, so you may buy something out of the necessity of fitting in or impressing others. While you may experience good feelings during the initial purchase period, you may only toss them away and neglect them since you may not have much use for the item, especially if something new trends among your friends and peers again. So if the thing you are about to buy is only for the sake of impressing others or catching up, think first before spending your money.
6. Are you going to use the item regularly?
Before you spend money to buy something, ask yourself if you will regularly use the item you are about to buy, especially for gadgets or appliances that look cool and fancy. You may not know how to use them properly or are not very knowledgeable about them. Maybe they caught your attention from an advertisement telling you you need them. But, if you buy them, your purchase may become a waste of money if you only use the item for a short while and start placing them in the storage room or warehouse to pick up dust. Therefore, it is essential to consider if the thing you are about to buy is something that you may regularly use for work or related to your hobbies or passions. You will use them more often if this is the case; otherwise, the items you buy may be of passing interest that last only for a short time, and then, you discard the item you purchased because you are no longer using it.
7. Can you hold off buying for now and hold the same interest later?
A good test to see if something is worth buying is to hold off on buying it now and then check with yourself if you are still interested in buying it after a while, like six weeks or two months later. If you still hold the same interest and excitement that you had in the past, and the item is still available, and you have the money to buy it, then perhaps it's worth buying for you. Otherwise, if you lack interest in the item you were excited about buying before, you did yourself a favor. You save money by not buying something that you may only place away after a while for not using it or not enjoying it anymore.
8. Do you already have a similar item, and is the item you are about to buy of good quality?
Aside from checking if the item you are about to buy is a need or want, try to find if you already have a similar thing in your possession that has the same function and is still in good shape. If there is, perhaps you can hold off and only buy once it breaks down. Also, it is good to make comparisons of the item you are about to buy with similar things that perform the same function. It is best to get a good deal by purchasing the highest quality product for the lowest price you can afford. For example, the item you want to buy now might be lower quality than a more expensive but higher-quality product, such as those from a well-known brand. You may not be able to buy the more expensive item now, but if you save and earn more money, you can buy it later and possess a superior and higher quality product. Sales can come in handy, as items are usually expensive during their initial release but go down in price later, such as during the holiday season or whenever companies feel like making a sale. If you can wait, you may get a better bargain.
Be wise and make good use of your money.
Unless you are wealthy and have lots of money, asking yourself whether you need to buy something may not be a concern. For most of us, though, we may want to make it a habit to question ourselves before we indulge in spending money to buy something now, as earning money may not be easy for us. In addition, it can take lots of hours of work before we make the amount required to purchase something, so we need to carefully think if what we want to buy is worth our effort. Asking questions before buying something is also essential if one of our goals is to save money and become more financially stable. It is okay to spend money occasionally, but we should do it healthily by ensuring we don't drain all of our money and can still cover our necessary expenses.