The Money Wellness Studio

Things to keep in mind before you buy the thing you think you NEED

  1. Can it wait a day or two? Most likely, you don’t actually need it. There’s a lot of research that shows that the act of simply adding the item in the cart is more than enough. So maybe you can do that instead of completing the transaction? Let it chill in the cart for a day or two and if you still feel the hankering to buy it, then go ahead! If not… then let it be. Forget about it and move on with your life. You basically ended up saving money, phew!
  2. How are you going to pay for it? Are you using a credit card? Are you using the credit card to build good a good credit score and add some points or are you buying something with the money you don’t have? Hmm? If it’s the latter, please please rethink your decision. You shouldn’t be buying random things with the money you don’t have. There are several different ways to use the credit card, but the least favourable way to use it is to actually buy things on credit. You do not want credit card debt.
  3. Do you already have something similar? If this is a pair of shoes you’re buying that looks very similar to the other pair of shoes you bought a month back (and have used like once), then you probably don’t need really need this?
  4. How much do you see yourself using this? Yeah, so this is another painful way of figuring out cost per use right? Maybe you shouldn’t be paying this amount for a dress if it’s made of bad fabric. The cost/use here is super high. Might as well buy something that will last long, easy to maintain and can withstand a little bit of wear and tear. Go for quality over quantity, and turn your expenses into investments. Boom.
  5. Where will you keep it? If this is some sad trinket type thing you’re buying to beautify your house, then RETHINK – you need to figure out exactly where it’s going to go before you buy it. Otherwise it’s just going to gather dust and take up space. Of course this example is suspiciously specific because I have done this multiple times.
  6. and the most important – Why you shopping bro? Why did you open the app? What are you actually looking for? If its something you need then go through points #1 to #5 to really assess that. BUT. If you don’t even know why you’re here and you’re just scrolling through amazon like its instagram, there is a bigger problem here. Ask yourself – What am I trying to do? If you’re just bored then maybe it’s time to take a step back and realise that you have built some dangerous habits that will just cause you regret. Work on distracting yourself from shopping (yes, I know shopping itself is working as a distraction). But we need a distraction from this distraction. Do something else!

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