50 bucks…not much right? Wrong! Truth is any amount you spend is a big deal. If you are on a journey to financial freedom then you need to start accounting for every cent you spend.
Sometimes we buy stuff thinking that because it is “cheap” it is not hurting our finances but if you sit down and make a list of all the things you have bought you will realize that your “cheap” purchases are actually expensive.
So before you buy anything worth 50 bucks or more, ask yourself the following questions;
1. Why do I want to buy it?
Be honest with yourself, why you really want to buy it? Are you buying it because it is what everybody else is buying or you genuinely want it?
2. Have I budgeted for it?
Is it necessary for you to buy it now? Can’t you postpone buying it until you have budgeted for it?
3. Are you going to use it?
Never buy things that you “plan” to use, for example, never buy workout clothes if you haven’t started working out. Just get the basics, don’t buy a lot of stuff if you aren’t fully committed to working out.
4. How many times will I use it?
Are you going to utilize it frequently or you’re just going to use it once or twice? If you aren’t going to be able to use it a lot then rethink it.
5. Do I have something similar?
If you have something similar to what you want to buy and it is in perfectly good condition, don’t buy it if the money could be used better elsewhere.