Six basic questions to ask yourself before buying something

More often than not, we find ourselves buying items we do not need.

We may have thought the item was of need but after buying and using for a month or less, we push them aside.

This is sometimes intentional or not intentional.

It is, however, important to be informed when making financial decisions.

The following tips are here to help you get started. These six questions will put you in a position to truly decide the importance and need for the item you want to purchase.

You should be honest with your answers though.

• Do I need it?

Don’t just buy an item because you think it’s beautiful. Before making any purchase, be sure the product is of a need. If not, you may want to drop that item on the shelve you found it and walk away quietly.

• Can I afford it?

After establishing that you need the product, the next thing to ask yourself is whether you can afford it. The fact that you need it doesn’t mean you must get it at all cost if you cannot afford it. Do not rush to pull out all your investment to buy something you cannot afford.

• Is it of good value?

When buying, you need to know how durable the product is. Ask yourself if the item is of good quality. Sometimes, we are in a rush to purchase items for a particular occasion without thinking of its value. We use these items once or twice and the next time you want to use it, you realise the product can no longer be used. To avoid wasting money, be sure the item is of good value and can serve you for a longer period.

• Do I have anything that can serve the same purpose?

Imagine having a phone – probably a dual SIM phone and still want to purchase another one without plans of selling the old one. What different purpose will the new phone serve? Avoid buying multiple items that can perform the same function. This will help you make wise financial decisions.

• Do I have the cash to pay for it?

The next question to ask yourself is “do I have the cash to pay for the product”? If your answer is no, you may want to re-think your purchasing decision. This is because buying items on credit is expensive as compared to buying it with cash.

• Can I postpone my buying decision?

This last question will be the determinant to your buying decision. If your answer to this question is a YES, then it means that item is not a necessity or not even urgent. The item may be important but not urgent. You can postpone the purchase for a couple of months and after these months, you may realize there isn’t a need for the item.