We’ve all done it before: bought ourselves another snack, shirt, or gadget that we just don’t need.
In the interest of your financial security and savings goals, remember that spending your money is not always the right choice in the long term for many reasons.
Before you buy another throw pillow, “cutting-edge” headset, or pair of designer shoes, ask yourself:
Is This Just a Sales Pitch?
Don’t necessarily trust what a site or salesperson tells you. Research a product or service before you spend your money. Seek trustworthy reviews. Consult reliable sources; your mentors and financially savvy friends likely have insightful, real-world experience with this and similar purchases. Remember, a high price doesn’t necessarily indicate higher quality!
Does It Have Long-Lasting Use?
If you are considering a purchase, consider buying items that will give you the most use and value for the longest amount of time. If an object will only provide short-term use or enjoyment, save your funds instead. When you avoid splurge purchases and resist the temptation to spend your money for short-term pleasure, you’ll train your brain to not to seek instant gratification.
How Functional Is My Space?
You will feel and function better if you have enough room in your living space to work smoothly each day. Be honest about your storage constraints. Strive to keep your living and workspace organized and uncluttered. Overbuying can lead to more “stuff” taking up your space, thereby cramping your ability to be productive and time effective. You don’t need a home or office full of the latest and greatest; stay committed to efficiency. Your funds will thank you!
Where Else Could These Funds Go?
Before you make an unnecessary purchase, reflect on how your funds will benefit you in the future. For example, if you like the idea of retiring on time and on your terms, save your funds whenever you can. A strong financial foundation is key if you want to achieve your short- and long-term goals.
Are you ready to embrace your financial goals? We are here to help! More personal finance tips are available on the Syncis Money Blog today.