Take a look at your wardrobe or collection of gadgets- how many of those items do you actually use and how many of them do you regret buying? (Don’t lie to us, be honest).
We’ve probably all had some case of buyer’s remorse when we sabotaged our finances for an extravagant or unnecessary purchase that led to regret. To ensure that history doesn’t repeat itself, we’ve lined up eight questions to ask yourself before making that next purchase or financial decision.
Think of them as a shopping guide to keep you in check.
‘Is this in my budget?’
Before you make any major financial decision or purchase, it’s important to step back and ask yourself if it is accounted for in your budget. If it isn’t, you can let it go and move on. Asking yourself this question will certainly save you a lot of wahala (and of course, money)
‘Can I afford this?’
Will you have to cook noodles or live on garri after making a certain purchase? Will your finances ‘enter one-chance’ if you pull out your debit card to buy that new PS5? Can you afford it? Be as honest and objective as possible.
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‘Why am I buying this?’
Sometimes, we buy items on a whim, or out of a need to impress others or be trendy. However, asking yourself this question is a great way to help you evaluate certain decisions before you make them, ensuring that you keep yourself in check to avoid unnecessary ‘gbese’.
‘Can I get this item at a cheaper price?’
Think about it. Buying an item from an online store might ease you off some stress, but if it will impact your bank account significantly due to ridiculous delivery fees, wouldn’t it be a better option to buy it from a physical store instead?
When it comes to making big purchases, it’s always advisable to do some research and compare prices, to ensure that you are not hampering your finances. There’s nothing wrong in looking for cheaper options.
‘Which option is more cost-effective?’
We’ve often found ourselves at crossroads- stuck between two options but leaning towards one. Maybe you’re stuck between buying a new phone or paying for certifications; or buying a new pair of shoes or replacing a car tyre.
In cases like this, you have to weigh both options to determine which would be more cost-effective, to avoid making a decision that you eventually regret.
‘What else can I do with this money?’
If you’re about to splurge on an item that you don’t need urgently or won’t do you any good, you can take a step back to ask yourself how else you can spend the money. Will it sort out your fuel needs for a week? Can you use it to buy groceries? Can it go into your vacation/ tuition savings instead? Consider all other options before making that purchase.
‘Can I go for a less expensive brand?’
We all love designer items, don’t we? They make us feel good about ourselves. However, it’s okay to let them go for cheaper brands, especially when your finances cannot accommodate such. While you should always prioritize quality, it’s also important to note that a big brand name does not always guarantee that. Do some research to find out if another can provide you with the quality you desire, for a cheaper price.
‘How often will I use this?’
You might be tempted to buy the new iPad, even though you don’t have any need for it. Sure, you might think it will help you with some design work (even though you use your laptop for that, and you have no issues with it) but you have to ask yourself how often you will actually use it, and if it will be beneficial to you in the long run. If it won’t serve you any purpose, it’s okay to forget it, at least until you realize you actually need it.
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