Sometimes we slip up, overspend or have something new that genuinely needs to be added to the budget. So here’s some questions to ask yourself before spending your hard-earned dosh…..
- Is it essential or very important? If no, then wait until your financial freedom improves (save up for it/pay off debt etc.) If yes, then sit down together and see where the money will come from (see below).
- Can we afford it? If no and it’s not important, don’t do it! If it is important then look at where you could cut something else in your budget or find ways to cover the costs, such as garage sales or extra work.
- Does it improve our lifestyle? I mean on a deep level, like if it’s something unhealthy don’t do it. Don’t look for superficial improvements like making you look better to people outside, it’s not worth it.
- Can it be done more cost-effectively? For example, can we wait until January sales to get that item? Or can that trip be done on cheaper transport/with cheaper accommodation?
- Is it an impulse buy? Last minute on Ebay or Bank Holiday sales are usually a no-go! If you know you want/need something then plan to look for it in sales and allow a maximum budget….the best way to test if it’s impulsive, is to sleep on it. If you miss the opportunity, the next one will come with the next sale. Better to wait than rush in and waste your cash,
- Do we agree to spend it? If one of you thinks it’s a good buy and one of you doesn’t, is it really worth upsetting your family for?
I hope these question are able to help you decide what is really essential and what is (or isn’t) worth the money.
Enjoy your weekend my lovelies x