5 questions to help the buying decision process


Readers frequently ask how they can be expected to save money when they don’t earn enough to makes ends meet as it is. Whilst that might be true in a few cases, in my experience far too many people squander their money buying items they don’t actually need and probably will never use. Their buying decision process is usually limited to whether they still have enough credit left on their credit cards.

Let me tell you, the mantra “Have Plastic; Will Purchase” is not a good one if saving money is one of your goals.

You can have an excellent salary but a lack of money management skills and a poor buying decision process will result in you never achieving financial freedom. So learn to manage your money properly.

Avoid the ‘I’ve got to have it’ approach:

Now be honest, how often do you buy things you didn’t really need? Stuff that you weren’t even looking for but it was there and it looked nice and you thought I’ve got to have it. Out comes your flexible friend and the item is yours. A brief period of gratification follows and then the item is largely forgotten.

How often do you buy things you never use? Take a look in your wardrobe. I’ll bet there are a few items in there which still have the store tags on them? Never used and they’ve probably been there for quite some time I suspect? Would I be right?

Weapons of mass wealth destruction:

How often do you buy things you can’t afford with money you haven’t got? Credit cards can be a convenient means of payment of course but they can also be weapons of mass wealth destruction. That is a fact.

When it comes to the buying decision process most of us are driven more by a desire for gratification then any sensible approach to managing our money carefully. Most of us are guilty of buying more than we need too. Many of us are guilty of buying items we never use or use very little. If you’re like this dear reader you’re not alone I can assure you.

The disciplined approach:

However with a bit more discipline you could hang on to more of your own money and then build capital which, eventually, will start generating an income all of its own through interest payments on deposits and dividend payments and capital growth on stocks and shares.

Still we’re getting ahead of ourselves. Today’s underlying message is having a personal buying decision process that allows you to control your expenditure.

Essentially before you buy you need to ask yourself a series of tough questions to gauge whether a purchase really makes good sense.

The questions to ask before you purchase:

There are in fact five questions you should ask yourself, as follows:-

    1. Do I really need it? Honestly?
    2. Will I really use it? Honestly?
    3. Can I really afford it? Honestly?
    4. If I didn’t have it would it really matter?
    5. Does is represent value for money?

If you answer ‘No’ to the first four questions, then the fifth question is irrelevant. Don’t buy the item. Simple!

And even if you do think you need it, never buy anything if you do not have the money to pay for the item right now. It’s better to do without than to run up debt on a credit card to pay for discretionary purchases.

The ‘value for money’ question is only relevant when you can answer every other question in the affirmative. Nevertheless you should never buy something that’s not also good value for money. That is, you should never overpay for anything.

Let the questions guide you:

To ensure your buying decision process is sound you must always ask these questions. Let them be your purchasing guide and you’ll be in a better position to save your money and start watching it grow.

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© Roy J Sutton and Mann Island Media Limited 2017. All Rights Reserved.


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