10 Questions to Ask Yourself Before Spending Money

The urge to spend always seems to heighten at the start of the new year.  Why is that? Is it the excitement of a fresh start to the year,  full of opportunities and possibilities?  Is it the looming tax return that you are anticipating…already planning on how to spend it before you get it?

 money smart questions before spending

10 Questions to Ask Yourself before Spending Money

The urge to spend always seems to heighten at the start of the new year.  Why is that? Is it the excitement of a fresh start to the year,  full of opportunities and possibilities?  Is it the looming tax return that you are anticipating…already planning on how to spend it before you get it?

Let’s not deny the obvious..buying things invokes a feeling of happiness, even if only temporary.  Did you buy a new purse for the upcoming summer months?  Fly high on that purchase, my dear..that purchase may soon lose its sparkle and that feeling of wanting to buy the next big trend will be knocking at the door.  Don’t worry.  Each and every one of us are guilty of that.  The good news?  There are ways to help one figure out whether a purchase is a need, a want or if there is truly enough cash flow in your account to even be realistically thinking about making a purchase as all.

Anytime the urge to spend money hits, try asking yourself these 10 questions to better understand the need to spend money:


  • What emotion am I feeling right now?  Maybe, just maybe, you are an emotional spender.  Loving life?  Let those dollars fly!  Feeling blue?  Buying a new pair of shoes sounds like an awesome pick me up in your mind.  Boil it down and ask yourself how you are feeling at that moment.  You may be surprised in how your mood influences your spending.

emotional shopping


  • Do I really need this item?  It’s a hard question to ask, but necessary.  Do you really need another pair of boots?  Maybe, maybe not.  Only you can ask, and answer, that question honestly.




  • How many hours did I have to work to pay for this purchase?  I LOVE asking this question to myself.  It really helps put things in perspective.  If you have your eye on a TV, look at the purchase price and divide your hourly wage into that.  You will then have factual information to know that you worked X amount of hours to be able to buy that TV.  Was it worth it?  Try thinking about it this way: If you were offered a brand new TV valued at $1,000 and someone said you can work for the TV for 75 hours of actual ‘work’ would you do that extra on top of your regular job? Well, for me the answer is oh heck NO!  I’ll wait another year or two or have a yard sale to earn the extra cash.


working hard for your money


  • Could I save money by buying this elsewhere?  Refuse to settle for the first price you see.  Shop around, pull out your phone, tablet or laptop and price compare.  Challenge yourself to find the item cheaper elsewhere.  Save that money!


price comare


  • Is the money to cover this in my account?  Seems common sense, but some people don’t honestly know the balance in their account.  If you don’t have the money, you can not buy it.


bank account balance


  • What is the lifespan of the item I want to buy?  Do you really want to buy that $75 bottle of wine, but know that it won’t last as long as you need it to based on the price you have to pay?  Those are things to consider!


life expectancy of television


  • Where else could I use this money?  Do you have monthly required bills such as utilities, rent, mortgage, insurance?  Make certain those bills are paid first before buying any other fun items!

save for house


  • Can I borrow this item from someone else instead of buy it?  Great question to ask when looking at one-use potential items such as tools or other equipment.  Do you really only need to use the staple gun for one project that will take about 10 minutes and then so no future needs or use for it past that?  Message some friends and family and see if anyone has one that you can borrow for the day instead of purchasing something that will be one and done. Heck we teach our kids to share, we can set a great example here!




  • What will my significant other say?  Do you share a joint account with someone else?  Make certain that the lines of communication are open in regards to purchases, since the money in the account is linked in both of your names!


arguing about money



  • Shall I get the steak, or the lobster?  Let’s face it…sometimes in life, there is a time to splurge and have fun with the money you have earned.  When that time comes, choose wisely and enjoy spending the money in a responsible and fun way of your choice.


champagne taste on beer budget


Have you tried my wait and see method?  When I want something I stalk pricing online, ask around if my friends of Facebook Group think it’s the ‘best deal’ ?  Once I research, determine a fair price to spend then I wait until the price comes up.  By then I’ve usually had time to see if I really even still want or need that item.  I recently did this with a camera purchase.  I waited almost 6 months to buy.  Not just for the best price but also to be sure spending about $500 was really what I was prepared to do with my hard earned money.  Often I want or need a pair of shoes or a new purse, but when I wait it out I determine I could get by with less and that money goes towards something more important like reducing debt or increasing savings.

No matter what questions you need to ask yourself to better understand why you want, or need, to spend money, pay attention to your spending trends to see if you can get a better understanding of your money habits.  By asking a few of these harder questions, it can help in thinking and processing if spending money is truly a need, a want or a habit.

Before you go…………………   I wanted to take just a quick moment more of your time to let you know how much it means to me that you stopped by today and visited our blog.  Your being here really does make a difference.  I love learning new sensible, smart (and fun) ways to save and earn.  Even more, I enjoy sharing these things with you.  Thank you bunches for being here!!



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