The 10-Question Spending Gut Check

You're a month into your pledge to spend more responsibly. You've kept a tight budget. You've stuck to your guns. You've even gone so far as to avoid the strongest sources of retail temptation just to make sure you don't falter.

Then, out of nowhere—on TV, a Facebook ad, your favorite influencer's latest TikTok—you see it. 

That thing you have to have.

It seems like anytime you're trying to practice a little financial discipline, you eventually face a test that launches you into an '80s sitcom, with a little devil and a little angel suddenly perched on your shoulders.

"YOU DESERVE TO TREAT YOURSELF," the devil booms.

"But you don't really need it," the angel whispers. 

Wait, was that a whisper? Maybe it was just the wind.

In truth, it's healthy to have an internal dialogue about non-essential purchases. 

Impulse buying can often come back to bite you in the behind, but so can constantly denying yourself life's little pleasures when you have ample room in your budget for them.

10 Questions to Ask Yourself Before You Buy

We've found that the best way to make discretionary purchases is to run through a specific cycle of questions designed to produce better shopping outcomes—finding savings in some cases, and avoiding future regrets in others.

You'll likely need some discipline in reminding yourself to go through each one of these 10 questions, one by one, each time you consider buying something. But if you keep at it, they should readily flip through your mind anytime you shop.

1. Do I need it right now?

Did you see the perfect dress for a flapper-themed party? That's great … if you have concrete plans to attend a flapper-themed party.

It's easy to talk yourself into buying an item "just in case." We often want to be prepared for things that might never happen. And when we do that, we often assume we have to act right now, ignoring the possibility that said item might not only be available down the road, but it might be cheaper at that point. 

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Don't buy a wedding dress before you're engaged. Don't grab the world's cutest baby onesie because you think you might try to get pregnant in a few years. Don't spend a whole paycheck at REI because you're daydreaming about suddenly becoming outdoorsy.

Even if it's an item you're confident you'll use, don't pressure yourself to buy it far before you'll need it. As the time to use it nears, it might go on sale; a competitor might release a better, more affordable version; or you might not even want it anymore.

2. Do I already own something similar?

Do you already own five pairs of jeans in the same color? How badly, then, do you really need No. 6? 

Do you rarely wear heels but own three pairs? Maybe skip getting another pair, even if they would make you feel like a character in Emily in Paris.

These are fashion examples, but this question applies to many other categories.

Crafters love to buy yarn, pens, and paints, even if they already have plenty of a nearly identical color at home. The same holds true for makeup. If you already have light pink eye shadow at home, maybe wait until that runs out before you buy an ever-so-slightly different shade of light pink. Do you have a perfectly good Craftsman tool cabinet that's only half-full? Then as much as you might love Kobalt blue, you should probably leave Lowe's empty-handed.

Young and the Invested Tip: If you're looking to cut back from your budget, here are 20 things that are easy to pare down but make a big difference.

3. Can I get a discount?

The exercise of thinking about your purchases isn't solely meant to prevent you from buying too many things. It's also meant to think about how to make more cost-effective choices when you do need to purchase something.

Never pay full price for a product or service if you're eligible for a discount. Don't be shy about asking about senior discounts. Same goes for students, teachers, military members, veterans, AARP members, and AAA members.

You might be surprised just how many stores, restaurants, and experiences offer certain groups discounts. For example, Apple is known to offer student and teacher discounts. As of this writing, Apple.com is selling its M5 MacBook Air starting at $1,299. However, with education savings, students and educators can get $100 off. The company also provides discounts on accessories and savings on Apple Creator Studio.

4. Can I find it cheaper elsewhere?

Doing price comparisons can sometimes take a little bit of time and effort, but it's worth it. Another store might have the exact same toy, shoes, tool, or whatever product you need, at a cheaper price. 

And thanks to smartphones, we can literally compare prices while we're in the store—so if you have a phone, you don't really have an excuse. Just type the brand and product description in the search bar of similar stores or marketplaces and see how it's priced elsewhere. And if you don't know the brand or relevant product details, take a picture and do a reverse image search. That often leads you to websites where the item is sold.

For what it's worth, there is something to be said for supporting smaller businesses rather than always flocking to Amazon, Walmart, or Target to get the lowest price. If you see a price cheaper elsewhere, but would prefer to buy from the store you're currently at, you can always ask if they will do a price match. Our writer Hannah weighs in: 

"I've done this before. For those unfamiliar, the Midwest chain Blain's Farm & Fleet has over 40 stores. While it's still a chain, it's much less prominent than, say, Walmart, which has thousands of locations in the U.S. alone. During the holiday season, my significant other and I have successfully had them price-match toys that were cheaper at major chains."

Not doable? You can always choose to pay the higher price in the name of supporting a specific business. There'll be plenty more purchases down the road where you can find your savings.

5. Can I get this item for free?

Every now and then, you might be considering buying an item that, as it turns out, you can get for free instead.

Your local library is the best source for many of these things. If we bought all of the books we read instead of borrowing them from the library, we'd be broke. But libraries offer much more than paperbacks—our team notes that libraries they know of give out HappyLights to keep up spirits in the winter, as well as free planting seeds in the summer. Your local library may lend out games, movies, and even tools. Don't forget about free events that may make for a perfect date night!

Some electric utilities will send out free (or if not free, extremely deeply discounted) energy-efficient LED bulbs, smart thermometers, high-efficiency showerheads, and faucet aerators.

You might be able to get big expenses for free too. For instance, you might move back home after college to save on rent—you might have less privacy for a few months, but in that time, you could save a substantial amount of money that could go toward a condo or house down payment.

6. Can I buy it used?

Hannah notes that she buys gently used clothes off of Poshmark. Not only is used clothing more affordable, but with the rise of fast fashion, thrifting can often unearth higher-quality items than what you'll find new at many stores.

Clothes aren't the only item that can be beneficial to buy pre-owned, either. There are some items you should almost always buy used, such as holiday decor and new-hobby equipment.

Before you go to the store to buy yourself a treadmill or other workout equipment, consider checking if anyone is selling a used one on Facebook Marketplace or Craigslist. There's a good chance one is currently being used as a coat rack in someone's home and they are willing to sell it at a significantly discounted price. 

Sure, there are some items you should always buy new. But more often than not, you can save a lot of money buying something used, without sacrificing much (if any) quality. 

Young and the Invested Tip: It's completely normal to struggle with creating and/or sticking to a budget. These top-rated budgeting apps can give you the helping hand you need.

7. Can I rent it?

For any item you will only need once, or very infrequently, you should consider renting instead of buying outright.

Hannah notes that one of her friends loves to use Rent the Runway for vacation and wedding outfits. It lets her dress in designer clothes without the high price tags of buying them. (However, if you love it, RTR usually gives you the option to buy outfits after renting them). 

Do you want to do a project that requires expensive power tools? You might be better off renting them rather than buying them, using them once, then letting them collect dust in your garage for the next 20 years. Not only are tools expensive, but they're a major source of garage clutter, which is a no-no for anyone trying to become more minimalist. 

You can rent deep-cleaning equipment, event decorations, even caskets (yes, caskets) if you're trying to cut down on common funeral expenses. 

Unless you're confident you'll get a lot of use out of a product and have the room to store it, always consider if renting is the better route.

8. Could I share the cost with someone?

Splitting the cost of something with another person can often be a financial win-win.

Let's talk about an expense that has become ubiquitous: subscription costs. Using Spotify as an example, as of this writing, a Premium Individual account costs $12.99 per month, while a Premium Duo account (which includes two accounts) costs $18.99 per month, and a Premium Family account (which allows for up to six Premium or Kids accounts) is $21.99 per month.

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In other words, rather than spending $13 per month for your own account, you could split a Duo account with a roommate, spouse, or sibling and pay only $9.50 per month each ($19 / 2). If you live with more roommates, an adult family member or two, or have teenage kids, you could pay even less per month by splitting up a Family account, which would cost $7.33 per month for three people, $5.50 per month for four people … you get the point.

A popular venue for splitting costs is sports tickets. Love your hometown team but think you and your wife will only be able to go to a few games each year? Split a pair of season tickets or two multigame packages with friends or coworkers. 

An oldie (but a goodie) is carpooling, which lets you save on fuel costs and maintenance. Just need a ride around the city? UberX Share (where available) lets riders share a ride with other people heading in the same direction. This option typically gives you a lower price regardless of whether the driver picks up other riders.

9. Would I rather put the money toward something else?

When it comes to discretionary purchases, sometimes it's not about whether you can get a good deal, but instead, about whether your money would be better spent on a more important or attractive expenditure.

Let's say you're saving for a vacation to Paris. One day, as you wait in a long check-out line, you spot your favorite candy and consider grabbing it as a treat for your drive home. Ask yourself, "Do I want this chocolate now, or would I prefer to spend that money on a freshly baked croissant in Paris?" 

Or maybe you want to see a new movie that's coming out. Before buying that ticket, ask yourself, "Would I rather buy this movie ticket now, or watch this movie on Disney+ in a couple of months and use this money to buy a ticket to the Louvre instead?"

Your money isn't unlimited, so you should always consider whether you're using your discretionary funds in a way that will make you happiest.

Young and the Invested Tip: You'll probably need a thrifty mindset if you plan on joining the "FIRE Movement." Learn more about this early retirement strategy.

10. How much did I have to work to earn this?

If you work, you exchange your time and effort for money. That seems obvious, but most people tend not to think about that at the exact moment they're making a recreational purchase.

But it can help to remind yourself of how much time you have to work to pay for an item.

Let's say you really want to splurge and buy yourself a Louis Vuitton purse that costs $3,500. Your current purse is falling apart, so you need a new bag anyway, and you have enough money in your savings account to buy it outright. But if you actively think about the fact that you'd have to work, say, an entire month to get $3,500 worth of take-home pay, it might no longer feel worth the cost—and you might buy a more affordable purse instead.

If you're not willing to work overtime for a luxury purchase, it's probably not worth it.

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Thank you again for reading with us, and if you have kids starting to head back to class, good luck (on not crying or not celebrating in front of them, depending on how your summer went).

Riley, Kyle & Hannah

Young and the Invested

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