Outline:
While shopping, it can seem as though a thrifty angel is sitting on one shoulder and a lavish devil is perched on the other. “You deserve to indulge,” the devil keeps shouting, repeatedly, every time you look at something you desire.
“But you don’t really need“It,” the angel murmurs, almost inaudible. Did that mean anything at all?
If you’re looking to cut costs, your thrifty side must come forward boldly. And today, I’m here to assist with that.
Continue reading as I examine a list of questions you should always ask yourself silently before buying things that aren’t necessary. The responses to these questions may lead to improved shopping choices—potentially saving money in some instances, and preventing purchases of items you truly don’t need in others.
Prevent Regret After Purchasing With These Inquiries
Many of us have encountered buyer’s regret at some point. What appeared to be a wise purchase initially later seemed like a significant loss of money.
If you’ve experienced that before, you understand you don’t want to go through it again. And if you haven’t yet… well, just believe me, it’s not one of life’s most pleasant moments.
Luckily, you can significantly reduce the likelihood of feeling sorry about a purchase by asking yourself these questions before making the payment. You’ll probably need some self-control to remind yourself to go through each one individually every time you think about buying something. However, if you persist, they should easily come to mind whenever you go shopping.
1. Do I require it at this moment?
, overlooking the chance that the item could not only be found further ahead, but could also be less expensive at that time.
Don’t purchase a wedding dress before you become engaged. (A friend of mine once did this, only to return it later). Avoid buying the world’s most adorable baby onesie because you believe you might consider getting pregnant in the near future.
Even if you’re certain you’ll use an item, you shouldn’t feel compelled to buy it well in advance—because when you actually need it, it could be discounted, a rival product might have come out that’s more cost-effective, or you may no longer desire it.
Related: What Is the 90/90 Approach to Minimalism?
2. Have I already acquired something comparable?
Do you already have five little black dresses? If so, how much do you truly need number six? Do you rarely wear high heels but own three pairs? Perhaps you should consider skipping another pair, even if they make you feel like a character inEmily in Paris.
These are style examples, but this question is relevant to numerous other categories.
Crafters enjoy purchasing yarn, pens, and paints, even when they already own similar colors at home. The same applies to makeup. If you already have a light pink eyeshadow, it might be wise to wait until that is finished before buying a slightly different shade of light pink. Do you have a Craftsman tool cabinet that’s only partially filled? Then even if you really like Kobalt blue, you might want to leave Lowe’s without any purchases.
Related: Career Pay Isn’t Just About Your Salary: 10 Additional Financial Benefits to Think About
3. Is there a discount available?
Considering your purchases goes beyond simply avoiding excessive buying. It also helps you evaluate how to make more economical decisions when you must make a purchase.
Never spend the full amount for a product or service if you qualify for a discount. My mother is always confident in requestingsenior discounts. Learners, educators, service personnel, retirees, andAARP members.
You may be astonished at the number of stores, eateries, and activities that provide special discounts for specific groups. For instance, Apple is recognized for offering reduced prices to students and educators. As of this writing,Apple.comSelling its M4 MacBook Air starting at $999. However, through educational discounts, students can save $100 and also receive one of several qualifying accessories—like AirPods Pro 2, Magic Trackpads, and Magic Keyboards—which are worth an additional $79 to $199.
Related: 10 Top Discounts for Older Adults at Restaurants and Supermarkets [2025]
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4. Is it available at a lower price somewhere else?
Conducting price comparisons can occasionally require some time and work, but it’s beneficial. Another shop could offer the identical toy, shoes, tool, or any item you need, at a lower cost.
Thanks to smartphones, we can actually check prices in real-time while shopping—so if you own a phone, there’s really no reason not to. Simply enter the brand and product details into the search bar of other stores or online marketplaces to see how it’s priced elsewhere.
Young and the Wealthy tip:If you are unfamiliar with the brand or specific product information, capture a photo and perform a reverse image search. This usually directs you to sites where the item is available for purchase.
In any case, there’s merit in backing local businesses instead of consistently going to Amazon, Walmart, or Target for the cheapest deal. If you come across a lower price somewhere else, but wouldpreferTo purchase from the store you are currently visiting, you can always inquire if they offer a price match.
I’ve done this previously. For those who may not know, the Midwest-based chain Blain’s Farm & Fleet operates more than 40 stores. Although it is a chain, it is far less well-known compared to, for example, Walmart, which has thousands of outlets across the United States. During the holiday season, my partner and I have managed to get them to match prices on toys that were cheaper at larger retailers.
If that’s not possible, you can always opt to pay the higher price while supporting a particular business. There will be many more purchases in the future where you can save money.
Related: Walmart versus Target: 10 Major Retailer Price Comparisons
5. Is this item available at no cost?
Occasionally, you may find yourself considering purchasing something that is actually available at no cost.
Your local library is an excellent resource for a variety of items. If I purchased every book I read rather than borrowing them from the library, I would be financially strained. However, libraries provide much more than just books. For example, my library system distributes HappyLights to help individuals stay positive during the winter months. Some libraries in my area also distribute free gardening seeds during the summer. Your local library might offer games, movies, and even tools for loan. Don’t overlook the free events that could be ideal for a romantic evening out!
Certain electricity providers may distribute free (or, in cases where they aren’t free, heavily reduced price) energy-saving LED lights, smart thermostats, high-efficiency shower heads, and faucet aerators.
You could potentially get major costs covered at no charge as well. For example, you mightreturn to one’s family home after finishing collegeto reduce rental costs—you may experience limited privacy for a short period, but during that time, you could accumulate a significant amount of money that can be used as a down payment for a condominium or home.
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6. Is it possible to purchase it second-hand?
I really enjoy purchasing pre-owned clothing from Poshmark. Besides being more budget-friendly, with the increase in fast fashion, shopping second-hand can sometimes reveal better-quality pieces than those available new at many retailers.
Items other than clothing can also be advantageous to purchase second-hand. In fact, there are certain thingsitems you should typically purchase secondhand, such as festive decorations and items for new hobbies.
Prior to heading to the store to purchase a treadmill or other fitness equipment, think about looking on Facebook Marketplace or Craigslist to see if anyone is offering a second-hand one. It’s likely that someone is using it as a coat rack in their house and is open to selling it for much less money.
Sure, there are some items you should always purchase newHowever, typically you can save a significant amount of money by purchasing something second-hand, without losing much (if any) quality.
Related: Looking to Save Money? Tips for Shopping at Secondhand Stores
7. Is it available for rent?
If you need an item only once or very occasionally, it’s wise to rent rather than purchase it outright.
One of my friends enjoys using Rent the Runway for special occasions like vacations and weddings. It allows her to wear high-end fashion without the expensive cost of purchasing them. (However, if you really like an outfit, Rent the Runway often offers the chance to buy it after renting.)
Are you considering a project that needs costly power equipment? It could be more practical to rent them instead of purchasing, using them once, and then storing them in your garage where they’ll gather dust for the next two decades. Besides being pricey, tools can create significant clutter in your garage, which is something to avoid if you’re trying to maintain an organized space.become more minimalist.
You can rent deep-cleaning tools, event decorations, even caskets (yes,caskets) if you’re aiming to reducecommon funeral expenses.
If you’re not certain you’ll use an item frequently and don’t have space to keep it, renting might be the more practical choice.
Related: How to Practice Financial Simplicity to Lower Anxiety
8. Might I split the expense with another person?
Sharing the expense of an item with someone else can frequently result in a mutual financial benefit.
Let’s discuss an expense that has become common: subscription fees. Taking Spotify as an example, as of this writing, a Premium Individual account is $11.99 per month, while a Premium Duo account (which includestwoaccounts) costs $16.99 per month, and a Premium Family account (which supports up tosix$19.99 per month for Premium or Kids accounts.
In other words, instead of paying $12 each month for your own account, you could share a Duo account with a roommate, partner, or sibling and only pay $8.50 per person each month ($17 divided by 2). If you live with additional roommates, an adult family member, or have teenagers, you can save even more by splitting a Family account, which would cost $6.67 per person for three people, $5 per person for four people… you understand the idea.
A common place to share expenses is with sports tickets. Enjoy your local team but believe you and your spouse will only attend a limited number of games annually? Consider dividing a set of season tickets or multiple-game plans with colleagues or friends.
A classic yet effective method is carpooling, which helps reduce fuel expenses and vehicle upkeep. Need a trip around town? UberPool (when available) allows passengers to share a ride with others going the same way. This choice usually offers a cheaper rate even if the driver picks up additional passengers.
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9. Would I prefer to spend the money on something different?
In terms of optional buying decisions, it’s not always about securing a great deal, but rather about whether your money would be more effectively used on something more essential or appealing.
Imagine you’re setting aside money for a trip to Paris. One day, while standing in a lengthy checkout queue, you see your favorite candy and think about buying it as a reward for your journey home. Ask yourself, “Do I really want this chocolate right now, or would I rather use that money for a fresh croissant in Paris?”
Perhaps you’re interested in watching a new film that’s about to be released. Before purchasing the ticket, consider, “Would I prefer to buy this movie ticket now, or stream the film on Disney+ in a few months and use the saved money to buy a ticket to the Louvre instead?”
Your budget is not endless, so it’s important to always think about how you’re spending your extra money in a way that brings you the most happiness.
Related: How Your Character Influences Your Salary and Career Advancement
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10. How much effort did I need to put in to achieve this?
If you are employed, you trade your time and energy for cash. This appears straightforward, yet many individuals rarely consider this aspect when they make an impulse buy for leisure.
However, it can be useful to remind yourself of the amount of time you need to work to afford an item.
Imagine you’re really eager to treat yourself to a Louis Vuitton bag that’s priced at $3,500. Your existing bag is in bad shape, so you need a new one, and you have sufficient funds in your savings to purchase it without any issues. However, if you truly consider that it would take you an entire month of work to earn $3,500 in after-tax income, it might not seem like such a good deal anymore—and you could end up choosing a more budget-friendly option instead.
If you’re not prepared to put in extra hours for a high-end purchase, it might not be worth the effort.
Related: The Financial Consequences of Becoming Unemployed
Related: 7 Dividend Stocks with Strong Returns and Quality Performance
It’s hard to stay away from the appeal of high-dividend stocks. Their capacity to produce significant cash flow makes them ideal for individuals on a fixed income—as well as for investors seeking some stability during times when stock prices perform poorly.
But we prefer quantity and quality. For instance, our top high-yield dividend stocksproduce significantly better returns than typical stocks, exhibit greater indicators of underlying strength compared to most, and enjoy the trust of Wall Street’s financial analysts.
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Vanguard’s exchange-traded funds (ETFs) are some of the most widely used funds due to their minimal expenses. However, there is additional attraction to their range of ETFs beyond just low fees.
Vanguard ETFs are large, highly liquid, and typically follow well-designed indexes, so you’re not only paying low costs … you’re actually receiving real value for your investment.And these Vanguard exchange-traded funds exemplify the top-tier offerings.
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