10 Q's to Amp Up YOur Spending Willpower

​Are you finding that the restrictive nature of COVID-19 has had an effect on your spending willpower? I have! I’ve been more prone to scroll Amazon and purchase things that I want but don’t really need. Maybe you’re like me or maybe you’re looking to cut back spending in general as part of another personal finance goal. Either way the 10 questions below will help you navigate spending decisions and amp up your spending willpower!

1. Will this purchase meet one of my goals? It’s really a great feeling when goals and spending decisions go hand in hand. It’s like the stars align in your favor.
2. Do I really want and need it? Of course we spend money on things we want and don’t necessarily “need”. TO help ensure that spending doesn’t lead to over-spending, ask yourself if you both want AND need the item. It’s a different question than just, “do I want this” or “do I need this”.
3. Can I afford it? Can you? Can you prioritize this purchase over other things?
4. Am I buying this only because it's on sale? Probably my favorite question of the 10. Buying something you need on sale is fabulous. Buying something just because it’s on sale is not really “saving” you money.
5. Would I buy this if I had to pay cash? Such a good question! The answer may likely be different since swiping, tapping, or inserting a card is a little less impactful than handing over cash.
6. Am I buying because I'm depressed? See my explanation in #10…
7. Would I come back tomorrow to buy this? Ahh…self-discipline vs. instant gratification.
8. How much do I owe on my credit card(s) this month? Really, do you know?
9. If I charge this, can I pay off this month's bill? The long-term consequences of racking up credit card debt by spending money on non-essentials should be motivation to avoid this type of debt trap.
10. Could I feel better now without spending money? Probably the most important question of the 10. If you’re consistently spending to make yourself feel better, it’s time to consider underlying issues that are affecting and even triggering your money spending decisions.