5 questions to ask yourself before buying something new (that might save you thousands of dollars)

Ever watched your bank account slowly drain and wondered where all your money went?

Trust me, I've been there.

I used to be the queen of impulse purchases myself. A cute planter at the farmers' market here, a "must-have" running gadget there. Then one month, I sat down and actually added up all those "small" purchases. The number was staggering.

Research from LendingClub reveals a concerning financial reality: more than 6 out of 10 Americans report that they're barely making ends meet, living from one paycheck to the next.

But here's what I discovered—it's not always about earning more. It's about being intentional with what we already have.

The solution? Well, for me it was five simple questions that completely transformed how I spend money.

These aren't complex financial formulas. They're gut-check moments that take less than a minute but can save you thousands.

Let's dive in.

1. Will I still want this in 30 days?

How many times have you fallen in love with something only to forget about it completely a week later?

This question is my first line of defense against impulse buying. When I spot something I "need," I literally ask myself if I'll still care about it next month. Most of the time, the answer is no.

Why? I think emotions.

And experts back me up. The folks at Scientific American have noted how emotions influence our spending decisions. People who watched sad video clips were willing to pay nearly three times more for everyday items like water bottles compared to those who watched emotionally neutral content—and most participants didn't even realize their emotions were affecting their purchasing choices. 

The 30-day rule works because it gives your emotions time to settle. If you still want it after a month, it's probably a purchase worth making.

2. Do I have space for this in my life?

This isn't just about physical space—though that matters too.

I learned this lesson the hard way when I bought a fancy bread maker that lived in my garage for two years. Sure, I had the money for it, but I didn't have the counter space, the time to use it regularly, or honestly, the interest in making bread from scratch.

Now I ask myself: Where will this live? When will I actually use it? Do I have the mental bandwidth to incorporate this into my routine?

It's amazing how this simple question filters out so many unnecessary purchases. That expensive yoga mat seems less appealing when you realize you barely have time for the free workout videos you already downloaded. The gadget that promises to organize your life loses its shine when you admit your current system works just fine.

Sometimes the most expensive purchase isn't the item itself—it's the time and energy it demands from you.

3. What am I really trying to buy?

Here's the uncomfortable truth: we're often not buying the thing itself—we're buying a feeling.

That expensive skincare routine? You might actually be trying to buy confidence. The latest tech gadget? Maybe you're purchasing the feeling of being innovative or keeping up with others.

I've certainly caught myself reaching for new running gear when what I really wanted was motivation to get back into my training routine.

Bestselling author Greg McKeown warns that when we don't take control of our own priorities, other people and influences will make those decisions for us—and I'd this principle applies just as much to how we spend our money. Advertisers play on our desires and we need to be conscious to make our own decisions!

When I dig deeper and identify what I'm actually seeking, I usually find cheaper (or free) ways to get that same feeling.

Want to feel more organized? Maybe you need to declutter what you already own rather than buy more storage solutions. Craving adventure? Perhaps a new hiking trail beats expensive gear you'll use once.

The real purchase is often emotional, not physical.

4. What else could this money do for me?

This question transformed my relationship with money completely.

Every purchase has an opportunity cost—the thing you can't buy because you chose this instead. Before I buy anything over $50, I pause and think about what else that money could accomplish.

That $200 sweater suddenly feels different when I realize it's also a weekend getaway with friends. The $1,000 couch looks less appealing when I remember I've been wanting to build up my emergency fund.

I'm not saying you should never spend money on things you enjoy. But understanding the trade-offs makes your choices more intentional. Sometimes I still choose the sweater, but now it's a conscious decision rather than an automatic one.

This mental exercise also highlights when a purchase aligns with your bigger goals. Spending money on something that supports your health, relationships, or long-term dreams feels different than buying something just because it caught your eye.

5. Can I try before I fully commit?

Why buy the whole cow when you can test the milk first?

This approach has saved me countless dollars and prevented so much buyer's remorse. Before investing in expensive equipment for trail running, I borrowed gear from friends and rented what I couldn't borrow. Turns out, I preferred a completely different style than what I originally planned to buy.

The same principle works for subscriptions, memberships, and services. Many gyms offer day passes. Software usually has free trials. Even some stores let you return items within a reasonable timeframe.

I recently wanted to try a new hobby but instead of buying all the supplies upfront, I took a one-day workshop first. Good thing too—I discovered it wasn't for me after all. That small workshop fee saved me hundreds in equipment I would have never used.

When you can't try something first, start small. Buy one item instead of the whole set. Test the waters before diving in completely.

Final thoughts 

Money decisions don't have to be complicated, but they do need to be conscious.

These five questions aren't about depriving yourself or never spending money on things you love. They're about making sure your purchases align with your actual values and priorities, not just your momentary impulses.

Start with just one question that resonates most with you. Maybe it's the 30-day rule, or perhaps asking what you're really trying to buy. The goal isn't perfection—it's awareness.

Your future self (and your bank account) will thank you for those few extra seconds of thought before you swipe that card.