Ever looked at your bank account and thought… where the heck did all my money go?
🙋♀️ Same.
That’s exactly why I started giving myself a set of simple rules before spending.
These 5 questions have saved me from countless impulse buys and that awful ‘what did I even buy?’ feeling.
I first wrote this list years ago, but I still use it today whenever I feel like cash is flying out of my account faster than I can earn it.
Here’s the thing: every dollar you don’t spend on stuff you don’t need is a dollar that can go toward something you actually care about—whether that’s paying down debt, taking a family holiday, or finally building that emergency fund.
5 Questions I Ask Myself Before Making a Purchase
1. Is this a want or a need?
Depending on where you’re at in your financial journey, some wants might be ok.
Flying home for us was most definitely a need.
Getting new jeans because I’m sick of the same old pair – that’s a want for me.
💡 If it’s not essential, it can probably wait.
2. Can you barter, borrow or exchange?
Does a friend have the item you want?
Could you swap it for something you have?
It doesn’t work for flights, but it could work for a skillsaw you need for a one-off project.
💡 Use your network before you use your wallet.
3. Can you buy it used/second-hand?
If you need it, chances are someone else did at one point.
And they might not need it anymore.
Let them wear the depreciation and buy quality second-hand.
You’ll almost always get a better product if you buy a reputable brand used rather than buying the cheapest brand new.
👉 Example: A second-hand Dyson vacuum on Marketplace might cost the same as a brand-new cheapie that dies in six months. Buy quality, used, and you’ll win every time.
💡 Let someone else pay full price so you don’t have to.
4. Can you get a discount for cash or an alternate payment method?
You won’t know unless you ask.
This could be a cashback offer through a bank or cashback company, an offer through a loyalty program, etc.
You could also search for a coupon code online.
Do your research before you part with those hard-earned dollars.
💡 There’s almost always a discount hiding somewhere—ask, click, or Google before you buy.
5. Is the amount saved worth the time invested?
For example – I had to pay my travel agent for flights while we were visiting family in Ireland.
I wanted a fare with a stopover in a new city, and after a quick email exchange, we locked in flights with a bonus detour to Hong Kong.
The catch? A 2% credit card merchant fee.
With seven days to pay, I ran the numbers to see if an international transfer could beat the fee.
Paying by card would’ve cost an extra $130–$155.
By transferring the money into our Irish bank account and paying in euros with a debit card, I could avoid that.
I use a rule of thumb: if saving money takes less time than I’d be willing to work for $20 an hour, it’s worth it.
Setting up with a new currency conversion service (Wise – highly recommend them) took about 30 minutes—ID upload, deposit, done.
The transfer landed in under 24 hours, cost just €3, and saved me over $150. Not bad for half an hour’s effort!
I spent 30 minutes learning how to use the new platform and saved over $150. In this instance, my time was well spent.
But driving across town to a supermarket offering half-price milk is probably not worth my time.
💡 Your time is money too—don’t waste it chasing tiny savings.
Bonus Question: Would Future Me thank me for this purchase or roll her eyes?
If it’s the latter, you probably don’t need it.
The point isn’t to second-guess every single purchase – it’s to make spending a choice instead of a habit.
Ask these 5 questions often enough, and you’ll be surprised how quickly your savings stack up.
Read next: 9 Benefits of Frugality That Are More Important Than Money
