14 Questions to Ask Before Making a Big Purchase

Making a big purchase—whether it’s a car, a home appliance, a luxury trip, or even a new phone—can feel exciting, but it can also lead to regret if you’re not intentional. Asking the right questions beforehand can save you money, stress, and future regret. This guide will walk you through 14 smart, thought-provoking questions to ask before making any major financial decision.

1. Do I Really Need This Right Now?

Start with the most honest question. Is this purchase urgent or just something you want in the moment? Many big purchases are rooted in emotion, not necessity.

Real-Life Example: Kim almost financed a new SUV after seeing her friend’s shiny upgrade. But after asking herself this question, she realized her current car was fine. She waited, saved, and eventually bought a car in cash.

2. Can I Afford It Without Going Into Debt?

If the purchase requires borrowing, it may not be worth it. Can you afford it with cash? If not, consider saving up instead of using a credit card or taking out a loan.

Real-Life Example: Ethan wanted a $1,200 camera but didn’t have the funds. Instead of putting it on a credit card, he set up a six-month savings plan and avoided the debt trap.

3. Have I Researched Cheaper Alternatives?

Impulse buys often skip research. Can you find a used version? A different brand? A model on clearance?

Real-Life Example: Lisa saved $300 by buying a refurbished MacBook instead of a brand-new one. It worked perfectly and had a warranty.

4. Will This Purchase Bring Me Long-Term Value or Just Short-Term Joy?

Buying something because it feels good now can lead to regret later. Ask yourself if this will improve your life months or years from now.

Real-Life Example: Tony canceled a $3,000 vacation and instead used the funds to finish his college degree. That choice continues to benefit him financially.

5. Is This the Best Time to Buy It?

Seasonal sales, end-of-year clearance, or holiday deals can save you hundreds. Patience often leads to better prices.

Real-Life Example: Brianna waited three weeks until Black Friday and bought her washer and dryer set for 40% off.

6. What Are the Ongoing Costs?

Maintenance, repairs, accessories, subscriptions—sometimes the initial cost is just the beginning.

Real-Life Example: Mark bought a smart treadmill without realizing the $39/month subscription was required for full functionality. That added over $450 per year.

7. Will I Still Be Happy About This Purchase in 6 Months?

Think beyond the now. Will this feel like a smart decision long term, or will it become clutter?

Real-Life Example: Jenna splurged on a designer handbag. Six months later, she realized she hardly used it and wished she had invested that money into her emergency fund instead.

8. Is It Aligned With My Financial Goals?

If you’re saving for a house or paying off debt, does this purchase bring you closer or further from your goals?

Real-Life Example: Carlos wanted a new TV, but he and his wife were focused on paying off student loans. They skipped the purchase and hit their debt-free date 3 months early.

9. Have I Slept On It?

Give yourself 24–48 hours before making the decision. A cooling-off period can help you see the purchase more clearly.

Real-Life Example: Maya felt pressure to buy a new phone because of a limited-time sale. She waited two days and realized she was just reacting to FOMO.

10. Do I Already Own Something That Serves the Same Purpose?

Sometimes, we forget what we already have. Do you already own something that works just fine?

Real-Life Example: Nathan was about to buy a juicer when he realized his high-powered blender did the same job.

11. Will This Purchase Affect My Emergency Fund?

Dipping into your emergency savings for non-essentials is a dangerous habit. Protect your cushion.

Real-Life Example: Stephanie considered draining her emergency fund for a dream couch. Instead, she found a lightly used one for a quarter of the cost and kept her savings intact.

12. Can I Wait 30 Days and Still Want It?

Use the 30-day rule. If after a month you still feel good about the purchase, it might be worth it.

Real-Life Example: James wanted a high-end espresso machine. He put it on a 30-day list. After a month, the desire faded—and so did the temptation.

13. Have I Compared Prices from Multiple Sources?

Always price-check. Use apps and browser extensions to ensure you’re getting the best deal.

Real-Life Example: Michelle found her dream mattress at one retailer, but after price-comparing online, she bought it from a different seller for $200 less.

14. Am I Buying This to Impress Someone Else?

If your motivation is external approval, it might not be a smart financial decision. Focus on what you need and value.

Real-Life Example: Darren nearly bought a luxury watch for his company holiday party. Instead, he chose a modest but classy watch, and no one cared or noticed.

20 Inspirational Quotes About Smart Spending and Mindful Purchases

“Beware of little expenses; a small leak will sink a great ship.” — Benjamin Franklin
“Do not save what is left after spending, but spend what is left after saving.” — Warren Buffett
“The cost of a thing is the amount of life which is required to be exchanged for it.” — Henry David Thoreau
“A budget is telling your money where to go instead of wondering where it went.” — John C. Maxwell
“Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like.” — Will Rogers
“You can’t have everything you want, but you can have the things that really matter to you.” — Marissa Mayer
“Save money, and money will save you.” — Jamaican Proverb
“Wealth consists not in having great possessions, but in having few wants.” — Epictetus
“It is not the man who has too little, but the man who craves more, that is poor.” — Seneca
“Money looks better in the bank than on your feet.” — Sophia Amoruso
“If you buy things you do not need, soon you will have to sell things you need.” — Warren Buffett
“Minimalism is not about having less. It’s about making room for more of what matters.” — Unknown
“The best things in life aren’t things.” — Art Buchwald
“Happiness is not in the mere possession of money; it lies in the joy of achievement.” — Franklin D. Roosevelt
“Live like no one else, so later you can live like no one else.” — Dave Ramsey
“You make most of your money in times of uncertainty.” — Barbara Corcoran
“Every dollar you spend is a vote for the kind of world you want.” — Anna Lappé
“Shopping is cheaper than therapy—but not if you do it every weekend.” — Unknown
“Don’t let money run your life, let money help you run your life better.” — John Rampton
“Being rich is having money; being wealthy is having time.” — Margaret Bonnano

Picture This

Imagine walking away from a tempting purchase, and instead of regret, you feel empowered. Your savings grow. Your goals stay intact. You have peace of mind knowing you’re in control of your money, not the other way around. You smile, not because you bought something new, but because you chose freedom over impulse.

What would it feel like to make every financial decision from a place of confidence?

Share This Article

Know someone who could use a little help resisting the urge to overspend? Share this article with them or post it on your favorite social platform. Help others make smarter choices!

Disclaimer

This article is for informational purposes only and is based on personal experience and general financial guidance. Always consult a licensed financial advisor before making significant financial decisions.