During these crazy, uncertain times, it’s more pertinent than ever to be smart with how we spend our cash on personal things.
Whenever I feel like buying something for myself, I run through a simple 4-step checklist:
Longevity & durability: Do I see myself using the item on a regular basis and/or will it last a long time?
Value retention: For expensive items, Is there a decent resale value in the future?
Versatility: For clothes, can you match the item with several other items and do I feel good wearing it?
Bottom line: Do I truly feel excited about the item?
If my answer is yes to all the above, great! Now I wait another 5 days…
After 5 days, I repeat the checklist. And if all answers are still yes, then I go for it.
This has helped me minimise unnecessary spending and I haven’t purchased something I’ve regretted in a long time.