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The first step in developing power over purchase: wait overnight. If you wait overnight you are able to think about the purchase and if it is a wise decision. This step is crucial because it shows that you resisted an impulse buy.
The second step in developing power over purchase is considering your motives for the purchase. If the thing you want to buy is something that you want and don't necessarily need or something that might lose it's value or purpose, then it may be best to not make the purchase. But if this is something you have wanted for a long time or something that you believe and know that it will be useful.
Need or Want?
The third step is to not buy anything you don't understand. If there is something you want but don't understand it, you must learn and research about it. This helps you weigh the options and truly understand the product or service you are purchasing.
The fourth and most likely the biggest step is to consider the opportunity costs. You need to make sure that the money you are spending is worth the product or service you are purchasing. Consider the depreciation factor, usefulness, or even if you could put the money somewhere else more important.
The fifth and final step is to seek the council of a partner or spouse. A spouse or even another adult can help you consider the costs and needs vs. wants of the purchase.
If you follow these steps, you will develop power over purchase and manage your money extremely well!
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