The ABCs of Making a Purchase

700 Pairs of Shoes and a Closet Full of New Clothes

While standing in line at a department store, I chatted with another customer waiting to check out. During this conversation, she shared that she had about 700 pairs of shoes and a walk-in closet full of clothes that still had their tags. I didn't know the why behind her shopping or the collection of merchandise she had acquired, but I couldn't help but wonder what type of thought went into the constant shopping that she alluded to.

Have you ever gone shopping for an item or two and left with many other things you did not intend to buy? Why does that happen? Why weren't you able to stick to your list? It happens to the best of us, but what can we do to keep it from getting the best of us? 

The ABCs of Making a Purchase

I introduce the ABCs of Making a Purchase. The next time you're about to buy something out of the blue or just because, maybe consider the following:

Ask and Articulate✋

• Ask yourself why. Why are you going to make this purchase? Is it something that you want, need, or like to have? No judgment here; this is a private conversation with self. 🙈
• Articulate -  Put it in words. Here are some examples of how to phrase it; fill it in as you see fit or state it differently. 
• I need _______ to ______.
• I want this _______, because it will help me to _______.
• I would like to have _______  to improve _______.

Be Honest👀

When considering a purchase, be honest with yourself. What did you think about your response to why? After you articulate the need, want, or like to have, you may step back and realize, "hmm, maybe it's not a need." This will help as you move to the next part of the process. 

Consider and Carefully Decide💪

Now that you've stated the why honestly, consider your values and goals for your money and your life. 

• Consider - Does this purchase match the goals that you've set for yourself? Will the purchase move you forward or backward? Will it have no impact? Now for the hard part. 
• Carefully Decide - Now it's time to make your decision. You've thought the decision through. You've determined if this purchase makes sense for you. You've considered the impact on your other goals. Now you're able to make a decision deliberately and intentionally. 

The ABCs In a Nutshell✌

Hopefully, you see the value of this exercise. It's easy to sometimes make spur-of-the-moment decisions that you could possibly later regret. The ABCs can be used with smaller purchases as well as big-ticket items. While there is value in going through this with any size purchase, I would argue that it may have the most impact when dealing with big-ticket purchases. The point is to pause before making a purchase. In that pause, you'll give yourself time to think and make the best decision for you. 

✨Managing Money Like a Boss requires honesty and careful consideration. We must consider the reason for our purchases and decide if they match our values and goals. Pause before purchase. Making purchases that align with our values will likely bring us the most joy and satisfaction in the long run. ✨