Making your own money is great until it’s time to go shopping and the choice between blowing or saving last week's check is lingering over your head. Can’t you just picture it? You are walking out of the dressing room with a mountain of clothes piling above your head. Or, if you are an online shopper, you scroll endlessly through your cart until you reach the total. As checkout creeps closer and closer, so does the decision on whether to spend or splurge.
Here are 6 ways to know whether you should save or splurge:
1. Is it just a trend? Do you only want something because everyone else has it? A purchase should be something that you want because you love it, not because it’s the hottest new item that all your friends are raving about. Splurge on the items that fit you and your personal style; it will help you stand out in the crowd.
2. Will it last? This is simple. There is no need to spend your well-deserved money on something that you can only wear once. When you splurge, you are paying for something that will last so you can show it off more than once. A key tip here is to pay attention to the material.
3. Can you walk away? Will it be there when you come back? In my personal experience, I have found that seeing an item and not purchasing it right away is the key to knowing if I actually want it. If you see an item that you love, walk away from it for a few days, and if you still love it next time you see it (or if you can't stop thinking about it), it’s a winner. But, a word to the wise...before you walk away, find out if the product might be low in stock. There's nothing worse than coming back and realizing you missed out.
4. Can you find it anywhere? If you are about to buy something that you could buy anywhere else, it might not be the item to splurge on. Make sure the purchase has at least one feature that makes it different from similar products. Maybe that’s a clever logo, a unique color, or even a feeling that makes the item one-of-a-kind to you and your closet.
5. How does it make you feel? A good purchase is not only about the item itself. A good purchase is about how it makes you feel when you wear it. If you feel great when you wear it - not just in terms of fit and style, but also in terms of how the product and brand align with your values - it just may be worth the money.
6. Can you comfortably afford it? I am not here to be a financial advisor. However there is some value in thinking about whether your purchase will negatively affect your bank account. A splurge purchase is great every once in a while, but when it starts to impact your bank account, make sure to give it some real thought.
Do you have any tips on knowing when to save and when to splurge? Leave them in the comments below!