Should I Buy This?
Stop impulse buying. Calculate the true cost in hours worked, opportunity lost, and monthly impact. Get a clear verdict.
The Purchase
Your Finances
The Psychology of Buying Decisions
Three rules that save you thousands:
⏰ 24-Hour Rule
Wait 24 hours before any non-essential purchase over $100. Most urges fade.
10-10-10 Rule
How will you feel in 10 minutes, 10 months, and 10 years? If the answer changes, reconsider.
💰 1% Rule
Never spend more than 1% of your annual income on a single non-essential item.
Make better money decisions
Before you buy, read what the experts say about spending and saving:
Frequently Asked Questions
What is opportunity cost?
Opportunity cost is what you give up by spending money on one thing instead of another. If you spend $1,000 on a vacation instead of investing it, the opportunity cost is the future value of that $1,000 if invested. Over 30 years at 7% returns, $1,000 becomes $7,612.
How many hours of work does this purchase cost?
Divide the purchase price by your hourly wage (after tax). A $500 item costs someone earning $25/hour about 20 hours of work. A $50,000 car costs $25/hour earners 2,000 hours — over a year of work.
What's a good rule for big purchases?
The 24-hour rule: wait 24 hours before any non-essential purchase over $100. The 10-10-10 rule: how will you feel about this purchase in 10 minutes, 10 months, and 10 years? If the answer changes significantly, reconsider.
Should I use savings or take debt?
Almost always use savings. Debt adds interest, and the monthly payment becomes a recurring burden. If you don't have the savings, you can't afford the purchase yet — save first, then buy.
Plan the Purchase Before You Make It
A yes/no verdict is just the first step. These five calculators turn that decision into a real plan — covering how the purchase fits your budget, what it means for your savings, and whether the same money could grow faster invested than spent.
- 50/30/20 Budget Calculator — see if the purchase fits your needs/wants/savings split.
- Emergency Fund Calculator — confirm your 3-6 month cushion survives this purchase.
- Savings Goal Calculator — turn "buy later" into a target date and monthly amount.
- Debt Payoff Calculator — if "financed over 1 year" tipped you toward debt, model the actual cost first.
- Compound Interest Calculator — see what that same money would be worth if you invested it instead.