My 5-Minute Shopper's Rule

I am a ruthless bargain hunter.  I will squeeze the last and best price out of that tiangge salesperson if I have to.  I will spend 3 hours in an ukay-ukay store.  I will go inside a warehouse sale, scan for the "lowest price" racks, and exhaust all possibilities.

Don't get me wrong though: I like hunting, but spending is a different thing.  I can stare for 5 minutes at something that caught my eye, but I'd usually end up walking away without turning back.  That's just the kind of shopper I am.  I've been like this since I started earning my own money as a working student.  Heck, even the allowance my dad gives me, that's meant to last me a week, can be stretched to a month because of my stinginess (take note: being stingy and being cheap are not the same ;-)).

I don't use my 5-minute rule on every thing, of course.  I usually use it on cool and pretty things that I have a weakness for, like this, this, this, and this, just to name a few.  More specifically, cool and pretty things that are pricey (ka-ching!).

So, how does my 5-minute anti-spending rule work?  I ask myself these questions:

1 - How much is it?

Think about:

• Cost = value + quality + investment.  My dad taught me that, if you're going to buy something really nice, it'll usually cost you and you have to be willing to go for it because it's an investment.  It should be an investment, like his 15-year old pair of Florsheim shoes.
• Face value = Cost.  Is the price justifiable?
• Your budget, sans what goes to paying for bills and other priority expenses.
• Living within your means.

2 - Would I still want it tomorrow/next week/a year from now/when I'm 40?

Let's say you've already considered that, yes, it's a good investment and, yes, you can pay for it without getting into money trouble. BUT, do you see yourself still feeling the same about it later on in life?

Since you're investing in it already, then it should be something that's gonna be useful and worth your while for a long time.  Like, again, my dad's old pair of Florsheim shoes.  Or this pricey but unbranded and spacious lovely soft leather bag that's oozing with quality and sensibility, thus making me happy every time I use it :-)

3 - Do I have better use for the money I might spend on this?

Back when I was earning just for myself, I used to list "goal purchases" and tuck away a part of my salary to save up for these (usually books, CDs, a treat for my parents, brothers, or best friends).  But after becoming a mother, almost all my personal "goal purchases" took a backseat to my family's needs.

So let's continue the train of thought we already have going:

• Yes - it's an investment.
• Yes - I can afford it without getting into money trouble.
• Yes - I will still want and cherish it for years to come.

Now ask yourself: But is it more important than what's more important right now?

It's at this point that my husband would often chide me for being a killjoy to myself.  "If it makes you happy, why not?  And you can afford it, so why not go for it?", he'd ask.  To put this in perspective: I'm not depriving myself of the happiness of a sensible purchase.  I'm just considering the fact that it may be more appropriate to put that money away for something much, much better (like my kids' tuition fees).

4 - Can I find something similar elsewhere but for much less?

As proof that I'm not a shopping killjoy, this question is a last-minute check that makes me think about my other options.  Remember what I mentioned at the start of this blog?  I can hunt for a bargain.  Anyone who's watched a hunter knows that it takes patience and timing to score a good catch.  If I really want/need it, I will find it.

5 - Do I really need this?

This is my "final warning" to myself, just in case I still have doubts after considering the first four questions.  

The key word here is "doubt".  By this time, you've already given good thought to the cost, value, quality, necessity, and feasibility of the purchase, and you've convinced yourself that it is a good purchase through and through.

Otherwise, you should trust your instincts and walk away.  Keep walking away.  You won't lose sleep over it.  You have made the right decision.