Consider these three inquiries you should ponder over before making a purchase:
Martin Lewis's Savvy Shopping Advice for All Budgets
Financial expert Martin Lewis has shared some valuable advice on Instagram for shoppers looking to make wise purchasing decisions. His advice revolves around the concept of cost per use, emphasizing the importance of considering the worth of a purchase before making it.
For those who find themselves short on funds, Lewis suggests asking three questions before making a purchase:
- Do I need it? This question helps to determine the necessity of the item.
- Can I afford it? This question checks if the purchase fits within your current financial situation.
- Have I checked whether it’s available cheaper elsewhere? This question encourages comparison shopping to ensure you're getting the best deal.
On the other hand, for those who can afford to spend, Lewis offers slightly different questions:
- Will I use it? This question helps to ensure that the item will provide enough value for the cost.
- Is it worth it? This question checks if the item justifies the cost, considering other factors like durability and long-term value.
- Have I checked whether it’s available cheaper elsewhere? This question remains important, even for those with more financial flexibility, to ensure they're getting the best deal.
An example given by Lewis is a £250 item of clothing that will only be worn once. In such a case, the opportunity cost of spending money on such an item should be avoided by considering alternative ways to spend the money.
The comment section of Lewis's post was filled with followers sharing their own penny-saving rules. One commenter suggested checking Vinted for second-hand items, while another advocated for considering if an item can be found secondhand to reduce waste.
Martin Lewis, the founder of Money Saving Expert, has also highlighted an error that could affect State Pension contributions. As always, it's crucial to stay informed about financial matters to make the most of your hard-earned money.
[1] Lewis, M. (2021). Three questions to ask before making a purchase. Instagram post. [Accessed 2021-04-12]. [4] Anonymous commenter. (2021). Check Vinted for second-hand items. Instagram comment. [Accessed 2021-04-12]. [5] Anonymous commenter. (2021). Consider if an item can be found secondhand to reduce waste. Instagram comment. [Accessed 2021-04-12].
- For those seeking to maintain a healthy and wellness-focused lifestyle, Martin Lewis's advice on cost per use applies to purchases related to personal wellness, such as fitness equipment or skincare products. Consider if these items will be used regularly before making the purchase.
- Home improvements and decor can also benefit from Lewis's cost per use approach. Before investing in home goods or beauty products, ask yourself if the items are necessary, worth the cost, and if they can be found at a cheaper price elsewhere.
- When it comes to managing personal-finance and shopping for essentials, Lewis's advice on shopping smart can help individuals stretching their budget. By asking if each purchase is necessary, affordable, and available cheaper elsewhere, you can make informed decisions to save money.
- To adopt a fiscally responsible lifestyle, consider expanding Lewis's purchasing questions to include long-term goals and investments. Before making a purchase, ask yourself if the item aligns with your financial goals, is it worth the cost compared to long-term investments, and can you find it at a cheaper price elsewhere to free up funds for saving and investing.
