Consider these inquiries Martin Lewis suggests you ponder upon before making any purchases:
Martin Lewis, the founder of Money Saving Expert, has shared three essential questions to consider before making a purchase, tailored to whether you're trying to save money or can afford some extra spending.
For Those Trying to Save Money (Skint)
If you're watching your pennies, Martin Lewis advises asking yourself these questions before buying:
- Do I need it?
- Can I afford it?
- Have I checked whether it's available cheaper elsewhere?
The focus here is on necessity and affordability. If the answer to any of these questions is no, you should reconsider the purchase. This set of questions helps ensure that you're making wise choices and not overspending[2][1].
For Those Who Can Afford to Spend
For those with a bit more disposable income, the questions shift slightly:
- Will I use it?
- Is it worth it?
- Have I checked whether it's available cheaper elsewhere?
These questions emphasise the item's utility to you, the value or "worth" you get from it in terms of enjoyment or usage (reflecting the opportunity cost), and again, checking for better deals before spending more freely[2][1].
The Main Difference
The main difference between the two sets of questions is that for those saving money, the focus is on need and affordability, while for those with more disposable income, it shifts to making sure the item will be used and is worth the expense, though both groups should always check for cheaper options first[2].
Martin Lewis also provides examples to help people reconsider impulse or style-driven purchases versus practical ones[1][3].
Inspiring Penny-Saving Rules
Martin Lewis's advice on spending and finances has inspired penny-saving rules from his followers. Some suggest checking second-hand websites like Vinted for potential bargains, while others encourage considering the environmental impact of a purchase by asking if it can be found secondhand[1].
One follower shares a rule taught by their dad: equating the cost of a purchase to the number of hours worked to pay for it. Another advises considering whether an item can be found secondhand to reduce waste[1].
In addition to these money-saving tips, Martin Lewis has recently highlighted an error that could impact State Pension contributions[4].
[1] BBC News, 2021. Martin Lewis' Money Saving Tips
[2] The Guardian, 2021. Martin Lewis' Three Questions Before You Buy
[3] The Telegraph, 2021. Martin Lewis' Opportunity Cost Advice
[4] The Mirror, 2021. Martin Lewis Warns of State Pension Error
- When considering a beauty product, one might question if the item enhances their personal wellness and if it's essential for their daily routine, particularly when trying to save money.
- For those with extra funds in their personal-finance, the purchase of a high-end home appliance could be justified if it promises improved functionality and longevity, thus making it worth the investment.
- Regarding personal wellness and health, one should first evaluate the need for a specific dietary supplement by checking if it can provide improvements in their overall well-being and if it complements their current diet, before investing in it during financially challenging times.
