More On the Six Questions

May 27, 2008 · Filed Under Frugality

Sorry for the lack of posts the last few days. It has been harder than I thought to keep up with my blogging while working during the week and commuting back home for the weekend.

I posted last week about the “Six Questions to Ask Before Spending Money“. This post will give more detail about the six questions.

1. What is the problem? The secret to this question is to make sure you’re objectively looking at what the problem is and not just focused on the solution.

2. Who needs it? This question is asking whether you really need it or is it just that society says you need it.

3. What would change the need? An example is that if you can get cell phone service cheaper than home phone service than your need for a home phone has changed.

4. How long will it last? How long your need will last helps determine how you will fill the need.

5. What are the alternatives? Consider your alternatives before settling on a particular solution.

6. What are the costs? These are not just the upfront costs but also any ongoing costs.

Tags:

Comments