Every time you spend money, you’re choosing your future.
Be responsible with your spending decisions and take time to think about your goals and your financial well-being.
Will this purchase bring lasting value to your life, or is it just a fleeting want? Will it move you closer to financial security or quietly push you further away?
The truth is, modern marketing doesn’t want you to ask those questions. Brands are masters at making you feel like you need something right now. They use scarcity (“Only a few left!”), urgency (“Sale ends at midnight!”) and social proof to trigger FOMO – fear of missing out. The goal? Get you to buy before you’ve had a chance to think.
But here’s the reality: every dollar you spend on an impulse buy is a dollar you can’t invest, save or use for the things that truly matter. Preparing for your future financial needs before making purchases can help you make smarter choices and avoid regret.
Before you hit “buy now”, pause and run through these five simple questions.
1. Do I Need This, Or Just Want It?
Be honest: is it a genuine necessity or are you caught up in the excitement of something shiny and new?
We live in a culture that loves upgrades, the newest phone, the latest fashion, the bigger car. But if social media, advertising and peer pressure were stripped away, would you still buy it?
Before making big purchases, discuss your decision with a trusted friend or financial adviser to get perspective and make sure it aligns with your true needs.
2. Can I Afford It Without Debt Through Budgeting?
Buy now, pay later might make something feel affordable, but debt can quickly become a financial trap. Always take your account balance and overall financial situation into account before making a purchase.
A good rule: if you can’t pay cash or clear your credit card in full next month, it’s worth waiting. Saving for a purchase not only protects your budget but also gives you time to decide if you really want it.
3. Have I Researched My Options?
A little patience can lead to big savings. Research by comparing brands, models and prices. Read independent reviews to spot potential issues. Check for sales or second-hand options. Sometimes the answer isn’t to buy at all; rent, borrow, repair or upgrade what you already own.
4. What’s the Opportunity Cost?
Every dollar spent is a dollar you can’t use elsewhere. That $3,000 couch might be the reason you skip a holiday, delay an investment or miss out on investing those funds for your future or struggle with an unexpected bill. Instead of just asking, “Can I afford this?”, ask, “What am I giving up by buying this?”
5. Will This Purchase Benefit My Financial Future in Six Months?
Think of all the things you once had to have… and now barely use.
Try the 30-Day Rule: write down what you want, wait a month, then decide. If you still want it and can afford it, it’s more likely to be a good investment.
Seeking professional advice can also help you make purchasing decisions that align with your long-term financial goals.
Creating a Financial Plan: Connecting Purchases to Your Bigger Picture
Every purchase you make is a small piece of a much larger puzzle, your financial future. That’s why creating a comprehensive financial plan is so important. A well-crafted financial plan is your personal roadmap, helping you make decisions that support your long-term financial goals and protect your family’s wellbeing.
Working with a qualified financial adviser can make all the difference. In the world of Australian financial services, a financial planner brings expertise and tailored personal financial advice to the table, ensuring your financial plan is designed around your unique needs, objectives and circumstances. During your first meeting, your adviser will provide a financial services guide, outlining the services they offer and how they’ll support you in achieving your goals.
A good financial adviser will always act in your best interests, taking the time to understand your financial situation, risk tolerance and aspirations for retirement planning. Together, you’ll explore a range of investment options, insurance strategies and superannuation solutions, all designed to help you manage risk, grow your wealth and achieve your financial objectives. Your adviser will also help you develop effective budgeting and taxation strategies so you can make the most of your income and investments.
But a financial plan isn’t something you set and forget. Life changes, and so do your goals. That’s why regular review and adjustment are essential. Your financial adviser will work with you to ensure your plan stays aligned with your evolving needs, providing ongoing guidance and support as you move through different stages of life. While there is a cost to professional financial planning advice, the benefits far outweigh the cost. A tailored plan can help you avoid costly mistakes, make informed decisions and feel good about your financial future. It’s an investment in your peace of mind, not just for you but for your family too.
By being proactive, seeking expert guidance and having a plan that’s truly tailored to you, you can make every financial decision – big or small – move you closer to the future you want. Your financial well-being is worth planning for, and with the right support, you can achieve your goals and enjoy the journey.
The Bottom Line: When to Get Personal Financial Advice
Spending is inevitable, but intentional spending changes everything. When you give yourself time to think, weigh up your options and consider the trade-offs, you’re more likely to make decisions your future self will thank you for.
Access to professional advice has never been easier, so get the guidance that’s right for you.
If you want your money to align with your goals and values, not marketing tactics – talk to a financial adviser who can give you advice specific to your situation. We can help you have a lifestyle you enjoy and a secure future, with ongoing service and support to keep you on track.