Martin Lewis has outlined three vital questions to ask yourself before you 'buy anything' - especially if you're trying to save money.
The Money Saving Expert founder has been providing us with invaluable advice on spending and finances for years - and recently highlighted the error that could be impacting your State Pension contributions.
In a new nugget of guidance shared in a post on Instagram, Martin revealed the Money Mantras he recommends living by in the form of a trio of questions to ask before you make a purchase.
Separating his wisdom into that for those who are "skint" and looking to reduce spending, and those who can afford to make a few extra purchases, Martin said, "Three questions to ask yourself before you buy anything. First, if you're skint. Do I need it? Can I afford it? Have I checked whether it's available cheaper elsewhere?"
"If you don't need it, don't buy it," Martin continued.
"If you can't afford it, sadly, don't buy it. And if you haven't checked whether it's available cheaper elsewhere, then check before you buy it."
Going on to explain that he has a slightly different set of rules for those who can technically afford to spend, Martin said, "Now for those people who aren't skint: Will I use it? Is it worth it? Have I checked whether it's available cheaper elsewhere?"
Pointing out that it's vital to envision whether the cost per use for the purchase will provide enough fulfilment to be worth it in the long run, he went on to add, "If it's a £250 item of clothing that you will only wear once, do you really want to pay 250 quid for one wear? Could you get more enjoyment or better value out of spending that money elsewhere?"
In order to avoid paying the "opportunity cost", the money should not be spent if it could be better spent on something that will hold more personal worth.
The comment section of Martin's smart social media post was flooded with followers sharing their own penny-saving rules when it comes to spending.
Reminding that some serious bargains can be found on second-hand websites, one commenter wrote, "Check Vinted - it always ends up there eventually."
"Can we add: Can I get it secondhand? There's already enough stuff in the world," another declared.
"My dad taught me 40 years ago to equate the cost of the purchase to the number of hours I would have to work to pay for it," one more wrote, sharing their savvy attitude towards spending.
