Free Template
Can I Afford This? Checklist
Decision framework for evaluating large purchases like cars or tech.
Template Content
Purchase Item: [Item Name] Cost: $ Checklist Questions: [ ] Do I have the cash to buy this today without touching my emergency fund? [ ] Have I waited 30 days since first wanting this? (Avoid impulse) [ ] How many hours of work does this item cost? (Cost / Hourly Rate) [ ] Is there a recurring cost (subscription, maintenance, fuel)? [ ] Will this item provide value or joy in 1 year's time? [ ] Can I find a high-quality used version for less? [ ] Does this align with my current financial goals? Decision: - [ ] Yes (Proceed) - [ ] No (Save more or reconsider) - [ ] Wait (Set a new date for review)
How to Use This Checklist
- 1
Use this for any non-essential purchase over $100 (or your chosen threshold).
- 2
Calculate the 'cost in hours'—this often provides the best perspective.
- 3
Be honest about the '30-day rule'—most impulse buys lose their appeal within a month.
- 4
Consider the opportunity cost: What else could that money do for you (e.g., investing)?
Pro Tips
Focus on 'Price per Use': A $500 item you use every day costs less per use than a $50 item you use once.
Quality over Quantity: Sometimes spending more upfront on a durable item saves money in the long run.
Check your 'Wants' budget: Does this purchase fit within your monthly allocation?
Recommended Resources
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Ivy Sinclair-Wren
Financial Chaos Analyst
Ivy Sinclair-Wren is a Financial Chaos Analyst covering investing, AI, wealth psychology, and the emotional consequences of opening finance apps during market crashes. Based in Melbourne, she specializes in demystifying the Australian tax code and helping users navigate the intersection of spreadsheet logic and human irrationality.