Here are my Top 5 questions to ask yourself before you buy your next screwdriver set.

If you don't actually watch the video here are 5 Questions to Ask Yourself Before You Buy Something as so often, we buy something, sure that we “need” it, only to find that it’s not really something that we use again, or that we truly need.

Before you buy something, it’s a good idea to ascertain that you actually need it, and that it fits in with your long-term financial priorities.

Before you buy something that you “need,” take a step back and determine whether you really should buy that item.

Here are 5 questions to ask yourself — answer honestly:

1. Can I Really Afford It?
First, you need to determine if you really have the money for the item. Can you truly afford it? You need to make sure that the purchase isn’t going to land you in debt. Additionally, you don’t want the money you spend on this item to detract from something else you might want to buy — or something that you truly do need. Make sure that the item is actually affordable before you buy.

2. What Will I Do With It?
What are your plans for the purchase? Really think about what it will accomplish in your life. Will you be able to forward a specific goal you have? Will using the item contribute to your overall quality of life? Really think about your plans for the item, and consider a realistic plan for its use.

3. How Often Will I Use It?
Next, determine how often you will use the item. If you are buying something that you are unlikely to use more than once or twice, it doesn’t often make sense to complete the purchase. There are other ways you can get what you need for a one-time use.

Be honest about how often you are likely to use something.

4. Do I Really Even Want It?
Figure out why you want to make that purchase. Examine your motives. If you are making a purchase primarily because you think you “should” have it, and not because you actually want it, or you believe it will make your life better, then reconsider.

5. Can I Borrow It?
If the item is something you won’t use much, and something that you don’t particularly care to own, it might be worth it to borrow it. If you can borrow something, it doesn’t make sense to buy it — especially if you can borrow it for free. Heck even buy something at Harbor Freight and see if they have a free screwdriver coupon.