Can You Really Afford That?

Can You Really Afford That?

We often think about affordability in the simplest terms: “Do I have enough money in my account right now?” If the answer is yes, the purchase seems justified. But real affordability goes beyond the immediate. It’s not just about whether you can buy something, but whether you should, considering your bigger financial picture.

Think about the last time you made an unplanned purchase. Maybe it was a new gadget, a designer bag, an impromptu weekend trip, or even a small expense that seemed harmless at the time. It felt exciting at the moment, but did it fit into your budget? Did it align with your financial goals? Or did you find yourself adjusting other expenses afterward to make up for it?

This isn’t about denying yourself nice things. Money should be enjoyed. But the way we spend today shapes our financial stability tomorrow. Sometimes, what we call “affordable” is actually just convenient because we have access to money at that moment. But affordability isn’t just about the present; it’s about what remains after the purchase.

A Different Way to Look at Affordability

Before making a purchase, try asking yourself:

• Can I buy this twice without it affecting my finances? If purchasing a second one would cause financial strain, the first might already be a stretch.
• Does this purchase make my life better or just momentarily exciting? Some things bring lasting value, while others lose their shine quickly.
• Will I still be glad I spent this money a month from now? If it won’t matter in a few weeks, is it worth the cost?
• Am I adjusting my budget to accommodate this? If you have to cut back elsewhere to make a purchase fit, you might be forcing affordability.

Many financial struggles don’t come from a single big expense but from repeated, unchecked spending that slowly chips away at stability. It’s not about depriving yourself, it's about making sure every purchase serves you, not just the moment.

As we reflect on recent spending, consider how special occasions, like Valentine's Day, influence our financial decisions. In Nigeria, for instance, a significant portion of the population celebrates this day, with many spending beyond their means due to social expectations. A survey revealed that over 60% of Nigerians exceed their budget on Valentine's Day, often due to societal pressures and the fear of disappointing their partners.?

This tendency to overspend isn't unique to Valentine's Day. It highlights a broader pattern where societal norms and expectations can lead us to make purchases that don't align with our financial well-being. By being mindful of these influences, we can make choices that honour both our relationships and our financial health.

So, before your next “affordable” splurge, take a pause and ask: Can I really afford that? Or, am I just convincing myself that I can?

What’s one purchase you’re glad you made, and one you’d rethink?