Part of Wealth Building is to be able to make good sense of what you spend on so that you have more excess money to build wealth wisely. The art of allocating money to your highest value means you need to constantly evaluate what you need and what you do not need.
Its not just about new purchase but what you already have.
To be sensible, its better that, before you purchase something, look at what the prospective new purchase should replace.
I always have the problem when I organize the place that I lived for the past 16 years. We are always afraid of throwing away things that we might one day need to use. Its even worse for my mother who practically wants to keep everything. The result is your home becomes like a store room. More things would also sometimes mean more complexity.
How do you decide what can be thrown out and what can be kept?
Elaine St James wrote a book that she shares how she slowed down to enjoy the things that really matter in Simplify Your Life.
This tip is something I can identify with. This we evaluate whether we can throw out:
Put them in a box with a label indicating a date two or three years from now—but don’t list the contents on the label. Store the box in the attic or the basement, or wherever is convenient. Once a year, examine the labels. When you come across a box whose date has passed, throw it out without opening it. Since you don’t know what’s inside, you’ll never miss it.
If you don’t really need them for that long, you are likely not to need them again. Just be sure those are not your highly valued memento.