Take the aboveground swimming pool. Its a la carte price was bad enough. Then there were the costs of the heater and filter. Then a cover, chemicals and test kit. Of course, we needed search-and-rescue equipment (this was one monstrosity of a pool) and a few necessary pool toys. Oh, and let's not forget the cost of eventually getting rid of the albatross. Let me put it this way: There is not a lively secondary market for this kind of thing.

If I'd had the courage to consider the consequences of such a major purchase before making the decision to buy, I am quite certain we could have avoided a five-year industrial-strength headache and saved a lot of dough.

Since then, I've come up with a handy-dandy test I require myself to take before making any purchase of, say, $25 or more. Before you make that purchasing decision, ask yourself:

-- Do I need it? If the honest answer is "no" and you do not have oodles of discretionary income, case closed.

-- Can I afford it? If you have to go into debt to make the purchase, you cannot afford it. Forget it.

-- Do I already have something that will do just as well? An honest assessment of all the stuff you already have easily could produce an affirmative answer to this question. End of discussion.

-- Can I wait until I find a cheaper, more reasonable substitute? Have you ever noticed that you require your children to be patient but rarely put the same requirement on yourself? The bonus with this question is that while waiting, the need often disappears.

-- Have I found the best deal? It takes time and effort to comparison shop, and that also makes for breathing room. When making wise decisions, time is a valuable ingredient.

-- Am I willing to wait? A false sense of urgency can really skew your otherwise good sense. If the purchase is right for you today, it still will be right a few days from now.

-- What if I don't? Make a list of what will happen if you don't make the transaction. If it's paying the rent you're questioning, that's simple. The consequence is eviction. You must proceed. But if the subject is buying another pair of shoes, a faster computer, or season tickets to the symphony, the consequences of not making the purchase will be quite different.

-- What if I do? Here's where the rubber meets the road. What will be the exact consequences of going through with this transaction? If you don't know the true costs, you are not ready to make the decision.

So you think my pool fiasco was a financial disaster? Truth be told, that purchase was relatively mild compared to impulsive acquisitions I've considered since then. And no one is more grateful than I -- my husband being a close second -- that I've learned to consider the consequences first.

Mary Hunt is the founder of DebtProofLiving.com and author of 17 books, including "Debt-Proof Living." You can e-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
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