If you’re like the typical American, your home is exploding with junk. We Americans are the world’s pack rats. As a result of our preoccupation with “stuff,” we’re drowning in credit card debt, falling behind on our bills and facing financial insecurity.

Streamline your finances and fight the American “stuff” obsession by considering these money smart questions before making your next purchase:

1. Am I buying this simply because I think “I deserve it.”
You’ve made sacrifices, too numerous to count, in order to get where you are. So sure, you may feel like you “deserve” your financial indulgences.

But, in reality, what you truly deserve is an emergency fund, a fat retirement account, and the peace of mind that comes with being debt free. You’ll never get any of these things if you “treat” yourself to everything under the sun.

2. Do I have credit card debt?
If the answer to this question is “yes,” you need to stop right there. Debt, especially credit card debt, is the mortal enemy of financial security. Don’t fall into the debt trap. Your first priority should be to pay off your high interest credit card debt.

3. How often will I use this?
Be honest, after the thrill of the new purchase wears off, how often will you really use it? Will you use it daily, or will it collect dust in the back of your closet like the rest of your stuff?

4. Can I purchase this used?
New doesn’t necessarily mean better. Just ask anyone whose purchased a slightly used car and saved nearly 30% off the new car price. And with second hand stores, Ebay, and Craig’s List, there are numerous ways to find gently used items that’ll soothe your pocketbook.

5. Do I have a substitute at home?
We often already have what we need right at home. You’d be surprised at how shopping your closet instead of the mall can be just as effective in putting together that knock-out outfit. It may not provide the same shopping “high,” but your bank account will love you for it.

6. Will it continue to cost me money?
Some purchases just keep on taking your money long after you’ve paid for them. Do you really want to keep paying the cleaning bills for that dry clean only dress shirt?

7. Do I really need it?
Let’s admit it. It’s easy to rationalize a “want” into a “need.” For example, we need that brand new SUV to safely transport the kids. But when we’re really honest with ourselves, we can truly start separating our “wants” from our “needs.” It’s alright to indulge in your “wants” once in a while, but make sure your “needs” are taken care of first.

BMWK, what are some of the questions you ask before buying anything?