The Wallet Buddy: The Best Idea EVER

I am working on a post about having a low- or no-cost holiday and I stumbled upon a brilliant little tool from NewDream.org called the Wallet Buddy. What gives?

The Wallet Buddy is the ultimate tool to reign in your spending. It’s childishly simple and totally free.

The Wallet Buddy is a little sleeve that you print out and fold together to hold your credit or debit card. Printed on the Wallet Buddy is a simple motto and several questions to ask yourself before buying anything.

The Wallet Buddy’s slogan is: “Every dollar I spend is a statement about the kind of world I want and the quality of life I value.”

The questions it asks are:

Is this something I need?

Do I already own something that could serve the same purpose?

Can I borrow one, find one used, or make one instead of buying new?

Was it made locally?

Was it made with environmentally preferable materials?

Was it made with fair labor practices?

Will it serve more than one purpose?

Is it made well enough to last a useful length of time?

Will it be easy and cost-effective to maintain?

Will using it require excessive energy?

Does it come in excessive packaging?

Can I recycle or compost it when I’m done with it?

If I’m still not sure, can I wait a month before deciding to buy it?

Even if you haven’t made eco-consciousness a priority, you could make your own Wallet Buddy questions that will help you focus on your financial goals and help you spend less.

In addition to the questions pertaining to your need of the item, I can think of a few questions for those mindful of living below our means:

Can I afford this? Do I have the cash to pay for this item in my bank account right now?

Did I budget for this item?

What else am I sacrificing by buying this item?

Will this item take away from funds I could be saving or using to pay off debt?

Is this item an investment? Will it help my career, health, or finances?

I’m printing out a Wallet Buddy now. Are there any other questions you would include on yours?