DM4. Making Sound Financial Decisions

Now we’re aware of external factors that can affect our financial decision making, how can we best deal with them?

Example: If we are purchasing a new phone, we may recognise different influences.

  • Salesperson recommendations
  • Ramadan pricing promotions
  • Celebrity endorsement
  • Bonus received at work

By identifying our key priorities and values we can make financial decisions that suit our needs.  Below are some examples related to buying a house:

  1. Budget and save every month (eg. Can i still save with financing instalments?)
  2. Meet debt obligations (Are the instalments affordable long term)
  3. Only purchase high quality (Is the property build with good quality materials?)
  4. Minimise risk (Has the property been inspected for issues?)
  5. Achieve early retirement (Will the property rise in value?)
  6. Ensure family needs are met (Is the location good for nearby schools?)

We can use the internet to research decisions, read reviews and opinions.  Websites should inform but not make our decision for us.

For example when looking for a hotel:

  • Check multiple review and comparison websites (eg and
  • Use search filters (prices, types and ratings)
  • Consider options that bet suit us (find best price and features. which aligns with priorities?)

Tip: Look for independent reviews! The reviewer should not be biased. Check multiple sites and reviews to get clear picture.

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