Decisions Decisions!

I think I might have written about this before but the issue has come up again--when purchasing something, what's the best way to go about it? Given that we literally have virtually an unlimited amount of choices out there, what should be the process that one goes through to arrive at a decision when buying something, particular something with great value, financially speaking?

In the past, I've always been an advocate of "do comprehensive research on your available options and then pick something". However, I'm not sure if that's the right way to go anymore. Advocates of this process make the assumption that 1) you will, in fact, arrive at the best decision and 2) time is unlimited.

There's no doubt that you want to spend ample time researching what is the best for you, especially if the item you're considering costs a lot. But there's such a thing as being too thorough. Intuitively, you would think that if you research all the brands, look up all the details you don't understand, read every review, etc. it would make the correct, or best choice, stand out to you.

That is not necessarily the case. Increasingly, I've found that due to the sheer number of choices we have for any given item today, learning about all of them in order to make up your mind about which to buy can be overwhelming, and even confusing, not to mention time consuming. One thing I noticed is that the more time I spend trying to decide which to buy, the more unsure I become when I make a decision.

So I've amended my process:

1. Decide on what you need/want. What are your requirements for this item? (Size? Color? Brand? etc.)
2. Rank your requirements in terms of importance. (Is brand more important or color?)
3. Decide on a budget. (What's the maximum amount you would be willing to spend on this item?) <-- Note: don't be too lenient with this one. If you only have $100, don't make the budget $300 (and think that "oh, I'll manage")! What will end up happening is you might see a lot more items that you like, but in the end still lean towards the less expensive option because the reality is: you only have $100.
4. Research only on the items that fit your requirements and budget. (I would say 3-5 options to delve into details should be plenty)
   
5. Make a decision and execute! (Buy it! Don't wait.) <--If you wait, you might change your mind (but not necessarily for the better). Also, the deal, if there is one, could be gone. Lastly, I find that if you waver too much between options, the option that you finally decide on will not seem as good to you.

Hm...I guess overall, my process is still the same. But the main emphasis is:

1. Research only what your requirements and budget dictate.
2. Make a decision quickly after doing the research.