This is a great question. My approach, when I think I need to buy a new tool, is to give it a year (if possible). Watch pricing, research quality/value and pricing cycle for the best possible price. Throughout that year I track how often I would’ve used said tool as well. The year-long evaluation also gives me time to save money for the purchase.

As a self-professed tool addict, this system has slowed my impulse purchases down to near zero. By the end of the evaluation year it is usually clear whether I really needed the new tool or not. A little over 50% of the time I don’t make the purchase.