Have you ever returned home from a shopping trip with that uncomfortable feeling that you spent too much? Or maybe you’ve felt sick about buying something on a whim that wasn’t at all what you thought it would be. For me it often happens when I shop for gifts. What seems like a great gift in the store, turns out to be a terrible idea when I take time to really think it through.
We’ve all felt regret over purchases at one time or another. Feeling rushed, emotional, or impulsive, we spend more than we should on things we may even end up not liking. Don’t let it happen again! Here are 6 ways to prevent that sick feeling of buyer’s remorse.
1. Establish a “Wait Time” Rule
I have learned through our no-spend months that it is not only possible, but practical to give yourself time to think about purchases before you make them. Many people have a 30-day rule for major purchases or purchases above a certain price limit. After waiting to make a purchase, you might decide you don’t need it after all, find a work-around, or spot a better price. Setting a time limit, even if it’s just to “sleep on it,” will prevent those impulse purchases that often lead to buyers remorse.
2. Save For It and Pay Cash
If you’re used to buying on credit or buying things you haven’t budgeted for, this one’s for you! Saving for what you’ve got your eye on, then paying cash, will make your purchases more intentional. It’s a lot harder to give up cash than it is to swipe a card. Plus, you’ll be much more careful with money you’ve saved, which means fewer regrets.
3. Do Your Research
Buying on a whim without doing research often leaves us unhappy with the outcome. Not only will research stretch out the time between the want and the purchase, but research will help you make the best choice. Comparing prices, reading reviews, and knowing the specifics about items you want to buy will help you choose the item at the price that’s right for your budget.
4. Keep Emotions at Bay
We all know what happens when we grocery shop hungry. Food isn’t the only emotional purchase. If you’re tired, grumpy, or upset, don’t go shopping. Our emotions can easily take over our better judgement. Retail therapy will only leave you with regrets that lead to more negative emotions. If you’re tired, you won’t think through your purchases. Go shopping when you’re in a good mood and be intentional about your purchases.
5. Know the return policy and don’t be afraid to use it.
When I know that I can return something easily, I have fewer regrets. I can show my husband, try it on with other things from my closet, even sleep on it (the decision, that is) before making the final call. Be sure to know the restrictions on returns and be sure to return items on time. If you have a bad habit of forgetting to actually return things, this isn’t an option for you!
6. Follow the Resale Rule
When there is no return policy (garage sales, second hand stores, etc) I like to be fairly certain that I can resell the item for at least what I paid for it, though usually I sell things for more. As long as I know that I can resell something, I figure I’ve got nothing to lose. You know yourself best though; if you know you won’t actually get around to selling an unwanted item, then you can’t rely on this method to prevent buyers remorse.
How about You?
- What kind of purchases do you most often regret?
- What do you do to prevent buyer’s remorse?
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Linda Thomson says
October 7, 2014 at 9:35 amMy biggest regret are clothes purchases for me. I hate to shop so often I buy online or don’t try them on in the store. About 25% don’t fit or I don’t like them but I don’t get around to returning them. My one saving grace is that I don’t buy clothes often – sometimes less than once a year.
Stephanie says
October 10, 2014 at 12:16 pmYou sound like me, Linda. I hate clothes shopping for myself, especially if I have to try something on! You could always try selling the things that don’t fit on Ebay or locally. If they are new, they are easier to sell.
Brooke says
October 7, 2014 at 12:06 pmMy husband is a spur-of-the-moment buyer, but I find that almost every time I buy something on impulse I regret it. I’ve learned to take my time on purchases (clothing, electronics, etc), and since then I’ve had much less regret.
Stephanie says
October 10, 2014 at 12:17 pmThat’s good that you really know yourself Brooke and have learned to take your time.
Myles Money says
October 7, 2014 at 1:44 pmSaving and paying cash is the big one for me: unless it’s an emergency, it can wait. And more often than not, by the time I’ve saved the money the urge to buy whatever it was has gone anyway. Either that or a better model is available.
Stephanie says
October 10, 2014 at 12:18 pmThat’s great that you’ve developed the self-discipline to save and pay cash!
Karen says
October 7, 2014 at 8:29 pmMyles Money’s comment reminded me of this: Years ago I read this hint to help teach children a similar concept of buyer’s remorse combined with buying things on time. The author’s son wanted something of significant value (for example, a $100.00 toy). He had about $15.00 saved, but the author went ahead and purchased the item. They then put the toy away in the closet until the son was able to pay $25.00, and the toy was given to him to play with. However, he still had to keep paying from his allowance until he reached his full $50.00 half. The author said that this lesson taught her son about the discipline of saving, but it also taught him about impulse buying. By the time he’d completed his full $50.00 payback he didn’t find the item nearly as enticing as it seemed in the beginning, which is similar to many adults who use a credit card for a purchase, but by the time they’ve paid it off they oftentimes don’t have the same zest for the item as you when it was first purchased.
Stephanie says
October 10, 2014 at 12:29 pmThanks Karen! That teaches a good lesson. I’m sure the boy will think twice about committing to a purchase until he’s certain it’s worth his money. Taking time to save and pay cash for something can really give the item more value and make us think twice (or longer) about buying it.
Tracy @ OurSimpleHomestead says
October 9, 2014 at 7:07 amThese are perfect tips! I really like the “Establish a Wait Time”! I use that one all the time. I also ask myself these five questions every time I want to buy something. It usually up in me walking away with money in my pocket.
http://oursimplelife-sc.com/how-we-live-within-means/
Stephanie says
October 10, 2014 at 12:44 pmTracy those are great questions to ask yourself! When you honestly answer them, then you’re right, the answer is usually to walk away with your money!